When it comes to accounting and your taxes, you need to be able to have trust in your provider right off the bat. Last but certainly not least, it’s always a good idea to hire a CPA for help with tax preparation and trucking accounting services. Owner-operators with out-of-date financial records quickly realize how difficult it is to balance the books when transactions compile. Additionally, there could be instances where business owners forget the source of some transactions after a long time. All in all, updated financial records mitigate the risks of errors and missed deductions. Use this notebook (in addition to your receipt envelope) or a document on your computer or smartphone to record any expenses you cannot obtain a receipt for.

We had just made the transition to become owner-operators, and we knew that we needed someone we could trust to handle our business needs. The Trucker CFO team is always very responsive, especially when we have questions. Time and time again, Trucker CFO has been there for us whenever we have needed them. Accounting is one of the least exciting aspects of small business ownership for many owner-operators. However, you can’t afford to neglect it since your responsibilities can quickly become overwhelming if you fall behind.

Pay what’s required but not a dime more.

It’s tedious work, and even if you employ a bookkeeper, you still need to hold onto and organize your documents, cash receipt journals, and receipts book on a regular basis. Rigbooks analyzes each of your loads to let you know its true cost per mile. That way you can choose the most profitable loads and avoid wasting time and 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. We first learned about Trucker CFO during our orientation with Forward Air.

• Start with a notebook, an app, a pen and some envelopes to begin keeping your books clean and tidy.
• 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.
• For example, accounting errors could cause you to miss out on valuable financing or get you in trouble with the Internal Revenue Service (IRS).
• As a trucking business owner, you should keep records of all your expenses and the documents that support them, such as receipts and account statements.
• Proper bookkeeping for a trucking company is the engine that drives your financial success, keeping you fueled for smooth operations and growth.

Every owner-operator needs to understand bookkeeping for truck drivers. Are you looking for ways to expand your business or cover operating expenses? To stay in compliance, file Form 2290 with the IRS and pay any applicable taxes by the last day of the month after the month you first used the vehicle on public highways.

Risk Management

Listen to our Trucker CFO mini-cast to learn how we can help with your accounting needs. To comply with IFTA, you must report your trips and fuel purchases quarterly. The IFTA office in your home state will allocate truckers bookkeeping your payments to the proper jurisdictions and determine whether you owe more or deserve a refund. Another decision every small business owner has to make is what type of legal entity they want to use.