
3-Step Process to Record Keeping for Truckers
Whether you’re a seasoned owner-operator or new to the trucking business, keeping your records in order is critical. Another thing you should look for when deciding on a truckers bookkeeping service trucker’s bookkeeping service is a company that has industry-specific benchmarking. Ideally, you’ll want to look for a company that works with other truck drivers so you can compare your numbers to similar sized businesses in the trucking industry.
- The registration process will ask you a number of questions about your vehicle, cargo, number of trucks, weight, and more.
- Failing to stay compliant with the DOT can result in severe consequences, ranging from hefty fines to being put out-of-service entirely.
- Our goal with every client is to make sure that they understand the cash flow of their business and are able to manage the revenue and expenses that are flowing their businesses.
- Bookkeeping is an important part of running your business as an owner-operator truck driver.
- If you need help choosing an insurance provider, check out these 4 Quick Tips to Picking an Insurance Company.
- You can schedule to renew your trucking license at any testing center, or online.
Bookkeeping for Owner-Operator Truck Drivers
The next thing you should look for in a bookkeeping service is a secure online portal where you can view your digitized documents and review your profit and loss (P&L) statements at any time. With a secure online portal, you don’t have to go into an office or call your bookkeeper to access your information. This is especially convenient for truck drivers who are on the road and aren’t always able to go in and talk to their local accountant. Bookkeeping is an important part of running your business as an owner-operator truck driver. It allows you to keep your financial statements organized and gives you an idea of how your business is performing.
Quicklook: Best Trucking Bookkeeping Services
- Our experienced team is proficient in using these tools to provide comprehensive accounting solutions that fit your specific business requirements.
- We deliver a range of accounting services for trucking companies tailored to the trucking industry, including driver payroll management, revenue tracking, and expense reporting.
- Our complete line of tax relief products allows owner-operators flexibly to get caught up on back taxes and stay on track with the IRS in the future.
- This means that our clients are doing what they love to do – drive, while they have less stress, make more money, and have more fulfilling personal lives.
- With an online bookkeeping service, you can create, send, and keep track of invoices to manage your cash flow.
We’ve been helping independent owner-operators like you for over 50 years. Let our experts help with permitting, compliance, insurance down payments, and more so you don’t have to tackle it all alone. TBS is dedicated to spending the next 50 years making it easy for independents to get started and stay rolling. To start your Bookkeeping for Veterinarians trucking business, you need a Motor Carrier Authority from the Federal Motor Carrier Safety Administration (FMCSA). During the 14-day protest period, TBS will establish your BOC-3 while you file for insurance. Personal Truck Service is a company focused on helping entrepreneurs in the trucking industry to succeed in their businesses.
What is a trucking authority?
Since 1998, we’ve helped over 150,000 truck drivers with their business, and online bookkeeping we can’t wait for the opportunity to help you! We think you’ll become a more complete driver if you can more easily balance your career with the precious amount of free time you have with your family, or the personal passions you love. Getting your own trucking authority can be a complex process, but you don’t have to face it alone. We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs. We’ll keep you regularly updated with your trucking business’s bookkeeping.
Renewing Your Trucking License
Don’t wait until tax season rolls around to find a bookkeeping partner you can trust. With ATBS, you can rest easy knowing your taxes will be filed promptly and correctly thanks to the support of expert tax advisors. Yes, trucking bookkeeping can be incredibly affordable, especially when you consider the potential tax deductions you could find.
You’ll need to prepare to take the written test as well as the vision test. Form 2290 (Heavy Highway Vehicle Use Tax Return) is a federal excise tax that applies to vehicles operating on public highways with a net weight of 55,000 pounds or more. If you purchase your vehicle after August 31, then you must pay your taxes within 60 days of purchase.
As a truck driver, you may have a hard time keeping good records while on the road. 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. We leverage advanced trucking accounting programs designed to fulfill the unique needs of the trucking industry.
STEP #1: Collect Records
All the transportation companies need to file the fuel consumption Tax every quarter to keep operating without penalties. Once you’ve completed all the steps required to legally operate on the road, there are continual regulations from the DOT to keep up with. Failing to stay compliant with the DOT can result in severe consequences, ranging from hefty fines to being put out-of-service entirely. The FMCSA requires you to have $750,000 primary liability insurance and $100,000 cargo insurance. Always report any changes in your operations to your insurance provider to ensure you’re covered in case of an accident.