Due to the innate nature of travel in the trucking business, keeping track of all your accounts, receipts and miles can be challenging. As a comprehensive accounting truckers bookkeeping platform, Q7 will cover your fleet’s financial needs. This software can do everything from safety reports to payroll, so accounting has never been easier.
Truck drivers also have their own unique set of needs when it comes to accounting. There are many different trucking companies out there, each with its unique way of doing things. Meanwhile, the HVUT is an annual fee that truckers must pay if they drive a vehicle that’s at least 55,000 pounds for more than 5,000 miles on public highways. It equals $100 plus $22 for every 1,000 pounds over 55,000 pounds up to $550 and 75,000 pounds.
Here’s why truck drivers like you trust Bench with their bookkeeping and accounting
If you’re an owner-operator or a self-employed truck driver, then you need to know how to do your trucking bookkeeping. Trucking businesses need to track revenue and expenses by load, truck, and driver. Accounting software can also be used to track mileage, fuel consumption, and maintenance costs. As such, it is essential to seek out professional help when preparing taxes for a business trucking.
The clearer you are about mileage and fuel purchases, the harder it will be for customers to debate the cost. Trucking accounting software is a specialized financial management tool designed to handle the unique accounting and business needs of owner-operators and freight carriers. Here’s a rundown of our top picks based on our internal review process and user reviews.
TruckingOffice PRO or QuickBooks? TruckingOffice.
This site does not include all software companies or all available software companies offers. When it comes to freight broker software, Tailwind has got you covered along with offering more trucker tax software features. If you are looking for a robust bookkeeping tool that can be applied to the trucking and shipping industry, you might prefer something more standard like Quickbooks Online. We provide real-time income tracking and offer actionable insights into your cash flow. This will not only give you a clear understanding of your current standing but will also help you forecast your income and plan strategically for the future.
Unfortunately, trucking is a business that requires you to be particularly diligent in your record keeping. Because working in the trucking industry involves taking on significant risk, you’re often better off taking the time to form a limited liability company (LLC) or a corporation. However, that’s a decision you should get a CPA firm’s advice on first. While they’re theoretically distinct, the line between them is somewhat blurred. Here’s what you need to know about trucking accounting, including how to set up an effective system and some common mistakes to avoid.
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You might consider upgrading to the Enterprise plan to offer customer and carrier self-service portals. Customers can log in to view their account information, shipments, and invoices, whereas carriers can access available loads, shipments you have dispatched with them, and amounts you owe them. Using the right software can help you run your business more efficiently and effectively. For example, if you make a delivery, be sure to note the address, the time, the amount of money you were paid, and any other relevant details. Next, you’ll need to keep track of all of your receipts and invoices.
- At Bench Accounting, we understand that truck drivers and their business operations are always on the move and their bookkeeping needs are unique.
- However, that’s a decision you should get a CPA firm’s advice on first.
- It’s often even more difficult for truck drivers, whose gas and food expenses could easily be personal costs if they occurred outside of a trucking trip.
- The software offers a range of pricing plans, including a self-employed plan for individuals and a small business plan for up to 25 users.
- We recommend that you use the service of a tax professional because they are trained in helping you get the highest tax refund you can.
- By keeping track of all income and expenses, you can get a clear picture of your business’s financial health.