Our team will help you with all the paper work your transportation company needs, this way you can get home after long hours on the road and spend quality time with your family. A balance sheet is a snapshot https://www.bookstime.com/articles/financial-accounting-vs-managerial-accounting of your company’s financial standing at any given point in time. You do not need to be a financial wizard to run a successful business but understanding the basics of accounting is definitely important.
Save yourself the trouble at the end of every month by applying for a business credit card and bank account. That way, you won’t have any mix-ups between personal and business expenses. The last thing you want is to end up paying a business expense out of your truckers bookkeeping service own pocket. Also, having a bookkeeper who prepares taxes makes it easier to file your tax return. If your bookkeeper and tax preparer work together, they can find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to.
Best Practices For Trucking Accounting
Bookkeepers can be a great source of financial knowledge and may be able to share valuable insight that can improve your business’ overall performance. As an owner-operator, however, bookkeeping is an important part of running your trucking business. Understanding bookkeeping helps to give you a clear picture of your business’ performance and be prepared for when tax time rolls around. For example, if you utilize a bookkeeper who offers tax reconciliation services as well as industry benchmarking data, they can help you spot expense documentation you may have forgotten to send.
How do I manage a small trucking company?
- Step 1: Form Your Trucking Company and Get Trucking Authority.
- Step 2: Find Loads to Haul.
- Step 3: Know Who You're Hauling For.
- Step 4: Know Your Expenses.
- Step 5: Save Money on Fuel.
- Step 6: Manage Your Cash Flow like a Pro.
- Step 7: Get Back-Office Help.
As mentioned previously, it’s helpful to keep a notebook or logbook in your truck so you can easily jot down your incurred expenses. If you find it easier, you may paper clip receipts on each page of your notebook and even highlight the total expense for easy reference. Remember, this is a system designed to help you remember expenses, so whatever method works best for you is what you should utilize. Reporting your finances for your trucking business can lead to large fines and penalties from the IRS in addition to the taxes that you owe.
Grow your business faster with bookkeeping services that save you time
Axon can be used for trucking company tax filing including all the standard IFTA reporting. TruckingOffice also provides modules for standard fleet management features, a distance-traveled tracker (in miles), and some more overall profitability optimization tools. From our offices in Milwaukee, Madison, and Brookfield we primarily serve owner-operators and trucking company owners located in and around Milwaukee, Dane, Ozaukee, Washington, and Waukesha counties. Save all the receipts of the expenses you have on the road and send them weekly. By the end of the month, you will receive financial statements and explanations of what these mean to your bottom line.