Trucking companies’ financial management and organization are assisted by bookkeepers. Although it might not seem necessary, hiring a bookkeeper will help you immensely in the long run. With their daily accounting requirements, fundamental HR services, and business management consulting for a more profitable operation, we assist independent trucking companies and truck drivers.
As a truck driver business owner, bookkeeping is a crucial component of management. It provides information about the performance of your company and enables you to keep your financial statements organized. Keeping accurate records while on the road may be challenging for you as a truck driver. Considering this, it might be best to consider hiring a bookkeeping service for your company that specializes in serving owner-operators of commercial trucks.
Finding a bookkeeping service that will scan and archive all your company’s receipts and important documents should be your first step. You won’t need to keep track of physical receipt copies in this way. All your significant paperwork ought to be able to be stored in the bookkeeper’s safe database. Sending your documents to the bookkeeper should be as simple as sending them as digital images, scanning them and emailing them, or mailing them.
The use of a bookkeeping service by your trucking company has many advantages. We’ll cover crucial issues in this article that you should think about when looking for one.
Secure Online Portal:
The next feature you need in a bookkeeping service is a safe online portal where you can view your digitalized documents and check your profit and loss (P&L) statements whenever you want. You don’t need to call your bookkeeper or go into an office to access your information if you use a secure online portal. This is especially useful for truck drivers who are constantly on the go and can’t always visit their local accountants. You can access your personal account at any time and be confident that your data is password-protected with a secure portal. Look for a bookkeeper who will allow you to call and ask questions without charging extra when you log in to the portal to review your data.
When selecting a trucker’s bookkeeping service, you should also look for a business that has industry-specific benchmarking. To compare your numbers to other trucking companies with comparable sizes, you should ideally look for a business that collaborates with other truck drivers.
You can identify the areas where your company is outperforming its competitors as well as those where it needs to grow by comparing your data to that of other owner-operators.
Finding a bookkeeper who performs tax reconciliation will be advantageous for your trucking company as well. A bookkeeper who offers this service will classify and analyse your receipts and outgoings rather than just entering the information without further analysis. You can ensure that everything has been accurately recorded and classified in your profit and loss statement with high-quality tax reconciliations, and if anything is missing, your bookkeeper should let you know about any discrepancies.
Bookkeeping and Tax Preparation – Together:
Finally, you need to look for a bookkeeper who can estimate your taxes. You must pay quarterly tax estimates as an owner-operator based on your profit. If your bookkeeper also figures out your tax estimates, they can accurately tell you how much you should pay in estimated taxes by using your P&L statements throughout the year. You should always look for a company that will help you calculate those estimates so you don’t pay more than you should to the Internal Revenue Service (IRS). By paying quarterly tax estimates, you ensure that you don’t pay additional interest, fees, or penalties to the IRS.
The tax estimates for your current year are frequently calculated using the tax return from the previous year. But because the trucking industry is constantly evolving, you need a service that provides accurate tax estimates for the current year based on how you are doing right now, not how you were doing the year before.
It is also simpler to file your tax return when you have a bookkeeper who also prepares taxes. Since your tax preparer won’t be rushing to complete all your bookkeeping at once, and because your bookkeeper is familiar with your company and has been tracking your income and expenses all year, there is a lower risk of mistakes during tax season.
What company for trucker bookkeeping should you use?
You and your company will be able to continue operating if your books are kept properly. You’ll be able to make a wise choice that will help you in the long run if you use these recommendations as you start your search for a bookkeeping service.
Over the past 20+ years, we have assisted over 150,000 owner-operators in running a more successful business so that they can spend less time worrying about the books and taxes and more time doing things they enjoy. We provide a range of services, including tax preparation, bookkeeping, and accounting, and we are aware of the significance and influence that these services have on a business’ ability to succeed.
Benefits of trucking bookkeeping services:
Even though it’s not the most exciting part of running a trucking company, keeping accurate books is vital to ensuring that it stays successful. To lighten your load and make your life a little easier, we’ve put together a list of the top trucking bookkeeping services. There is a trucking bookkeeping solution for your business, from quarterly IFTA fuel tax filing to invoicing.
Benefits of trucking bookkeeping services include invoice generation, tax calculation, receipt scanning, money management, and document storage.
To be prepared for tax season, it is crucial to keep track of purchases all year long. It is even simpler to keep track of your business expenses with trucking bookkeeping services that let you scan receipts. In the event of an IRS audit, having accurate records is also crucial.
Online bookkeeping services abound, offering truck drivers assistance with tax preparation. Time can be saved and accuracy is guaranteed by combining your tax filing and bookkeeping. It is also simple to access and complete all necessary tax forms for your company thanks to bookkeeping and tax services created especially for trucking companies.
Control your finances:
Trucking companies’ financial management is aided daily by bookkeeping services. You can create a financial plan using automated spreadsheets that will keep your company on track and profitable. With the help of bookkeeping services, you can not only get a clearer picture of your financial situation but also find areas where you can reduce costs and boost revenue. A CPA for truckers may be able to provide more services for large transport companies.
Anytime access to documents:
It’s possible that you won’t know when you need to find crucial financial documents. However, it is usually urgent when you do. Making profit and loss statements for your trucking business requires the use of these documents as well.
Track your Upcoming Bills:
Trucking companies must get paid by their customers, but issuing invoices can be difficult. Invoices can be created, sent, and tracked using an online bookkeeping service to help you manage your cash flow. To avoid pursuing clients for unpaid invoices, you can use trucking bookkeeping services to follow up on account receivables.
Why Do Customers Choose Us for Trucking Accounting Services?
Because we are a seasoned provider of trucking accounting services, you can depend on us to provide you with the financial acumen and sector knowledge you need to increase profit margins. We adopt 100% compliant accounting procedures to keep you competitive while maintaining the accuracy of your accounting records because we see ourselves as partners in your growth story. Our cutting-edge trucker accounting services assist trucking companies in increasing efficiency, standardizing procedures, and achieving the highest level of financial transparency. As one of the most sought-after billing and accounting firms in the trucking industry, we have also benefited from our alliances with top Fortune 1000 companies.
You can enhance your financial workflows for efficient operations with the assistance of our services, a top provider of trucking accounting services. Other justifications for working with us include:
Our committed quality control teams make sure that the data, reports, and other information we compile are of the highest quality and entirely accurate.
Because we have a lot of bandwidth and the capacity to meet demands in the shortest amount of time, we can guarantee a quicker turnaround for our accounting services.
Our finance and accounting team has access to the best accounting and auditing technologies to offer specialized solutions.
As part of our commitment, we make sure your data is safe and secure and maintain the integrity of our accounting system.
Services for scalable accounting
We provide scalable accounting services to logistics and trucking businesses so they can adapt easily in the event of a staffing shortage.
You receive cost-effective solutions without sacrificing quality. Get the best value possible from our services, which are tailored to your precise needs.
To increase lowered margins, deal with scalability issues, and guarantee business continuity, trucking companies need specialized trucking accounting services. With years of experience working with trucking companies from all over the world, our certified CPAs and finance managers can provide accounting services. Across the US and other regions, we keep ourselves informed of local, international, and national governmental regulations pertaining to transportation and logistics.
Basic Bookkeeping Advice Every Trucker Should Use:
No matter how insignificant the charge seems to be, save every receipt.
You want to be able to deduct as many legal fees as you can. You can use the e-receipt-specific folders on your computer or in the cloud, or you can keep a receipt collection envelope in your car. Use the folders to store your accurate monthly profit-and-loss statements and quarterly tax estimates.
For any expensive purchases you make, you can scan your receipts, but keep the physical originals for your records.
For your business, open separate checking accounts:
Open a different personal account for your money if you are the business’s sole owner. You won’t incur any additional costs for business accounts as a result. Additionally, this will make getting the information you require for an audit simple.
Using a different credit card for business expenses:
Search for credit cards with low interest rates, annual fees, and, ideally, generous reward programs. Ensure that you pay off your balance in full each month to avoid taking on additional business debt. When you use a separate credit card for operating expenses, recordkeeping is easy because you can usually identify charges (gas, food, maintenance, etc.).
Keep a copy of every logbook:
Your strongest proof that you qualify for per diem payments is your logbook or records (primarily composed of meal costs). If you solely rely on your electronic logging device (ELD) for truck driver bookkeeping, make sure you can save and access your history. For inspections, having this knowledge is already necessary.
Analyze your finances frequently:
Electronic payment methods make it simpler and faster to send, pay, and receive payments. You no longer must wait for a check to be physically cashed. Keep an eye on the transactions coming into and going out of your bank account to make sure you are getting the money you are entitled to. Make sure the charges on your bank accounts are legitimate, especially if you don’t have sole access to the account. If there is a discrepancy, you should discover it as soon as possible to prevent further harm to your trucking business.
Proper bookkeeping will help you make wise financial decisions that will benefit you in the long run. Pearl Lemon Accountants’ goal is to help truck drivers run a more successful business so you can spend less time worrying about the books and taxes and more time doing things you enjoy. We offer a variety of services, such as bookkeeping, accounting, and tax preparation. We understand how important and influential these are to the success of a business.
Give us a call if you’d like to learn more about our tax strategies or get started right away.