You can use this accounting information to gauge your company’s performance and make decisions about your budget, workflow, investments, and potential growth. It may be tedious to record all of your transactions, but come tax season, you’ll thank yourself! By keeping track of every penny you spend and earn, you may be able to find new deductibles and save your business even more money. Bookkeepers help trucking companies keep track of financial statements and give them a better idea of how their businesses are performing. At PorteBrown Accountants and Advisors, they understand that transportation companies are the lifeblood of commerce and the economy. So their accountants and bookkeepers work tirelessly to offer high-quality services to trucking companies nationwide.

• As your fleet size or operations expand, scalable software can handle increased data and complexity without requiring a complete system overhaul.
• It’s essential to keep track of each category to help manage your finances more efficiently.
• See our top-recommended fuel cards and find the one best suited for your trucking business.
• After years in the industry, I know exactly what features are worth your time—and which ones only sound good on paper.
• This not only ensures that I have cash moving into my business at an adequate pace but also minimizes any chance of delinquency from the customers’ end.

To determine the right fit for your company, you have to assess your budget and needs and determine what particular features you require. The top bookkeeping apps for truckers include QuickBooks, My CPA Dashboard, Rigbooks.com, and Q7. Each app offers features tailored to the needs of truckers, such as expense tracking and tax compliance. Trucking companies have certain bookkeeping requirements that make them different from other businesses. Using a business credit card can help simplify your bookkeeping, and most accounting systems sync with your bank and credit card accounts. Because the data will be entered automatically whenever a payment is made, it’ll help save time and eliminate potential errors.

Whether you need assistance with bookkeeping, tax preparation, or payroll management, My Count Solutions has you covered. Managing your trucking company’s books is one of the most essential activities that can be used to leverage its success. Invoicing can be daunting, but trucking companies must receive payment from their clients. With an online bookkeeping service, you can create, send, and keep track of invoices to manage your cash flow.

What should I look for in real-time tracking features?

• Trucking companies have certain bookkeeping requirements that make them different from other businesses.
• Carefully taking records of every earlier purchase and saving every fuel receipt is my first step towards this.
• FreightWaves Ratings reference a list of approved sources for use of research to support editorial research and drafting.
• This cloud-based truck management software allows you to track fuel mileage, expenses, trips, and orders.
• Putting the task off will increase the likelihood that you’ll forget what payments are for, causing categorization errors that may make you miss out on deductions.
• Trucking companies are often a part of many transactions and deals every day, and it is hard to accurately invoice and record them all.

Q7 is a great standalone trucking-specific accounting solution, while Rigbooks is ideal if you have a small fleet and want an affordable platform. I found QuickBooks Online’s enhanced accounting features to be incredibly versatile. It’s customizable enough to suit almost any business, which is why we consider it the best small business accounting software. While it doesn’t come with built-in trucking-specific features, pairing it with RLS transforms it into a powerful tool for both trucking management and accounting. Features include built-in document management, so you can store and access BOLs, receipts, and rate confirmations directly within the platform. It also offers maintenance tracking to help you stay on top of service schedules and avoid unexpected downtime.

Each financial transaction is documented based on supporting paperwork, depending on the type of accounting system the company uses. That’s right—all those little slips of paper you keep in your glovebox are important to your trucking business! As a trucking owner-operator, however, bookkeeping is an important part of running your trucking business.

The International Fuel Tax Agreement (IFTA) requires trucking companies to report and pay fuel taxes in multiple jurisdictions. Remote Books Online can simplify IFTA reporting, helping you stay in compliance and avoid penalties. Fuel and maintenance costs are significant expenses for any trucking company. Remote Books Online can help you monitor these costs in real-time, allowing you to make informed decisions about route optimization and vehicle maintenance scheduling to reduce expenses. One thing I’ve learned over years running the trucking business—it’s crucially important to keep your personal and business expenses separate.

Axon: Best for Midsize & Large Fleet Operations

By keeping accurate records, you ensure that you don’t miss out on legitimate tax write-offs, such as fuel costs, repairs, and home office expenses. Without good bookkeeping, it’s impossible to know whether your trucking business is making a profit. Keeping accurate records helps you evaluate your revenue against your expenses, providing insights that allow you to make informed decisions to increase your bottom line. Don’t forget to segregate personal expenses from business ones for accurate financial reports. Lastly, meticulous tracking of fuel expenditures and maintenance costs contributes to more profitable operations. Overall, there’s no single accounting or trucking management software that can cover all the various needs of truck drivers and fleet managers.

Accounting

I need to take proactive measures such as issuing invoices promptly and enforcing stricter payment terms with customers. DSO refers to the average number of days it takes for a company to collect payment after a sale has been made. Bookkeeping is one of the fundamental pillars of a successful company, and it is not a job that should be taken lightly.

It also helps trucking businesses make informed business decisions by providing insights into key financial metrics, such as operating expenses, revenue per mile, and profit margins. 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. This will provide you with the necessary funds to pay for expenses such as fuel, maintenance, and wages. Waiting to invoice can result in payment delays and potential disputes over billing issues, which could strain the relationship with your customers and potentially result in loss of business.

Bookkeeping Options for Trucking Companies and Owner-Operators

Try to include everything you can think of—even the small stuff—so you’re not caught off guard later. This kind of forecasting helps you understand your break-even point and set goals that actually work for your business. One way to stay ahead of this is by using a fuel card like the one from OTR Solutions.

Patriot Accounting

If you’re considering expanding your trucking company or adding new services, trucking company bookkeeping accurate financial projections are essential. Remote Books Online can create detailed financial forecasts to help you assess the feasibility of your growth plans. One of the first steps towards successful trucking bookkeeping is staying current with your records.

We manage the accounting for owner-operator and small fleet trucking businesses. The data your software collects from your bills, invoices, and receipts can all be used to help find and prove eligibility for your deductibles. Most truckers use trucking bookkeeping services to handle their bookkeeping needs. FlatWorld can help your trucking company achieve seamless back-end operations, specializing in accounting services for trucking and logistics clients. With around-the-clock service, they’re available to help meet your bookkeeping needs as they arise. Their services are also scalable due to their partnerships with leading Fortune 1000 companies.

It simplifies tracking income sources, expenses, taxes, and more into an easily digestible format. There’s no doubt that proper software can make a difference in managing your money more effectively. A lower DSO means quicker cash inflows, which helps in better management of daily operations including fuel purchases and maintenance costs.

While some may choose to use the traditional pen and paper, it’s better to digitize your records to avoid risking damage or errors in entries. Bookkeeping tips for truckers and trucker bookkeeping apps to simplify your bookkeeping while on the road. A specialized bookkeeper doesn’t just manage numbers; they provide strategic insights. Whether considering fleet expansion, exploring new routes, or leveraging technology, their data-driven advice can be invaluable. Remote Books Online offers robust data backup and recovery solutions to ensure your records are safe in the event of data loss or a cyberattack.

Your variable costs per mile, such as fuel, should stay pretty constant regardless of the number of miles driven. 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. The most important metric for all trucking companies is the average cost per mile, which can be extremely useful when it comes to decision-making.