12 Key Trucking Company Bookkeeping Tips and Best Practices

truck driver bookkeeping

Our services are tailored to meet the unique accounting and bookkeeping needs of businesses across various industries. The following is a comparison of some of the best standalone bookkeeping software programs with trucking-specific truckers bookkeeping features. When it comes to managing a business trucking, bookkeeping and accounting are two essential pieces of the puzzle. Once you have the accounting software set up, you’ll need to start tracking your cash flow.

Not all businesses or self-serve operations provide receipts upon you making a purchase. For this reason, a notebook or specialized app is another way to stay on top of accounting as a trucker. Building credit for your business is important, but it is equally as important to make sure that your liquid cash flow is available when you need it.

Bookkeeping Vs. Accounting for Trucking

The Giersch Group offers a 100% virtual bookkeeping service nationwide for truck drivers and independent trucking companies. They are a certified QuickBooks ProAdvisor able to train your staff on the software and integrate cloud-based bookkeeping with their consulting services. Based in Milwaukee and Madison, Giersch also offers in-person consultations for Wisconsin-based trucking companies. As such, truck drivers and owner-operators are capable of handling most of their bookkeeping without professional help.

  • For example, if you decide to retire from truck driving, you may sell your truck and pay back the bank any debt you owe.
  • With all of your transactions in one place, you’ll be able to identify deductible expenses and prevent confusion with personal expenses.
  • To comply with IFTA, you must report your trips and fuel purchases quarterly.
  • This can lead to significant savings, especially for businesses that use a large volume of fuel.
  • You can’t switch between them, so you’ll have to choose between the general federal rates and the transportation rates.
  • She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years.

Yet many clients drag their feet and draw out the billing process as long as possible. With accounting software, you can ensure accuracy when sending itemized invoices to your customers, showing exactly what they owe and why. The clearer you are about mileage and fuel purchases, the harder it will be for customers to debate the cost.

Calculate Taxes

Managing your trucking company’s books is one of the most essential actions you can do to help it succeed. We’ve developed a list of 10 Smart Tips to Master Trucking Bookkeeping. From knowing your company entity type and utilizing a business credit card to lowering day sales outstanding. Whether handling payables or receivables, we streamline your financial transactions to optimize cash flow. With our platform, truck drivers can automate data inputs from most major providers, helping to eliminate common errors. We collaborate with key players like Gusto, Stripe, Shopify, and Squareensuring your financial records are always meticulously accurate.

truck driver bookkeeping

Now that you know what bookkeeping is, let’s explore how bookkeeping works when it is put into action. For any bills that don’t have an option to go digital, you can use Shoeboxed to scan your paper copies and save them to the cloud. If you owed taxes in the previous year but not the current one, you must file Form 2290 to report the change and suspend your responsibilities. To comply with IFTA, you must report your trips and fuel purchases quarterly.


Publicado el 20/10/2023 Categoría Bookkeeping.

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