Bookkeeping Services for Truckers Trucking Accounting in Milwaukee, Madison & Brookfield WI Bookkeeping for Transportation Companies Tax Compliance for Truck Drivers Accounting Services for Owner Operators

starting a bookkeeping business for truckers

It equals $100 plus $22 for every 1,000 pounds over 55,000 pounds up to $550 and 75,000 pounds. Truckers must choose between the two fundamental methods of accounting, the cash and accrual bases. They impact your tax return significantly, so consider consulting an accountant before choosing one.

Even some CPAs are unaware of the specifics of the industry, where unique rules and changing regulations can cause you to misreport your tax-deductible expenses. As a result, you probably shouldn’t try truckers bookkeeping service to manage your trucking business’s accounting function without help. It may be worth handling some lower-level aspects, but you’re better off outsourcing the more complex and time-consuming parts.

Using bookkeeping software for trucking companies vs. hiring a bookkeeper

And don’t worry, Truckers Bookkeeping Service is here to help you through each one. For trucker drivers who prefer to spend their off-duty time resting up for their next long-haul trip, hiring a bookkeeper can be a great investment. Bookkeepers can be a great source of financial knowledge and may be able to share valuable insight that can improve your business’ overall performance. That’s why we’ve put together a few truckers’ bookkeeping tips to simplify your bookkeeping process.

starting a bookkeeping business for truckers

Apply for financing, track your business cashflow, and more with a single lendio account. Our incredible teams are experts in all things trucking, and we’ll be there to support you every step of the way. From helping you get insured and get paid quickly to staying compliant with the DOT and ensuring you have current permits, we’re here for you. There is one major factor you’ll want to consider when deciding how you want to manage your bookkeeping—time.

Start your new career as your own boss

We highly recommend using bookkeeping apps and trucker accounting software to simplify your accounting process. 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. Trucking companies have certain bookkeeping requirements that make them different from other businesses. See our top-recommended fuel cards and find the one best suited for your trucking business.

starting a bookkeeping business for truckers

Although many of these tasks can be performed manually, you can save yourself a lot of time and avoid stress by using trucking management software to help with your bookkeeping needs. Real-time reconciliation is an essential feature of any accounting solution. Bench is pleased to offer its customers access to real-time data so busy business owners can stay up-to-date on their balance sheet at all times. [Insert screenshot of this in action] This feature ensures your financial records are always up-to-date and accurate, eliminating the possibility of inaccurate records or incorrect data entry. You’ll always have an up-to-date view of your business’s financial health, ensuring you can make sound decisions based on reliable data.

Understand Your Business Entity Type and Tax Classification

Having a business credit card will also streamline your bookkeeping because you can often separate expenses into categories, such as gas, food, and maintenance. As a trucking business owner, you have to juggle many moving parts to make your business thrive. From managing routes, repairs, staffing and more—maintaining efficiency is critical. Finding the right accounting software can be one of the most important decisions an owner can make.

Once you capture the receipt you can catalog the expense and toss the physical receipt unless you need it as a warranty for a larger purchase. That’s another reason paying for tax services is essential for the transportation business. You don’t want to leave money on the table or risk triggering an audit. In addition, ignoring your accounting for more than a couple of months means you’ll likely miss one or more tax due dates. If you fail to make estimated tax payments, submit your IFTA reports, or file Form 2290 on time, you’ll face penalties and interest.

What can happen if I incorrectly report my trucking business income and expenses? is an authorized IRS e-file provider.The Trucker’s Bookkeeper is owned and operated in Shreveport, LA and Fort Worth, TX. This makes it easier to keep track of things when it’s time to total everything up. Purchase an expanding file folder, a stapler, and a desktop calculator with register tape from an office supply store.

Which QuickBooks is best for truckers?

QuickBooks Online: Best overall trucking accounting software when integrated with TruckingOffice. Q7: Best standalone trucking-specific accounting software. Tailwind TMS: Best invoicing and bill payment software with trucking features. Rigbooks: Most affordable and easy-to-use trucking solution for small fleets.

When it’s time to review your business expenses and income, you’ll have to sift through each transaction in hopes that you recall which ones are personal and which ones are for your business. Most times the bookkeeping or accounting process can seem overwhelming for a truck driver, but there are a few things you can do to make it easier for yourself. We’ll share eight easy tips for you to make bookkeeping less of a hassle.


On the same note, it’s also handy to know what you may no longer need to track as well so you aren’t spending time logging unnecessary entries throughout the year. Alternatively, failing to pay the required taxes on income throughout the year can leave you with a huge tax bill when you file. You can avoid both of these scenarios by working with trucking bookkeeping services, which can ensure that you pay the correct amount of taxes – nothing more and nothing less. It’ll also help you make informed decisions and position your company well for future growth. Therefore, you should follow these trucking bookkeeping tips to increase profitability and save valuable time. Trucking accounting differs from regular business accounting in several ways.

It’s a simple-to-use, all-in-one accounting platform that includes many useful features such as income and expense tracking, mileage tracking, and invoicing. 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. You must keep all records used to prepare your tax return for three years from the date you filed the return. As you may already know, bookkeeping is an important business procedure for trucking companies.

Hiring a professional bookkeeper can be expensive and most accounting systems seek to make a bookkeeper unnecessary for small businesses. TruckLogics streamlines bookkeeping by limiting manual record entry and delivering one-click financial reports. This includes finding work on load boards, driver and maintenance management, invoicing, and expense tracking. Finding the right accounting software for your trucking business can seem daunting but choosing the right one will save time and money in the long run.

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