Bookkeeping and Accounting Services for Truckers

If you decide to hire a compliance service, this e-book will guide you through some of the regulatory and safety questions to help you get the most for your money. In addition, hold onto all documents you need to comply with Department of Transportation and IRS requirements. For example, that includes data from your ELD, invoices, bills of lading, payroll statements, and tax payment receipts. That’s another reason paying for tax services is essential for the transportation business. You don’t want to leave money on the table or risk triggering an audit.

Shoeboxed takes your physical documents, digitizes them, and saves them to the cloud, so they’re accessible anytime, anywhere. Remember, it can be surprisingly hard to catch up on trucking records once you’ve fallen behind. It becomes even worse if you also neglect to separate your business and personal transactions. Meanwhile, the HVUT is an annual fee that truckers must pay if they drive a vehicle that’s at least 55,000 pounds for more than 5,000 miles on public highways. It equals $100 plus $22 for every 1,000 pounds over 55,000 pounds up to $550 and 75,000 pounds.

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You care about knowing your true cost per mile more than anything else. This just makes it harder for you to figure out how much money you’re really making. So you put them off – but then they just build up until you have no idea whether your costs per mile are even close any more.

Tim worked as a tax professional for BKD, LLP before returning to school and receiving his Ph.D. from Penn State. He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University. Tim is a Certified QuickBooks Time Pro, QuickBooks ProAdvisor for both the Online and Desktop products, as well as a CPA with 25 years of experience. He most recently spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. I’ve put together a free guide to help you build a profitable trucking business.

How Trucking Management Software Helps with Bookkeeping

As a sole proprietor LLC, you need to track your expenses and profits, but you don’t necessarily need to pay yourself via a payroll system. Every day, bookkeeping services help trucking companies manage their money.

Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors. He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship. Because the IRS sees semi-trucks as qualified nonpersonal use vehicles, you must deduct your actual auto costs instead of using the standard mileage method. Keep records of each purchase’s amount, date, location, and business purpose.

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Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker – dealer, state – or SEC – registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We are happy to help in any way we can whether that is answering tax or accounting questions, providing guidance, or referring you to the appropriate professional. Any expense that is 100% related to your business is tax-deductible. This includes your work cell phone/computer, tools & equipment, education, and even insurance.

Without accurate bookkeeping, it would be very difficult for trucking companies to stay in business. Q7—Q7 is a fleet management software that also acts as full double-entry accounting software. There is a steep learning curve with Q7 and it can be pricey, but if you are looking for a software that does it all, Q7 is definitely worth it. You’ll also have an easier time tracking and documenting your spending, as most accounting software can integrate with your bank account. Avoid missed payments and stay on top of the money going out of your bank account by switching to electronic billing.

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Any business comes with a certain amount of risk, and the trucking industry is no different. By following these best practices, you can help to ensure that your trucking company remains financially healthy and compliant with regulations. At its most basic level, bookkeeping is the process of tracking all the financial transactions that take place within a business. Some trucking-related expenses, like truck repairs and fuel, are tax-deductible.

• I’ve put together a free guide to help you build a profitable trucking business.
• Your account will automatically be charged on a monthly basis until you cancel.
• Regular accounting software makes you do messy calculations to figure out basic truck operating expenses like cost per mile.
• This way, you can focus on driving and leave the bookkeeping to someone else.
• He most recently spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll.

For instance, if you need powerful accounting software with comprehensive trucking-specific features, you can integrate your QuickBooks Online account with TruckingOffice. Q7 is a trucking management system that combines fleet management, truckers bookkeeping service dispatch operations, and accounting features in a single platform. Even without integration with online accounting software, you can perform bookkeeping tasks, such as paying bills, sending invoices, and reconciling bank accounts.