accounting for truck drivers

Purchase an expanding file folder, a stapler, and a desktop calculator with register tape from an office supply store. One of the best ways to streamline your IFTA reporting is by using a dedicated fuel card. These work much like any other credit card, except they’re tied to a unique driver number and provide fuel discounts.

What is the turnover rate for truck drivers?

The turnover rate is often cited to be over 90% within the trucking industry. This is an alarming number for carriers trying to recruit drivers and avoid the truck driver retention problem. However, the American Trucking Associations explain how that figure is often misconstrued.

For example, their IFTA mileage tracker auto-records toll and non-toll mileage to automatically create IFTA tax reports. When you become our client, you can count on us to accurately prepare and file your tax returns at the end of the year. With us on the job, you’ll be confident that you’re taking advantage of all possible deductions and bookkeeping for truck drivers will never pay more than you truly owe. We constantly keep tabs on tax code changes so when a new incentive becomes available for truckers, you can be sure that we’ll put it to work for you right away. Whichever program you choose, make sure that it offers the features that are most important to you so that you can get the most out of it.

Tax Preparation and Bookkeeping – Together

It does not include payroll or bank reconciliation but can integrate with Quickbooks to give a complete accounting service. Whatever costs your fleet encounters, you https://www.bookstime.com/articles/enrolled-agent-salary can keep track for potential reimbursement or repayment. By paying close attention to your profit and loss statements, you can find better ways to make money.

accounting for truck drivers

To ensure the accuracy and integrity of our list, we evaluated all applications using an internal rubric scoring system with five categories, each with a calculated weighted score. At Williams Accounting & Consulting, our trucking accountants have the specialized knowledge, expertise, and experience to help you address the unique challenges in your industry. From our Atlanta office and our New Orleans office, we provide trucking accounting and consulting services throughout the entire region. This is a crucial service for all truck drivers, and we are proud to do our part to keep thatall-important revenue flowing in. A profit and loss statement is an accounting tool used to calculate net income. It lists all revenue and expenses for a set period of time (usually quarterly or annually).

Industry Benchmarking

Some programs offer more comprehensive features than others, and some are specifically designed for the business of trucking. Rather than dealing with multiple invoices from different suppliers, businesses can receive a single monthly statement from the fuel card provider. At its most basic level, bookkeeping is the process of tracking all the financial transactions that take place within a business. Ultimately, the best solution may be a combination of the two – using trucking software to automate some of the bookkeeping tasks, while outsourcing the more complex tasks to a professional. Without accurate bookkeeping, it would be very difficult for trucking companies to stay in business.

  • The trucking industry has experienced significant changes over the past few years that have produced both obstacles and opportunities for logistics businesses.
  • Two of the most common and important types of financial statements are income statements and balance sheets.
  • For companies using a software program, the two can link together most of the time, making the process seamless.
  • Truckers should maintain separate accounts for personal and business expenses to make it easier to track and prove a clear separation between personal and business expenses.
  • An experienced consultant can help you to navigate the complex world of trucking, and they can also offer advice on how to run your business in the most efficient way possible.
  • With many businesses including shippers and freight brokers  suffering from cash flow problems, invoice payments may be delayed.

While in-office personnel can be paid in-person on a regular schedule, truckers might be on the road when payday rolls around. Manage your payroll with trucking accounting software to address the often complex process of paying drivers. For instance, you can implement direct deposit so your drivers get paid on time no matter where they are. The first is the TMS, or trucking management software, which will include accounting functions. The other is their ELD product, which is an electronic logging device.TruckingOffice is considered by many industry people to be the best trucking accounting software solution.

Step 5. Take care of tax obligations.

Rigbooks can be billed on a per-mile basis, and this kind of mileage tracking is exactly what’s lacking from systems like Quickbooks. A balance sheet is a snapshot of your company’s financial standing at any given point in time. It also calculates your company’s debt load and overall financial health. One out of every 25 owner-operators gets audited by the IRS for taxes each year. You want to avoid that happening to you, but you want assurances that you’ve done everything right if it does.

Reach out to our team today to discover more or get a quote for our services. Instead, the company prefers to provide a unique proposal to each client, after showing a free demo. ProTransport does not advertise its pricing and does not offer a free trial of the software so a demo will be required. ProTransport customers are provided with phone and email customer support. All the transportation companies need to file the fuel consumption Tax every quarter to keep operating without penalties. All companies and individuals must file an Annual Income Tax Report according to their earnings or received incomes during the year.

Accounting Services for Trucking Companies

While Tailwind TMS isn’t a complete bookkeeping solution, it’s great for invoicing and bill payment, which are two major needs of a trucking company. It has comprehensive A/P and A/R features that let you track bills and payments from different personnel involved in your operations, such as vendors, employees, carriers, and customers. The Invoice List and Bill Posting modules are intuitive and comprehensive, and they help you review and track bills and invoices easily. We understand the financial pressures that come with operating a business—especially in a competitive industry such as trucking. Our team offers a wide array of accounting packages to meet the needs of our clients.

accounting for truck drivers

Leaving such tasks for last minute will cause mistakes, headaches, and misrepresented information. Truck drivers are up against other tax obligations as well, which is dependent on the size and length of trips. These obligations include the International Fuel Tax Agreement (IFTA) and the Heavy Use Vehicle Tax (HVUT).

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