These reports will determine either the amount of tax still owed or the refund you are due. The IFTA office in your trucking company’s home state will notify you of your refund or debt. Ultimately, whether you use software or hire a bookkeeper depends on your business’s size and complexity.

Trucking Dispatch Service

The first is $99 per month which is apt for small and mid-sized trucking companies and fleets. Also, our reviewers found out about a Small Fleet edition, which is about $219, it has advanced features like payroll. When keeping the above records, there are several extra considerations that those in the trucking industry should track and take into account. To put it simply, bookkeeping is the act of keeping financial records for your business or company.

Best Trucking Bookkeeping Services

TBS will process your MC#/USDOT Number and BOC-3 for free (both are required to activate your authority), trucking bookkeeping with no annual membership fee or application processing fee. Your out-of-pocket cost will be the $300 Federal Motor Carrier Safety Administration (FMCSA) registration fee and the $50 BOC-3 registration fee which covers the lower 48 states. Our experts will make sure everything is processed correctly the first time, so you won’t have to wait to get those big rig wheels turning. Discrepancies might be due to many factors like missed entries, double accounting, unauthorized transactions, etc. Carefully taking records of every earlier purchase and saving every fuel receipt is my first step towards this. I need to take proactive measures such as issuing invoices promptly and enforcing stricter payment terms with customers.

Rigbooks: Most Affordable & Easy-to-Use Trucking Management Solution for Small Fleets

By doing so, I manage to catch issues sooner and action can be taken promptly before it affects other aspects of business operations or cause financial loss. The key here is to stay consistent in recording such expenditures promptly rather than doing a lump sum entry at the end of the month or quarter. This aids in better management and analysis of fuel consumption trends and costs. This allowed me to track all of my business expenses neatly in one place without any confusion between personal and professional outflows.

Bookkeeping is one of the fundamental pillars of a successful company, and it is not a job that should be taken lightly. It provides an easy-to-use interface and is great for those who want to keep things simple but comprehensive. While you wait for your USDOT Number, let us help you prepare for your audit.

How a Free Trial Helped Launch My Trucking Business

Trucking bookkeeping is crucial for managing cash flow, calculating profits, and fulfilling tax obligations. It also helps trucking businesses make informed business decisions by providing insights into key financial metrics, such as operating expenses, revenue per mile, and profit margins. Invoicing your customers promptly is a key factor in maintaining cash flow for your business because it ensures that you receive payment for your services as soon as possible. This will provide you with the necessary funds to pay for expenses such as fuel, maintenance, and wages. Waiting to invoice can result in payment delays and potential disputes over billing issues, which could strain the relationship with your customers and potentially result in loss of business. Timely invoicing also helps with maintaining accurate financial records and regulatory compliance.

Zoho Books

• Organizing backlog is a time-consuming task and you’d be surprised how simple yet effective it is to make sure you’re managing your accounts promptly.
• That’s why we’ve put together a few truckers’ bookkeeping tips to simplify your bookkeeping process.
• Whether you choose bookkeeping software or hire a professional, taking control of your finances is the key to long-term success.
• It also includes real-time data to help you make smarter financial decisions on the go.
• I recommend reaching out to Axon or Q7 for a quote, then picking the one that gives a more affordable rate.
• There is nothing like word-of-mouth and real reviews to let you know if someone’s services are worth your time.

However, any income remaining after payroll and expenses can be withdrawn with no payroll tax. Store digital copies of your bills and receipts to ensure they are easily accessible and prevent any loss of important records. 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. Turn your receipts into data and deductibles with our expense reports that include IRS-accepted receipt images.

It’s essential to keep track of each category to help manage your finances more efficiently. A lower DSO means quicker cash inflows, which helps in better management of daily operations including fuel purchases and maintenance costs. I also find the integrated tools—such as accounting and driver settlements—to be a major advantage. These features make it possible for growing trucking companies to scale their operations without the hassle of purchasing additional software or dealing with complex integrations. Automating your accounts receivable by using invoicing software will help you to create customized invoices quickly and get paid faster.

• This will provide you with the necessary funds to pay for expenses such as fuel, maintenance, and wages.
• If you’re just starting your business, you’ll have to factor in the costs of the trucks themselves and the insurance to cover them.
• Waiting to invoice can result in payment delays and potential disputes over billing issues, which could strain the relationship with your customers and potentially result in loss of business.
• While it’s not a double-entry accounting software, it still received an above-average score in my rubric.
• Its direct integration with QuickBooks means you don’t have to deal with the headaches of complicated setups or third-party connectors.
• Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed.
• Carefully taking records of every earlier purchase and saving every fuel receipt is my first step towards this.

It can also enhance the professional image of your business because it shows customers and vendors that you have a separate financial identity and you’re managing your business responsibly. It’s also important to keep detailed information on mileage and trips, no matter the size of your business. The ideal accounting solution will provide all of this information and offer trucking management tools, such as fleet maintenance tracking. With the right trucking accounting partner, bookkeeping, payroll, tax filing, and other finance-related functions that are lengthy and complex become easier to manage. Instead, a useful tip when it comes to bookkeeping for truckers is to get a separate credit or debit card with a low rate of interest or one with minimal annual charges. The way to ensure you get continued benefits from your card company is by paying the entire balance in a single transaction every month.

Cost Savings and Efficiency

Whether you have a fleet of trucks or you’re an owner-operator, QuickBooks can be customized to suit your requirements. With over a decade of experience behind the wheel, Scott combines his passion for the open road with his love for the trucking industry. He created OI Engine to share valuable insights, practical tips, and engaging stories from the trucking world.

For accurate bookkeeping, trucking companies must track the date, location, amount, and reason for each expense to meet tax obligations and comply with IRS regulations. By following these 10 simple practices, you can simplify the accounting and bookkeeping for your trucking company, leading to higher earnings and less hassle. Trucking involves a variety of expenses, including fuel, maintenance, insurance, permits, and more.