A Guide to Bookkeeping for Trucking Owner Operators

The International Fuel Tax Agreement (IFTA) requires trucking companies to report and pay fuel taxes in multiple jurisdictions. Remote Books Online can simplify IFTA reporting, helping you stay in compliance and avoid penalties. Fuel and maintenance costs are significant expenses for any trucking company. Remote Books Online can help you monitor these costs in real-time, allowing you to make informed decisions about route optimization and vehicle maintenance scheduling to reduce expenses. Use this notebook (in addition to your receipt envelope) or a document on your computer or smartphone to record any expenses you cannot obtain a receipt for. This includes things like when you wash your truck at a coin-operated facility or need to record mileage for business use of your personal vehicle.

Make sure your books are audit-proof.

Keeping up with your IFTA data is one of the most important parts of running a trucking business and one of our top trucking bookkeeping tips. At the end of each quarter, you must submit an IFTA report that lists the miles driven and the gallons purchased. These reports will determine either the amount of tax still owed or the refund you are due. The IFTA office in your trucking company’s home state will notify you of your refund or debt.

Quicklook: Best Trucking Bookkeeping Services

Whether it’s IFTA reports, logbook rules, or other industry-specific requirements, a trucking company accountant ensures adherence, helping businesses steer clear of potential fines. Overall, there’s no single accounting or trucking management software that can cover all the various truckers bookkeeping needs of truck drivers and fleet managers. To determine the right fit for your company, you have to assess your budget and needs and determine what particular features you require. Yes, you can use free general bookkeeping software like Wave for your trucking business.

QuickBooks Online: Overall Best Trucking Accounting Software When Integrated With RAMA Logistics Software

Business accounts also foster a certain level of privacy, as business owners need not divulge information about themselves when making a transaction. Most financial institutions offer customers the option of requesting a transaction statement, which is very accurate and explicitly shows a business’s financial records over time. And while this holds to some extent, bookkeeping becomes easier when financial records are updated consistently. Therefore, owner-operators should look to maintain their books as frequently as possible and no fewer than once a week. For owner-operators, bookkeeping is an essential aspect of running a trucking business.

So you can lessen your load, we’ve compiled a list of the best trucking bookkeeping services to make your life a little easier. From filing quarterly IFTA fuel taxes to invoicing, there is a trucking bookkeeping solution for your business. Check out these five nationwide trucking bookkeeping services to get started today. Invoicing can be daunting, but trucking companies must receive payment from their clients. With an online bookkeeping service, you can create, send, and keep track of invoices to manage your cash flow. You can also use trucking bookkeeping services for following up on account receivables to avoid chasing down clients for late payments.

These documents are also essential for creating profit and loss statements for your trucking company. By using trucking bookkeeping services, you can keep everything organized and accessible so you can find what you need when you need it. You must keep all records used to prepare your tax return for three years from the date you filed the return. However, while it’s an all-inclusive software, we still believe QuickBooks Online with RLS integration is generally better, as QuickBooks has more robust accounting features. Also, it’s easier to use and seek professional support help, if needed, with QuickBooks.

Use an accounting system.

Whether considering fleet expansion, exploring new routes, or leveraging technology, their data-driven advice can be invaluable. Just professional accountants who have fallen in love with the trucking industry. We’re here to handle all back office needs with skill and strategy so you can focus on the more important things to you. The Pro and Enterprise plans have a 30-day free trial available with no credit card required. You can now customize your FreshBooks experience with a range of business-friendly apps.

Expense Management

Accurate trucking bookkeeping is crucial for making informed decisions, ensuring every transaction is meticulously recorded and categorized. This precision helps trucking companies maintain regulatory compliance, avoiding penalties and legal issues related to taxes and fuel regulations. Moreover, specialized bookkeeping aids in effective cost management, tracking expenses such as fuel, maintenance, and payroll, which allows for better budget planning and cost control. Created by a professional accounting firm in Atlanta, Georgia, TranspoCFO provides quality bookkeeping services to trucking businesses. Ideal for small transportation companies without in-house accounting, their team of accountants can take care of your accounting and tax preparation needs so you don’t have to. With all of your transactions in one place, you’ll be able to identify deductible expenses and prevent confusion with personal expenses.

• Meanwhile, RLS costs $45 per month for one user or $80 per month for eight users.
• Further, Rigbooks’ customer support is on par with that of Tailwind TMS, offering phone and email support.
• Therefore, you should follow these trucking bookkeeping tips to increase profitability and save valuable time.
• See our top-recommended fuel cards and find the one best suited for your trucking business.
• These accounts come with credit cards that interface directly with the bank and function best for business-related transactions.
• We believe everyone should be able to make financial decisions with confidence.

Know Your Cost Per Mile

It takes more work, but it also documents your profitability more accurately. FreightWaves Ratings reference a list of approved sources for use of research to support editorial research and drafting. Regular vehicle maintenance https://www.bookstime.com/ is crucial for ensuring the safety and efficiency of your fleet. Remote Books Online can help you establish and maintain maintenance schedules for each truck, reducing unexpected breakdowns and repair costs.