This allows you to spend less time worrying about your business & taxes and more time doing what you love. Choosing the right accounting software for trucking will have a huge impact on your profitability. There’s free trucking software for owner-operators, but paid platforms generally provide more trucking-specific features and scalability. Fortunately, the right trucking accounting software simplifies everything for you. Some accounting software even includes specialized features just for trucking businesses, helping you stay on top of expenses.
- All invoices are tied to dispatch, so they’re only initiated once they’re complete.
- To top it all off, you have to deal with fuel costs, paying employees, and cutting checks to regulators.
- Bookkeeping for the truck operator can be daunting, but it keeps track of revenue, costs, and mileage.
- The default structure of small businesses is a sole proprietorship, which means owner operators will immediately fall into this category without even filing paperwork.
Rigbooks accounting software is designed specifically for owner-operators, making it ideal for anyone who wants accounting software for trucking companies. The first thing you should look for is a bookkeeping service that will scan and archive all of your business receipts and important files. The bookkeeper should be able to archive all of your important paperwork in their secure database. Providing your documents should be as easy as sending in pictures, scanning and emailing them, or mailing them to the bookkeeper.
Mistake 1: Mixing Personal and Business Finances
If you’d like to know more about the formulas we used, check out the related content below. You won’t have to worry when several trucks require repairs if you have cash for unforeseen expenses. With over a decade of experience behind the wheel, Scott combines his passion for the open road with his love for the trucking industry.
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Its robust suite of tools allows for easier expense tracking and maintenance scheduling too. Plus, its report-generation feature makes it easier to make data-driven decisions. QuickBooks is like the Swiss army knife of accounting – it’s very popular among various businesses including those in trucking trucking bookkeeping because it adapts well. That’s what a good trucking accounting tool does – but not all wands are created equal.
- By keeping mileage logs accurate and up-to-date, you’ll avoid issues with the IRS and maximize your deductions.
- For self-employed truck drivers, all of your trucking business expenses are likely deductible—even your vehicle expenses like fuel, tolls, and parking.
- During the 14-day protest period, TBS will establish your BOC-3 while you file for insurance.
Our accounters also keep tabs on other invoices like FMCSA penalties or payroll. We ensure you always complete all tax deadlines and work on improving your operational efficiency. Lastly, you want to look for a bookkeeper that will also calculate your tax estimates. As an owner-operator, you have to pay quarterly tax estimates based on your profit. Many preparers simply use last year’s tax return to calculate your current year’s tax estimates.
Factoring with altLINE gets you the working capital you need to keep growing your business. Like QuickBooks, FreshBooks is an affordable and easy-to-use accounting solution for businesses in all industries. Offering a free trial for interested customers is another strength of Tailwind. It allows clients to have first-hand experience with the tool before making a financial commitment. You can also read up on accounting blogs to familiarize yourself with the process. Whether you choose to complete all of your tasks weekly or monthly, make sure you give yourself enough time to log your transactions accurately in a timely fashion.
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. Effective truck driver bookkeeping isn’t just about avoiding mistakes; it’s about building a stable financial foundation for your business. Staying organized improves cash flow, reduces stress, and ensures compliance with tax regulations—all of which are critical for long-term success.
IFTA compliance is a unique business accounting feature for trucking companies. A fuel card works much the same as any other credit card, however, it is tied to a unique driver number and can provide fuel discounts. We highly recommend using bookkeeping apps and trucker accounting software to simplify your accounting process. Golden Apple Agency offers specialized accounting for truckers and trucking companies to help you streamline your operations and maximize your income.
Here’s a rundown of our top picks based on our internal review process and user reviews. Heavy Duty Trucking’s Fleet Innovators for 2025 are five executives leading the industry in technology adoption, process improvement, safety, sustainability, and more. Nearly two-thirds of the 254 companies that responded to a survey said the new tariffs have reduced expected revenue for their China operations in 2025. Combining U.S. ground and Express networks requires careful balancing to maintain customer service. The end of the U.S. de minimis exemption is disrupting European postal service for parcel customers. The Trump administration threatens to cut funds to California, New Mexico and Washington, over trucker English enforcement.
IRS classifies semi-trucks as qualified nonpersonal use vehicles which means companies need to use actual costs rather than employing the standard mileage method. Running a trucking business comes with potential hazards and it is often better to form a different type of entity. A limited liability company (LLC) or a corporation are better suited for a transportation business. Turn your receipts into data and deductibles with our expense reports that include IRS-accepted receipt images.