However, while it’s an all-inclusive software, we still believe QuickBooks Online with RLS integration is generally better, as QuickBooks has more robust accounting features. Also, it’s easier to use and seek professional support help, if needed, with QuickBooks. Bookkeeping incorporates the processes involved in maintaining the financial records of a trucking business’s daily transactions using a general ledger. Lastly, you want to look for a bookkeeper that will also calculate your tax estimates. As an owner-operator, you have to pay quarterly tax estimates based on your profit.
The first step is to research options and find one with a low interest rate that doesn’t have an annual fee. Credit cards with fuel rewards are ideal, given the amount truckers spend on gas. Ensure that you pay your balance in full every month to avoid high interest charges. Logbooks are your best proof of entitlement to per diem expenses, which are primarily comprised of meal costs. Have them keep notes of what specific payments are for, especially if they aren’t recording them immediately as this will help you deduct as many legitimate costs as possible. Bookkeeping is much easier if you stay up-to-date with your records and, if possible, try to maintain your books every day or at least once a week.
Best Trucking Accounting Software
Sole proprietors are the default structure, so owner-operators who start doing business without filing any paperwork will fall into that category. Accounting is more sophisticated and analytical than bookkeeping, and there’s often more at stake. For example, accounting errors could cause you to miss out on valuable financing or get you in trouble with the Internal Revenue Service (IRS). Apply for financing, track your business cashflow, and more with a single lendio account. However, you can deduct the interest portion of your truck payment plus depreciation on the cost of your truck.
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. ATBS just recently launched the new ATBS Hub, which makes working with us even easier! With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps. Further, Rigbooks’ customer support is on par with that of Tailwind TMS, offering phone and email support. However, it lacks email support, and since it’s not as popular as QuickBooks Online, it might be difficult to find professional bookkeeping support if needed.
Benefits of Trucking Bookkeeping Services
While we recommend even sole proprietors keep their business finances separate, this practice also provides a level of legal protection for S-corp and limited liability company (LLC) owners. In the event of a lawsuit or bankruptcy, separate accounts make it easier to demonstrate that the business is a separate entity from the owner’s personal finances. 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. Ideally, this would address unique payroll scenarios and fulfill trucking-specific requirements while also simplifying salary calculations from the back end. Depending on the size and needs of your business, you may be suited better with software that provides the basics or one with trucking management features. It’s also important to keep detailed information on mileage and trips, no matter the size of your business.
No one enjoys paying taxes, but owing taxes is one the indicators that shows your business is achieving success. When it comes to taxes, the Trucker CFO Team has the experience you need to help you reduce your tax liability as a trucking entrepreneur and business owner. Join over 1 million businesses scanning receipts, creating expense reports, and reclaiming multiple hours every week—with Shoeboxed. Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed. Simply use your phone camera to take a photo of any receipts, invoices, business cards, or paper documents. Or, if you don’t find scanning each receipt a tedious task, try out Shoeboxed’s Magic Envelope service.
Keep a notebook in your truck.
That’s right—all those little slips of paper you keep in your glovebox are important to your trucking business! And you should be documenting them for your finances on a regular basis. For owner-operators, bookkeeping is an essential aspect of running a trucking truckers bookkeeping business. 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.
