7 Facts About Trucking Accounting

Trucking accounting is an integral part of running your trucking business. Failure to keep up with your trucking bookkeeping can lead to serious financial problems. To make trucking bookkeeping easier, you need an efficient system that tracks and organizes your receipts. It also helps to use an accounting software program that provides integrated reporting.

Keeping Track of Expenses

Whether you’re a driver or trucking business owner-operator, keeping track of your expenses through a trucking accounting spreadsheet is critical to your success. You must know what you’re spending on everything from fuel to insurance and maintenance if you want to keep your business profitable. Fortunately, there are software options to help you with this. Using a digital system is a great way to keep track of your trucking-related receipts and expense reports. Unlike physical copies, digital logging systems can’t lose your transaction records and can save them to cloud-based storage. That means you can access your trucking accounting system at any time. It also ensures your data is always accurate and up-to-date.

Keeping Track of Mileage

One of the most important aspects of trucking accounting is keeping track of mileage. This can be done in many ways, including paper logbooks or Excel spreadsheets. Regardless of the method, it’s vital to keep detailed records and be accurate when reporting your mileage on tax forms. This can be the difference between maximizing your mileage deduction and losing money at tax time. Keeping track of miles is essential for any business that relies on driving, as it allows owners and drivers to claim business-related mileage deductions and receive reimbursement from employers. It’s also critical for IFTA audits, which require specific paper fuel receipts that match odometer readings.

Keeping Track of Fuel

Keeping track of fuel is an essential part of any trucking business. You need to know how much fuel you’ve purchased and how much it costs. Fleet fuel cards are an excellent way to track purchases and set spending controls. They also offer significant fuel discounts and help you streamline IFTA reporting. To keep track of fuel, you need to use a trucking accounting solution that integrates with your fuel card. This will enable you to track your purchases in real-time and ensure that there are no card theft or fraud issues. 

Keeping Track of Maintenance

Keeping track of maintenance is an important part of trucking accounting. It ensures that you’re complying with DOT regulations, and it also allows you to make sure that your trucks are running as smoothly as possible.

In addition, it can be an effective way to reduce the amount of money you spend on repairs and maintenance. Using trucking maintenance software can help you monitor when your trucks need service or preventative maintenance so that you don’t end up with a huge repair bill later on down the road. Choosing the right trucking accounting software is essential to the success of your business. General accounting software is usually good enough for most businesses. Still, if your trucking company is large or complex, you might want to go with something specifically designed for the trucking industry.

Keeping Track of Insurance

One of the most important tasks in running a successful trucking company is keeping track of expenses. There are many ways to keep your costs under control, from using the newest gizmos to tracking your mileage and keeping tabs on your fuel. The best way to stay on top of your game is to use the right software to get the job done efficiently and effectively. Rigbooks is a great choice because it’s designed specifically for the needs of trucking companies, from booking loads and dispatching drivers to bill customers and paying your employees. The best part is you can try it free for 30 days. The software also lets you see all of your most important financial data on one screen, so you can always have the information you need when you need it.

Keeping Track of Payments

Keeping track of payments is an integral part of running a trucking business. Not only is it essential for maintaining cash flow, but also for ensuring that you are paid what you deserve. Many trucking companies are now implementing accounting software to help them simplify the entire process. This software can help you track all your accounting responsibilities from one place, including generating profit and loss statements.

Keeping Track of Taxes

Truckers and owner-operators must keep a clear separation between personal and business expenses. If they do not, they could risk an IRS or state tax agency audit. A centralized bookkeeping system can help truckers manage receipts and record-keeping easily and accurately. This ensures they can deduct legitimate costs from their taxes and boost their profits. Whether you’re using a traditional pen-and-paper method or a digital logging system, tracking your expenses throughout the year is essential. For owner-operators, the best practice is to hire a professional for accounting and tax services. These professionals understand the owner-operator taxation’s ins and outs and can provide their clients with the best guidance.