When a payment is received for a service, such as a delivery, trucking businesses using cash basis accounting would enter the information into the general ledger. Bookkeeping and accounting make many small business owners cringe in distaste. Worrying about the less fun aspects of running a business, such as tracking business expenses and income, generating financial statements, tax preparation, and more, can seem daunting. Efficient accounting helps truckers manage cash flow, make informed decisions about routes and clients, and assess the profitability of their operations. Sometimes part of larger transportation management software (TMS), standalone trucking accounting systems are often more practical solutions for small fleets of Qualified Motor Vehicles (QMV). However, these business accounting systems can fulfill the specific needs of independent owner-operators, carriers, and fleets of all sizes.
For self-employed truck drivers, all of your trucking business expenses are likely deductible—even your vehicle expenses like fuel, tolls, and parking. This is one of the most well-known accounting apps for trucking management software for a reason. It’s a simple-to-use, all-in-one accounting platform that includes many useful features such as income and expense tracking, mileage tracking, and invoicing. Whatever costs your fleet encounters, you 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.
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That way, all of your bills can be accessed through any computer or mobile device, no matter where you are in the world. As you hop off your rig after a long, cross-country drive, bookkeeping is likely the last thing on your mind. It’s tedious work, and even if you employ a bookkeeper, you still need to hold onto and organize your documents, cash receipt journals, and receipts book on a regular basis. Rigbooks analyzes each of your loads to let you know its true cost per mile. That way you can choose the most profitable loads and avoid wasting time and money.
- Nick Gallo is a Certified Public Accountant and content marketer for the financial industry.
- Fortunately, it doesn’t have to take up too much time or energy if you plan ahead.
- It is important to price your services right so that you can cover these expenses and make a profit.
- The ever-expanding capabilities of modern software have made many aspects of business ownership significantly easier.
- Bookkeeping incorporates the processes involved in maintaining the financial records of a trucking business’s daily transactions using a general ledger.
- If you want something easier to use, then our top recommendation is Rigbooks.
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Excluding this impact, operating income increased primarily from higher revenue and lower personnel, maintenance, and technology costs. These items were partially offset by higher facility rent expense, insurance premiums, bad debt expense, and loss on equipment sales as compared to the prior year period. The decrease was primarily driven by lower revenue; increases in insurance premiums, equipment and bad debt expense; and higher new account start-up costs as compared to the prior year period.
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This integration ensures that trucking businesses can maintain financial records without manual data entry. Just like QuickBooks Online, Zoho Books isn’t custom-tailored for trucking businesses. However, it has a powerful mobile accounting app that can help independent truckers in many ways. For instance, you can capture receipts, record expenses related to fuel, tolls, maintenance, and other business costs, and then categorize them for reporting and tax purposes. However, while it’s an all-inclusive software, we still believe QuickBooks Online with RLS integration is generally better, as QuickBooks has more robust accounting features. Also, it’s easier to use and seek professional support help, if needed, with QuickBooks.
In the United States, LLCs combine elements of other entity types, but LLCs drastically reduce personal liability. In an LLC, the business is not the person the way it is with a sole proprietorship or partnership. Partnerships are taxed as pass-through entities, and the partners individually file their losses. The most visible form of a small business is a limited liability corporation, better known as an LLC.
Keep yourself and your account up to date
If you find it difficult to find time to update your books daily, at least aim to update them weekly. The data your software collects from your bills, invoices, and receipts can all be used to help find and prove eligibility for your deductibles. This cloud-based truck management software allows truckers bookkeeping you to track fuel mileage, expenses, trips, and orders. While it’s not as well-rounded as the other options on this list, its most popular feature can help improve your bottom line. As a trucking owner-operator, however, bookkeeping is an important part of running your trucking business.
It fosters the organization and analysis of all financial statements to give you a clue about the business performance. There are numerous means and benefits of engaging in bookkeeping as a trucking business owner, and we discuss all these in detail. Across various industries, accounting remains one of the least exciting aspects, which holds even in the trucking sector.
Further, Rigbooks’ customer support is on par with that of Tailwind TMS, offering phone and email support. However, it lacks email support, and since it’s not as popular as QuickBooks Online, it might be difficult to find professional bookkeeping support if needed. Additionally, the platform didn’t do well in pricing as prices are not publicly disclosed on the provider’s website. It also fell short in ease of use, as we found the interface outdated and difficult to master. We recommend at least four to eight hours to familiarize yourself with its features. If you want something easier to use, then our top recommendation is Rigbooks.
