After a long haul, you made it home and you’re ready to relax. About 3.6 million Americans drive semi-trailer trucks. But, not everyone knows how to do their own accounting!
Since many truck drivers work as independent contractors, it’s important to know how to balance the books. Don’t put in so many hours of hard work to end up bankrupt at the end of the day!
We put together a quick guide to help you learn bookkeeping for truck drivers, Keep reading to learn everything you need to know about managing the money from your truck driving business.
Why Is Bookkeeping for Truck Drivers Important
You know how to get a load from point A to point B as fast as possible. Is it important for you to understand trucking bookkeeping? It is if you want your trucking company to make money at the end of the day!
Keeping track of your finances makes income tax reporting and reducing your tax liability a breeze. You can also keep track of equipment warranties and maintenance information as well.
Tips for Trucking Accounting
Some people go to college for years to learn how to do accounting. But, you don’t need a fancy degree to manage your own bookkeeping. These are our favorite tips about bookkeeping for trucking company purposes.
Look at the Books Every Day
When you’re out on the road, the last thing you want to do is check over the books when you stop for the night. But, making a habit of checking the books every day helps you get a bigger picture of the financial health of your business.
Use the Right Software
While doing the books helps keep the bookkeeping cost low, it’s not easy to do with spreadsheets. Try using software meant to help trucking companies do their accounting.
Hire a Business Accountant
One asset of a smart business person is to know what you don’t know. If you’re not good with money or numbers, you can hire a CPA for truckers who knows all about trucking company bookkeeping. You can even learn a few
Prepare for an Audit
If you’re always prepared for a tax audit, it won’t cause a huge inconvenience if you do get audited. Make sure you have separate bank accounts for your personal and business funds. Also, keep any receipts for business transactions either in hard copy or in a digital format.
Behind Every Great Business Is a Great Bookkeeper
A major part of any functioning business is the ability to manage money. If you’re not an accounting wiz, you can hire someone who knows how to balance the books.
Keep these tips in mind when you work on your trucking business accounting. That way you don’t have to worry about money while you’re out on the road!
We hope you enjoyed reading this article and that you learned the importance of good bookkeeping for truck drivers. If you’re looking for more helpful articles about business, accounting, and much more, check out the rest of our blog today!