With integrated systems, you can also gain access to real-time data that can help you make better business decisions. For example, you can track fuel usage, monitor vehicle maintenance, and analyze driver behavior to identify areas for improvement. That’s another reason paying for tax services is essential for the transportation business. You don’t want to leave money on the table or risk triggering an audit.
IFTA compliance is one of the additional accounting responsibilities unique to trucking companies. Fortunately, it doesn’t have to take up too much time or energy if you plan ahead. To stay in compliance, file Form 2290 with the IRS and pay any applicable taxes by the last day of the month after the month you first used the vehicle on public highways. For example, if you place your truck into service in July, the due date is August 31.
Consult with an accounting expert
One of the best ways to streamline your IFTA reporting is by using a dedicated fuel card. These work much like any other credit card, except they’re tied to a unique driver number and provide fuel discounts. The ever-expanding capabilities of modern software have made many aspects of business ownership truckers bookkeeping service significantly easier. You must be strategic about which tools you invest in to avoid wasting resources, but it’s worth utilizing in many areas. In addition to keeping records of your expenses, you should have documents that prove their validity, such as receipts, trip logs, and account statements.
Here’s what you need to know about trucking accounting, including how to set up an effective system and some common mistakes to avoid. Our expert CPAs will identify pertinent deductions, advise you on the heavy highway use tax, help you track mileage, and other business expenses and much more. Tax season is here which means it’s time to start thinking about filing your 2023 taxes.
Driver Settlements
With QuickBooks, small trucking businesses can easily manage their finances and stay on top of their cash flow. For example, trucking accounting software can automate the invoicing process, reducing the time it takes to create and send invoices to clients. It can also automatically calculate driver settlements, ensuring that drivers are paid accurately and on time. These features can help businesses save time and reduce errors in their financial management processes. TruckBytes offers both free and paid trucking accounting software solutions designed to simplify all your record-keeping.
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 are capable of fulfilling the specific needs of independent owner-operators, carriers, and fleets of all sizes. Bench Accounting is aware of these challenges and can provide specialized support for truck drivers. Our team of professional bookkeepers can help track and categorize expenses, manage your books, ensure accurate tax filings, and provide invaluable financial reports. This way, truck drivers can focus on the road and leave the complex facets of accounting to us. Truck drivers often grapple with a unique set of accounting challenges.
Here’s why truck drivers like you trust Bench with their bookkeeping and accounting
An accounting software solution is also available for trucking companies. The first is the TMS, or trucking management software, which will include accounting functions. The other is their ELD product, which is an electronic logging device.TruckingOffice is considered by many industry people to be the best trucking accounting software solution.
Our innovative approach pairs intuitive software with a team of real, human bookkeepers who are familiar with the trucking industry’s specific laws and tax requirements. Whether it’s managing the complicated IRS Form 2290 for heavy highway vehicle use tax, or optimizing your per diem deductions, Bench has got it handled. With Bench, you can focus on what you do best – steering your trucking business towards success – while we take care of your bookkeeping and tax needs. It’s the kind of support that’s never been offered in this industry before, and it’s here to help you navigate the financial highways with ease.
Truckn Pro
If you own your own rig and are an independent trucker, then Rigbooks is likely the best trucking software for owner operators like you. Rigbooks is also a highly informative set of resources for truckers who are owner-operators. Axon is a serious trucking management solution for trucking companies.
