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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. This is where your trucking management software comes in handy.

With professional bookkeeping for truck drivers, you’ll know where each cent goes. Track your expenses and revenue with the help of accounting for trucking businesses. One of the most common mistakes small business owners make is putting their accounting responsibilities on the backburner for too long.

Is it better to hire a bookkeeper or accountant, rather than risk doing your accounts wrong?

The cash basis involves recognizing revenues when you receive payments and deducting expenses when you pay them. Because it’s easy to implement, many small businesses favor this method. The trucking industry has experienced significant changes over the past few years that have produced both obstacles and opportunities for logistics businesses. Challenges such as interstate registration, multi-state tax, financial solvency, merger and acquisition, and labor shortages can impede business growth.

• Whether you are an individual truck driver or an established trucking company, we are confident that our tax preparation services and advice will save you a lot of money, time, and effort.
• Or forward a receipt to your designated Shoeboxed email address.
• 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.
• 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.
• We have included excerpts from QuickBooks software to help you maneuver with ease through recording certain transactions.

Keeping compliant is as important as finding loads to haul and keeping a well-maintained vehicle. 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. 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. There are plenty of truckers who put off these critical tasks until the end of the month. With TruckingOffice PRO, you can take care of most of your bookkeeping needs in the cab of your truck on your smartphone.

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

Many businesses are looking to expand, but they need professional assistance with bookkeeping to do that. That’s where bookkeepers like me who know the industry (like me and the people I’ve coached) come in to help. 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. ATBS is the largest tax, consulting and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors.

One of your most powerful truckers bookkeeping service bookkeeping resources comes in the form of a tiny slip of paper—receipts! Without them, you run the risk of losing hundreds, even thousands, in taxes. You also miss out on valuable information on your business’ spending. We highly recommend using bookkeeping apps and software to simplify your accounting process. Additionally, there is free bookkeeping software for truckers to use. As an owner-operator, however, bookkeeping is an important part of running your trucking business.