financial documents

Otherwise, you could end up mixing up your expenses and deducting personal expenses on your taxes, which could get you into trouble. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.


If you’re thinking of starting a trucking company, make sure you invest in a good bookkeeping service. By staying organized and keeping accurate records, trucking businesses can run more efficiently and effectively. Our bookkeeping services help truckers gain financial peace of mind. The best way to stay ahead of the game is to maintain up-to-date financial records.

What is tax-deductible for truck drivers?

We'll find ways to simplify bookkeeping procedures and will keep tabs on tax code changes that can save you money on multi-state and federal taxes. When a tax incentive or deduction becomes available for transportation businesses or truckers, you can be sure that we'll put it to work for you right away. With our support in every aspect of your bookkeeping and tax planning, you'll manage your money efficiently and retain more of your profits at tax time. Moreover, working with a bookkeeper who specializes in accounting for truckers can save you time. As a trucker, you understand the importance of meeting deadlines, and the same holds true for accounting as well. Bookkeeping for truckers involves managing financials that are unique to the trucking industry, such as fuel costs, maintenance expenses, and revenue from deliveries.

As an owner-operator, you have to pay quarterly tax estimates based on your profit. Many preparers simply use last year’s tax return to calculate your current year's tax estimates. However, trucking is an ever changing industry and you need a service that offers current year, timely, tax estimates based on how you are performing now, not what happened last year.

And trucking companies are a prime target since criminals may assume their security measures are more relaxed than other companies. TranspoCFO Accounting team brings in hands on knowledge of trucking operations, as we are operating the trucks ourselves. Yes, trucking bookkeeping can be incredibly affordable, especially when you consider the potential tax deductions you could find. To start your trucking business, you need a Motor Carrier Authority from the Federal Motor Carrier Safety Administration .

Bookkeeping for Startups 101: Including Costs, Services, Software, and Checklist

You can simplify the bookkeeping for your trucking company by following these 11 simple practices that will translate into higher profit with less hassle. There are several bookkeeping software programs on the market that claim to be the best for businesses of trucking. The first step is to choose accounting software that’s specifically designed for trucking businesses. That’s why bookkeeping services are so important for the trucking industry.

By checking this box and clicking the "Send me job offers" button below. I understand that my consent is not required to get job alerts. TCI Business Capital is proud to recommend the services of American Truck Business Services. For more than 20 years, American Truck Business Services has served owner-operators, small and mid-size fleets by handling the “business of driving”. Customized the package with the services your freight company needs. Whichever program you choose, make sure that it offers the features that are most important to you so that you can get the most out of it.

how to calculate stockholders equity Express was referred to me and now they handle all my collections. Really helped me save a lot of time and their representative is also easy to contact. TBS, which stands for Truckers Bookkeeping Services, is a family-owned and was founded in 1968 as a permitting and fuel tax reporting company. In 2004, TBS formed a factoring company, TBS Factoring Service LLC. Personal Truck Service is a company focused on helping entrepreneurs in the trucking industry to succeed in their businesses. Our Accounters organize your business finances helping you to increase your company revenue.

Blog page to find more tips, tricks and guidance on bookkeeping, to ensure your business is financially sound and ready to grow to the next level. However, not all of these programs offer the same features and benefits. In addition, the software can make it easier to track maintenance and repairs, as well as keep track of compliance with safety regulations. In addition, a good consultant will have a network of contacts in the trucking industry, which can be invaluable when it comes to finding new customers or suppliers. An experienced consultant can help you to navigate the complex world of trucking, and they can also offer advice on how to run your business in the most efficient way possible.

Grow your business faster with bookkeeping services that save you time

A failure to implement a system can result in serious financial problems down the road. Most trucking businesses use either a cash basis accounting system or accrual accounting. With a cash-based system, you count revenue and expenses as you receive or pay them. Also, having a bookkeeper who prepares taxes makes it easier to file your tax return. If your bookkeeper and tax preparer work together, they can find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to. This option is a lot more efficient and more accurate than giving your documents to a tax preparer who doesn’t know your business.

Besides accounting and bookkeeping, we also provide invoice factoring and dispatch services. We are a one-stop solutions provider for trucking businesses so that you can deliver and earn more. We provide trucking accounting services to all independent contractors, owner-operators, and fleet owners. We will ease the burden of bookkeeping so you can focus on other essential matters in your business.

ATBS, DAT’s exclusive trucker tax services partner, organizes and secures your records so you don’t have to. H&R Block has helped millions of small business owners with their taxes — and we can help you too. 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.

When a trip is entered as a dispatch, the route computes the miles per state, which is confirmed by your ELD. You don’t have to worry about overpaying or underpaying your taxes. In addition, working with a bookkeeping service can also provide you with valuable insights into your business operations. K9 Bookkeeping can provide you with regular financial reports that offer a detailed analysis of your financial performance. By reviewing these reports, you can identify areas of your business that need improvement and take corrective action. This can help you make better-informed decisions and steer your business in the right direction.

bookkeeping software

With an accrual system, you recognize revenue when it’s earned (before it’s paid) and bills when received . Then, you reconcile accounts each month to ensure they sync up. We had a difficult time with collections under the prior factoring company. Buy Out process to Factoring Express was very smooth and their team has been up to date on collection follow ups ever since. All the transportation companies need to file the fuel consumption Tax every quarter to keep operating without penalties.

Take your business to the next level

Bookkeeping services not only make it easier to gain a bigger picture of your financial condition but pinpoint spots where your business can cut expenses or improve revenues. For large transportation companies, a CPA for truckers may be able to offer more services. Many bookkeeping services online help with tax preparation for truck drivers. Integrating your tax filing with your bookkeeping can save time and ensure accuracy.

During the 14-day protest period, TBS will establish your BOC-3 while you file for insurance. By updating your books daily, you will have a better idea of how your business is doing and be able to manage your cash flow more easily. The easiest way is to enter your expenses daily as you incur them. Plus, if you do lose a receipt, you will still have the record in your files. Research credit cards and find one with a low-interest rate that doesn’t have an annual fee and, ideally, a generous rewards plan. Pay the balance in full every month to ensure you aren’t racking up additional business debt.

A bookkeeping system that allows you to track receipts and invoices and categorize expenses easily will help to make tax filing time much less stressful. While I am not new to the trucking industry, as I have managed a company with trucks to haul our own material for over 20 years, I am new to owning trucks for hire. In the beginning, cash flow was more important to me than profitability. TBS has created a painless and practically seamless way of getting cash quickly for my loads. The trucking industry is large and it has lots of growth opportunities.

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The Giersch Group 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. Our The Woodlands, TX bookkeeping firm offers the bookkeepingsolutions and detailed reporting you can use to track expenses, cut costs, and make operational improvements.

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