Bookkeeping for Owner-Operator Truck Drivers

bookkeeping for trucking company

It’s tedious work, and even if you employ a bookkeeper, you still need to hold onto and organize your documents, cash receipt journals, and receipts book on a regular basis. Rigbooks analyzes each of your loads to let you know its true cost per mile. That way you can choose the most profitable loads and avoid wasting time and money.

This is especially convenient for truck drivers who are on the road and aren’t always able to go in and talk to their local accountant. We ranked trucking accounting software based on pricing, ease of use, and how it performed across the general accounting and trucking-specific features we look for. To ensure the accuracy and integrity of our list, we evaluated all applications using an internal rubric scoring system with five categories, each with a calculated weighted score. Just like QuickBooks Online, Zoho Books isn’t custom-tailored for trucking businesses.

Discover the Finest Accounting Software.

If the average owner-operator is spending 30% of their revenue on fuel, and you only show 10% of revenue spent on fuel, your bookkeeper should be able to alert you to the discrepancy. From there they can figure out if you have not sent all fuel expense documentation that needs to be submitted, or if you simply spent less on fuel. The bookkeeper will then be able to use the receipts to prepare accurate monthly profit and loss statements for your business. If you ever need any of these files back, a good bookkeeper will be able to easily find and send back electronic copies of the receipts or files that you need at any time.

Well-organized financial records can also provide a great deal of information about your business. You can use this information to gauge your company’s performance and make decisions about your budget, workflow, investments, and potential growth. Bookkeeping tips for truckers and trucker bookkeeping apps to simplify your bookkeeping while on the road.

Zoho Books Overview

We also offer family business consulting including business succession planning or sale to an outside buyer. All the transportation companies need to file the fuel consumption Tax every quarter to keep operating without penalties. Our Accounters organize your business finances helping you to increase your company revenue.

The transportation industry has unique quirks and challenges, and it’s much better to work with a CPA who’s an expert in the applicable tax regulations than a generalist, even if it costs a little more. To stay in compliance, file Form 2290 with the IRS and pay any applicable taxes by the last day of the month after the month you first used the vehicle on public highways. For example, if you place your truck into service in July, the due date is August 31.

Stay Up-to-Date With Your IFTA Data

This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all software companies or all available software companies offers. truckers bookkeeping service More advanced trucking tools are not available with FreshBooks, like trucking routing features, dispatch tools and freight calculators. You can create trip reports factoring in things like payments and expenses.

What is the best business structure for a trucking company?

Most small trucking companies and independent owner operators choose to register as an LLC, which stands for Limited Liability Corporation. An LLC is like a corporation that separates your business assets from your personal property but it is much easier to manage than a corporation, especially for small businesses.

You may not always have time to document your transactions, and it can be easy to lose track of receipts. We ranked each accounting software based on its affordability, considering the number of users included in each plan and the costs to add an extra seat. Owner-operators looking to grow their business and simplify bookkeeping for truck drivers will benefit from Truckstop TMS for Carriers.

Grow your business faster with bookkeeping services that save you time

As a truck driver, you may have a hard time keeping good records while on the road. That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. If you need specialized tools like order management and IFTA tracking, then consider integrating TruckingOffice with QuickBooks Online, which has excellent general accounting features. However, Q7 is a great standalone trucking-specific accounting solution while Rigbooks is ideal if you have a small fleet and want an affordable platform.

bookkeeping for trucking company

Last but certainly not least, it’s always a good idea to hire a CPA for help with tax preparation and trucking accounting services. We hope you’ve found the perfect driver or owner operator trucking accounting software. Truckers can use FreshBooks to track expenses and be prepared for tax season. It’s easy to connect your bank account and credit cards for seamless payments. While Oracle NetSuite may not be the best trucking accounting system, it does earn its status as some of the best accounting software which can be used by trucking businesses. Good trucking tools get you order management, truckload dispatch features, brokerage dispatch and freight billing.

That means you’ll be able to manage all areas of your business from one place. It’s essential to keep track of purchases throughout the year in preparation for tax season. Trucking bookkeeping services that allow you to scan receipts make it even easier to track your business expenses.

  • You should have proof of each expense’s amount, date, location, and business purpose.In addition, hold onto all documents you need to comply with Department of Transportation and IRS requirements.
  • You can create trip reports factoring in things like payments and expenses.
  • Although many of these tasks can be performed manually, you can save yourself a lot of time and avoid stress by using trucking management software to help with your bookkeeping needs.
  • The right trucking accounting software doesn’t just help trucking businesses manage the books and send invoices to clients.

With the trucking software program from you can keep up with invoices that are coming due and receive alerts if any payments are past due. This helps you improve your trucking company’s cash flow so that you will always be able to pay your drivers and other employees on time. Although many of these tasks can be performed manually, you can save yourself a lot of time and avoid stress by using trucking management software to help with your bookkeeping needs. All business owners must make quarterly estimated tax payments to cover their income and self-employment taxes, and truck drivers are no exception. You’ll incur penalties and interest if you don’t meet your federal and state liabilities. Other Q7 accounting tools let truckers manage their bank accounts, access a check writing tool, and get direct deposits in their bank accounts for instant payments.

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