Every owner-operator must be familiar with the basics of truck driver accounting. For the most part, you won’t need a bachelor’s degree in accounting to manage this company area.
When it comes to running a trucking business, bookkeeping is essential. If you need Accounting help for truck drivers, to complete these duties that need to be completed manually; get someone to assist you with your accountancy requirements, you can save a significant amount of time and prevent unnecessary stress.
Here are some pointers on how to handle books correctly:
- Choosing The Best Accounting Software
There are two main types of accounting systems used by most businesses: cash-based and accrual-based. You must record income and expenses in cash-based accounting when they are received and paid. For truck drivers’ accounting, this is often the most effective approach.
- Keep Your Books Up To Date
This is critical to have a clear image of where your company is headed financially in the future. It should just take a few minutes each day to keep track of your finances after you’ve set up your system.
- Precautions For Checks
Having this information is critical since company checks are nearly as simple to handle as cash, leading to fraud or abuse in some instances. Make confident that you sign your statements in a clear and readable manner to prevent fraud. Additionally, when you examine canceled checks from your bank, be sure they are for approved expenditures alone. Of course, the overwhelming majority of workers and business partners can be relied on to do what they say they will. However, as the adage goes, it always pays to double-check your work.
- Use A Month-End Banking Account
This is one of the essential principles of accounting for truck drivers that are often neglected. Nonetheless, it is one of the most critical since keeping your monthly records in sync will help to avoid errors and misunderstandings.
- Maintain Audit-Proof Books
This goes for both the IRS and the states. Separate personal and corporate checking accounts. Keep receipts for all business purchases. You may wish to scan each receipt onto your computer to make digital copies. So, if the tax collector comes knocking, you’ll be ready.
- Using Trucker Accounting
This is important. That’s why we suggest TruckingOffice. This is a trucker-built product. It has crucial capabilities that general-purpose applications lack, characteristics that may make or break your transportation company.
WHAT ROLE DOES TRUCKING MANAGEMENT SOFTWARE PLAY IN ACCOUNTING?
Running a trucking business requires a solid understanding of bookkeeping. Trucking management software may assist you with your accounting even if many of these duties can be done manually. This saves you time and reduces your stress.
- One of the most critical aspects of operating a trucking company is staying on top of your IFTA statistics. You may arrange your fleet’s miles or fuel gallons by state using the proper TMS software. The kilometers are computed using the system’s tools. As a result, all you have to do now is key in the information.
- For example, if you need to record your driving time or submit IRP registration information, you may do many of your minor chores so that you can concentrate on more essential things during the day.
- TruckingOffice.com’s TMS software allows you to keep track of invoices that are due and get notifications when payments are past due. This aids in enhancing the cash flow of your trucking business, allowing you to pay your drivers and other workers on time in the future.
FINAL VERDICTTake TruckingOffice for a free 30-day test drive to see for yourself how wonderful it is. You can start right now. To get more information, please get in touch with Williams Accounting & Consulting and other trucking lawyers.