Trucker bookkeeping services can take care of all your bookkeeping needs. It makes it easy to follow the law and keep your record bookkeeping and finances in order. So, do you need a service that keeps your books for you? Here is why the answer is yes.
As a truck driver, you know how hard it can be to keep the books. There are so many different logs to keep track of, and it can be challenging to keep a note of everything.
Best Practices for Trucker Bookkeeping
By following these simple things, you can simplify the bookkeeping for your trucking company and make more money with less work.
1. Save Every Bill You Get
Keep an envelope in your truck to collect receipts and use folders on your computer or the cloud just for that purpose. Use the folders to keep track of your monthly profit-and-loss statements and to make accurate tax estimates every three months.
2. Make Sure Your Business Has Separate Checking Account
If you own the trucking business, open a second personal account to keep things simple. By creating a separate checking account, you can avoid paying extra fees for a business account.
3. Save All of Your Logbooks
Your logbook or electronic logs prove that you are eligible for per diem (primarily composed of meal costs). If you only use your ELD for truck driver bookkeeping, save and look at your history. Inspections need to know this.
4. Always Keep a Notebook in Your Truck
Use this notebook or phone to keep track of any costs for which you do not have a receipt. To follow IRS rules, you must also keep track of the date, place, amount, and reason for each expense.
5. Maintain All Your Records
You must maintain your tax records for at least three years after filing. Keep quarterly estimated tax payments to the IRS, monthly profit-and-loss statements, insurance documents, maintenance records, warranty information, registration information, settlement and bank statements, credit card statements, and canceled checks.
6. Use an Accounting System
When you employ consistent accounting methods and processes, trucking bookkeeping becomes easy. This way, you can never forget anything.
7. Do a Month-End Closure
For truckers, it is best to close out each month by ensuring you have all of your paperwork. And that you can accurately link your income and expenses to your balance at the end of the month.
8. Make Sure Your Books Can Pass an Audit
Every year, the IRS checks on the taxes of one out of every 25 owner-operators. You do not want that to happen to you, but if it does, you want to know that you have done everything right.
The trucker bookkeeping service can take care of all your bookkeeping needs, making it easy for you to follow the law and keep your finances in order. So, do you need a service that keeps your books for you? Yes, that is the answer.
Good bookkeeping service for truckers will save you time and money and ensure you always follow the law. A trucker bookkeeping service is a way to go if you want to take care of your accounting needs without much trouble.