Small businesses in the trucking industry with less extensive fleet management needs might find it more affordable to use logistics management software that integrates with standard accounting software. The Giersch Group offers a 100% virtual bookkeeping service nationwide for truck drivers and independent trucking companies. They are a certified QuickBooks ProAdvisor able to train your staff on the software https://www.bookstime.com/articles/full-time-equivalent and integrate cloud-based bookkeeping with their consulting services. Based in Milwaukee and Madison, Giersch also offers in-person consultations for Wisconsin-based trucking companies. Bookkeeping is an important part of running your business as an owner-operator truck driver. It allows you to keep your financial statements organized and gives you an idea of how your business is performing.

• Truckers can use FreshBooks to track expenses and be prepared for tax season.
• However, you can deduct the interest portion of your truck payment plus depreciation on the cost of your truck.
• Setting up your business as a sole proprietorship is extremely simple and will help you avoid having to process payroll yourself but it’ll subject all of your net income to self-employment tax.
• Use our receipt app (iPhone, iPad and Android) to snap a picture while on the go.
• Your logbook and/or electronic log records are your greatest proof of per diem eligibility (primarily composed of meal costs).
• 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.

Overall, there’s no single accounting or trucking management software that can cover all the various needs of truck drivers and fleet managers. To determine the right fit for your company, you have to assess your budget and needs and know what particular features you require. Trucking business owners can tailor Quickbooks for some specific trucking business needs, including managing trucker employees, time tracking, payroll and even tax penalty protection. Rigbooks is an affordable option for owner/operators and small trucking companies operating up to five trucks.

Understand Your Business Entity Type, Tax Classification

Our innovative trucker accounting services help trucking companies enhance efficiency, standardize operations, and attain maximum visibility into their finances. In addition, our partnerships with leading Fortune 1000 companies have helped us become one of the most sought-after billing and accounting companies in the trucking sector. This best trucking accounting software review gets the full under-the-hood analysis so you know what each piece of software is suitable for. Some of these apps are dedicated to the trucking industry, while others are just good small business accounting software which can be used by truck drivers or companies. We’ve compiled a list of the top platforms that cater specifically to the needs of companies in the trucking industry.

Your fixed costs per mile, such as insurance, should drastically fall as the number of miles driven increases. You may wish to calculate cost-per-mile separately for each category, for example—drivers, equipment, states, or customers—to spot trends or areas for improvement. With an S-corp, you’ll have to run payroll to pay yourself just as you pay any employee. However, any income remaining after payroll and expenses can be withdrawn with no payroll tax. Remember, it can be surprisingly hard to catch up on trucking records once you’ve fallen behind. It becomes even worse if you also neglect to separate your business and personal transactions.

IFTA QUARTERLY TAXES

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. In addition to keeping records of your expenses, you should have documents that prove their validity, such as receipts, trip logs, and account statements. The cash basis involves recognizing revenues when you receive payments and deducting expenses when you pay them. In broad terms, bookkeeping involves maintaining financial records of your trucking business’s day-to-day transactions in a general ledger.

We’ll help you understand how to use your financial statements to make better decisions for the good of your business. No matter the size of your company, it’s also critical to keep thorough records on mileage and excursions. All of this information, as well as transportation management capabilities such as fleet maintenance truckers bookkeeping service tracking, will be provided by the optimal accounting system. To comply with IRS laws, truckers must track the date, location, amount, and justification for each charge. Use this notebook (together with your receipt envelope) or a document on your computer or smartphone to record any costs for which you do not have a receipt.

Best Trucking Accounting Software for 2023

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. Trucking management software (TMS) can help you keep track of everything easily. You can handle most tasks in the comfort of your cab using a smartphone, tablet, or laptop. Check expenses to your bank accounts to make sure they are legitimate expenses, especially if you’re not the only one with access to the account.