Truckers Accounting Accounting Software for Trucking Companies

Your variable costs per mile, such as fuel, should stay pretty constant regardless of the number of miles driven. Your fixed costs per mile, such as insurance, should drastically fall as the number of miles driven increases. You may wish to calculate cost-per-mile separately for each category, for example—drivers, equipment, states, or customers—to spot trends or areas for improvement. IFTA was put into place to redistribute the tax to the states where the fuel is being used, not where it’s purchased.

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. Although there are other QuickBooks truckers bookkeeping service trucking integrations available, RLS stands out due to its direct integration with QuickBooks. This means the platform can be purchased directly from the QuickBooks App Store, and you can launch it from your QuickBooks account.

Rigbooks was designed with trucking in mind.

It is not always possible to record all financial transactions in the business books as soon as they are made. Hence, to avoid undocumented transactions, business owners should always take note of the trade in a journal or any similar medium. Trucking accounting differs from regular business accounting in several ways. If you have employees, you must also be able to manage payroll for different types of pay and have flexible payment options. While we recommend even sole proprietors keep their business finances separate, this practice also provides a level of legal protection for S-corp and limited liability company (LLC) owners. In the event of a lawsuit or bankruptcy, separate accounts make it easier to demonstrate that the business is a separate entity from the owner’s personal finances.

Log expenses and income as they happen, keeping up with understanding your trucking company’s cash flow at all times, rather than only during tax time. By keeping accurate records, you can avoid any penalties from the IRS and make sure that your finances are in order. With the help of TranspoCFO bookkeeping services, you can focus on running your trucking business. Use this notebook (in additional to your receipt envelop!), or a document on your computer or smartphone to record any expenses for which you cannot obtain a receipt. This includes things like when you wash your truck at a coin-operated facility and to record mileage for business use of your personal vehicle. Provide a monthly record to your business services provider or tax accountant along with any of your other receipts.