Bookkeeping for Truckers: Tips, Apps, Free Software Shoeboxed

Apart from its robust human resources (HR) functions and reporting functionality, it can manage the pay processes of both driver and nondriver staff—all at an affordable price. Processing payroll for a trucking company can be different than most other industries. Since drivers can be compensated by the truckload or miles driven instead of receiving a monthly or weekly paycheck, it can be confusing and time-consuming without a proper system. Working with the right payroll provider can be the key to saving time and avoiding unnecessary paperwork.

He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship. Are you looking for ways to expand your business or cover operating expenses? 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. 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.

The best trucking accounting companies in 2023

Fortunately, it doesn’t have to take up too much time or energy if you plan ahead. For example, transportation management software, also known simply as trucking software, is a must-have for owner-operators. It serves as a digital hub and tax center from which you can manage all of your paperwork and filing responsibilities. In addition to keeping records of your expenses, you should have documents that prove their validity, such as receipts, trip logs, and account statements. The cash basis involves recognizing revenues when you receive payments and deducting expenses when you pay them.

It fosters the organization and analysis of all financial statements to give you a clue about the business performance. There are numerous means and benefits of engaging in bookkeeping as a trucking business owner, and we discuss all these in detail. As your trucking business grows, you may need various applications beyond your accounting solution, such as payroll, invoicing, payment acceptance, and marketing. With ATBS’ bookkeeping and tax preparation services, you can streamline your back-office processes and invest in the future of your business, saving you both time and money. Automating your accounts receivable by using invoicing software will help you to create customized invoices quickly and get paid faster. Our guide to the top invoicing software programs provides suggestions for specific situations, whether that is for freelancers or professional service firms.

Q7: Best Standalone Trucking-specific Software

Taking records of specific cash outflows and transactions is another good tip in bookkeeping. It is not always possible to record all financial transactions in the business accounting equation books as soon as they are made. Hence, to avoid undocumented transactions, business owners should always take note of the trade in a journal or any similar medium.

• It is my mission with Trucker daily to equip truck drivers, with the latest in industry updates, news, and helpful tips to help further your trucking career and life.
• That limits your ability to make informed decisions, operate effectively and position your company for future growth.
• The IFTA office in your trucking company’s home state will notify you of your refund or debt.
• 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.

All you have to do is place your receipts into the postage-paid envelope that can sit on your dashboard during long hauls and then send it off to our scanning facility at the end of the month. You can sign up for a 30-day free trial without providing your credit card details. Go to our detailed review of RAMA Logistics Software or visit RAMA Logistics Software for more information. ATBS, DAT’s exclusive trucker tax services partner, organizes and secures your records so you don’t have to. Each year, over 20,000 owner-operators trust ATBS to help them earn more money, reduce stress and improve their trucking business.

Use an Accounting System

Discover first-hand how our specialized bookkeeping services can not only benefit your trucking company but also serve as the driving force behind your financial aspirations. Don’t just survive; thrive in the world of trucking with our unwavering support by your side. You can document trucking costs manually, but connecting your business accounts to accounting software is much easier.

No matter your fleet size or how long you have been in business, it is crucial to understand basic accounting terms and financial documents. Accounting explains your company’s financial history, health and overall performance. Without a good understanding of this information, you won’t know if you are succeeding or failing. That limits your ability to make informed decisions, operate effectively and position your company for future growth.

Bookkeeping for Trucking Companies

The essence of an updated financial record is to have a clear view of the business’s present financial situation. Understanding your business’s current position can effectively help make long-term and short-term decisions needed to run and grow the business. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Our budgeting and forecasting tools can assist in setting realistic financial goals and making informed decisions about investments and expansion. To comply with IFTA, you must report your trips and fuel purchases quarterly. The IFTA office in your home state will allocate your payments to the proper jurisdictions and determine whether you owe more or deserve a refund.