You must be strategic about which tools you invest in to avoid wasting resources, but it’s worth utilizing in many areas. One of the primary problems with managing your small business accounting is the sheer amount of time and energy it takes. Running a trucking company alone is enough work to keep you busy, and trying to do both is a lot to handle at once. To stay in compliance, file Form 2290 with the IRS and pay any applicable taxes by the last day of the month after the month you first used the vehicle on public highways.

  • With ATBS, you can rest easy knowing your taxes will be filed promptly and correctly thanks to the support of expert tax advisors.
  • Many businesses are looking to expand, but they need professional assistance with bookkeeping to do that.
  • On the last day of the month, schedule time for yourself to do a month-end close.
  • All business owners must make quarterly estimated tax payments to cover their income and self-employment taxes, and truck drivers are no exception.
  • I’ve experience working and building tricking businesses from the inside out, so I know what they need and how to help them expand profitably.
  • As an owner-operator, you have to pay quarterly tax estimates based on your profit.

That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. Filing International Fuel Tax Agreement (IFTA) reports for interstate or international trucking jobs can take time. To start, you first need to create the necessary fuel and mileage reports for your fleet. Throughout the entire process you need to track receipts, manage mileage logs, match fuel to taxes in each state or province.

Paradigm Transportation Suite (PTS)

Trucking companies have unique bookkeeping needs rarely met by traditional small-business accounting software like QuickBooks. Rather than bend those programs to work for your business, choose one built specifically for your industry. Keeping up with your IFTA data is one of the most important parts of running a trucking business. With the right trucking software program in place, you can organize your fleet’s miles or fuel gallons by state. The miles are automatically calculated using the tools incorporated in the system. We manage the accounting for owner-operator and small fleet trucking businesses.

  • The software is cloud based, so you can access it via a laptop, smartphone or tablet.
  • Core features include order management, fleet maintenance, payroll, accounting, freight billing and dispatch (truckload, brokerage and less than truckload).
  • Lastly, you want to look for a bookkeeper that will also calculate your tax estimates.
  • In today’s digital world, you do not have to keep a physical copy of every receipt that you accrue.
  • With a secure online portal, you don’t have to go into an office or call your bookkeeper to access your information.

While it’s not the simplest solution, it is the most robust option for other trucker bookkeeping needs. Building credit for your business is important, but it is equally as important to make sure that your liquid cash flow is available when you need it. There are a host of credit cards designed for businesses with perks that will help you save money. In addition, Trucking Bookkeeping 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. Fuel cards can automatically track, organize, and display the information you need to fill out your IFTA expense reports.

Envision Accounting

Using a trucking management software that is linked to your ELD streamlines your IFTA and IRP prep. When a trip is entered as a dispatch, the route computes the miles per state, which is confirmed by your ELD. You don’t have to worry about overpaying or underpaying your taxes.

  • For example, if you place your truck into service in July, the due date is August 31.
  • A balance sheet is a snapshot of your company’s financial standing at any given point in time.
  • The ever-expanding capabilities of modern software have made many aspects of business ownership significantly easier.
  • Quickbooks has all of the automation features that businesses need in order to automate, track time and keep track of what employees are doing on an hourly basis.
  • Rigbooks is an affordable accounting software designed to help truckers understand the true cost of each run so they can choose the most profitable load each time.

Just like saving your receipts, keeping records of your log books is important, too. They can be digitized in the same way that receipts can, whether that be in a TMS or a digital logbook that declutters your office. By saving every receipt, you will create a saving grace for yourself when it comes time to do your taxes. In the unfortunate case that you end up being audited by the IRS, you’ll also have a paper trail to fall back on, too. Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors.