Daily Archives2021 April 13

Bookkeeping and Accounting Services for Truckers

• 13 April 2021
• by: Admin
• in: Bookkeeping
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Through QuickBooks™, you will have the option to manage contractors by sending W-9 and tax ID information directly to them. You will also have the option to organize your income and expenses into tax categories, allowing you to file your business’s taxes quickly and efficiently. While it may be tempting to use your personal checking account for your business, it’s not a good idea, and it will make taxes or audits much more complicated. If the fees are too high for a business account (which they can be), consider opening a separate personal checking account for the business, which could save you money.

• Finding the right accounting software for your trucking business can seem daunting but choosing the right one will save time and money in the long run.
• Keeping compliant is as important as finding loads to haul and keeping a well-maintained vehicle.
• It equals $100 plus $22 for every 1,000 pounds over 55,000 pounds up to $550 and 75,000 pounds.
• Our guide below covers everything you need to know about accounting software for trucking but first, here is a quick list of our top choices.
• Integrating your tax filing with your bookkeeping can save time and ensure accuracy.

They can also help you identify ways to increase efficiency, productivity, and revenue. This expert advice can help you stay ahead of your competitors and continue to grow your business. There are distinct niches in the trucking industry where trucker pay is above the average wages paid. A veteran 40+ years truck driver shares 10 of the all time, tried and true truck driving safety tips ALL professional truckers should know AND follow!

What is tax-deductible for truck drivers?

Alongside its standard accounting features, Q7 offers a number of useful functions for owner-operators including dispatch software and a freight billing component. That means you’ll be able to manage all areas of your business from one place. Bookkeeping refers broadly to maintaining a business’s financial records. These include day-to-day records like fuel receipts and payment transactions.

A chart of accounts is an accounting tool that categorizes your business income and expenses. Trucking companies often have a unique chart of accounts because revenue and expenses are quite different from other businesses. For example, trucking companies will likely include a gas surcharge income account and a gross trucking income account. Some trucking businesses also opt to hire a professional bookkeeper that makes sure make sure they properly track mileage, income, and expenses. Hiring a professional bookkeeper can be expensive and most accounting systems seek to make a bookkeeper unnecessary for small businesses.

Make managing your taxes a breeze

Our firm helps independent truckers and businesses maintain accurate exemption certificates and ease the headache of a sales and use tax audit. To help narrow down your search, we reviewed 9 of the most popular software solutions for owner operators and trucking companies. These options range from standalone accounting software to comprehensive trucking management systems that also handle dispatching, fleet maintenance, and other functions. There is a separate Trucking module, available at an additional cost, which includes tools for owner-operators and carriers. However, without this extra module, QuickBooks lacks the industry-specific functionality of standalone trucking accounting solutions.

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. For example, most small business owners can only take 50% of meal expenses, but truckers are allowed to take 80% of either their actual costs or per diem allowances. IFTA compliance is one of the additional accounting responsibilities unique to trucking companies. Fortunately, it doesn’t have to take up too much time or energy if you plan ahead. The ever-expanding capabilities of modern software have made many aspects of business ownership significantly easier.

Review your money frequently.

The accounting software recommended in this article comes with mobile apps, so even if you’re not at your desk, you have no excuse! If you find it difficult to find time to update your books daily, at least aim to update them weekly. As you hop off your rig after a long, cross-country drive, bookkeeping is likely the last thing on your mind.

Executing proper transportation accounting procedures requires as much training and expertise as the transporting itself. While there’s no substitute for experience, here are some common pitfalls you should know to avoid. One of the best ways to streamline your IFTA reporting is by using a dedicated fuel card. These work much like any other credit card, except they’re tied to a unique driver number and provide fuel discounts. 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.

What can happen if I incorrectly report my trucking business income and expenses?

With a cash-based system, you count revenue and expenses as you receive or pay them. Your logbook and/or your electronic log records are an excellent source of documentation about your allowed per diem expenses. If you are using an electronic logging device (ELD) for bookkeeping for truck drivers, https://www.bookstime.com/ ensure that you have it set up to save your history. One of the key considerations for owner-operator truck drivers is ensuring that the business finances are well-organized and well-maintained. For this reason, truckers who own their own company gain advantages from working with a bookkeeper.

• Depending on the provider, most companies can find software that costs $5 to $25 per month.
• A bookkeeper can completely minimize the chance of mistakes in your accounting.
• Keeping these financial records updated is critical in telling you how your business is doing at any given time.
• Along with QuickBooks, transportation management systems (TMS) are a popular alternative for standalone software.
• Shoeboxed’s scanner and organizer web app takes your physical documents, digitizes them, and saves them to the cloud, so they’re accessible anytime, anywhere.
• It takes more work, but it also documents your profitability more accurately.
• Join over 1 million businesses scanning receipts, creating expense reports, and reclaiming multiple hours every week—with Shoeboxed.

In order to qualify for a per diem, you must be away from home for the night. Giersch Group business consultants advise owner-operators and trucking company owners on using financial information to establish the best strategy for time-sensitive issues and long-term growth. We’ll get to know you and your business and create a time and cost-effective plan for achieving your goals. Truck owner operators should keep extra sets of maintenance records for their personal files. That’s another reason paying for tax services is essential for the transportation business.

Tax Preparation and Bookkeeping – Together

Comparing your data to other owner-operators allows you to see the areas where your business is performing better than your peers, as well as the areas where you can improve. A good bookkeeper will be able to use this information to help you figure out where to make adjustments in your business to both earn and keep more money. With a secure portal, you can log in to your personal account at any time and know that your information is safely password-protected. When you log in to the portal to review your data, you should also look for a bookkeeper that will allow you to call and ask questions without charging extra fees. Shoeboxed’s scanner and organizer web app takes your physical documents, digitizes them, and saves them to the cloud, so they’re accessible anytime, anywhere.

• Taxory offers bookkeeping services for trucking companies and truck drives.
• One of the critical aspects of carriers (truck drivers or trucking companies) is zero-rated HST, which means GST/HST of 0% is charged, so you do not collect the GST/HST.
• The Trucker CFO Team understands and appreciates that bookkeeping for your business is challenging when you’re on the road.
• It is important to have different account categories for truck purchases, repairs, and truck loading and unloading tools.
• Finally, a professional bookkeeper can handle all of the tax issues for your trucking company.

However, that’s a decision you should get a CPA firm’s advice on first. As a sole proprietor, you and your trucking business are a single entity. The first thing every business owner should do to simplify bookkeeping for truck drivers their accounting is to separate their business activities from their personal ones. The easiest way is to open up a new checking account and credit card and reserve them for business use only.

ProTransport customers are provided with phone and email customer support. While it offers a lot, TruckLogics there are online complaints that the system does not always deliver and effective customer service can be hard to find. This gives the option to manually fill out a report when you need to save on admin costs or you can use the automatic report feature when you’d prefer to save on time.

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.

Taxory offers bookkeeping services for trucking companies and truck drives. We will take care of all your expenses and ensure all information is entered correctly and books are accurate. Complete Business & Tax Services for Truck Drivers
At ATBS, we are much more than just a trucker tax company. This allows you to spend less time worrying about your business & taxes and more time doing what you love. Trusted by over 20,000 owner-operators, ATBS has been helping truck drivers manage their books and file taxes since 1998. The company’s founders began their careers in the family trucking business, eventually converting all 350 drivers of their team to owner-operators.