ATBS just recently launched the new ATBS Hub, which makes working with us even easier! With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps. Whether you keep copies of your receipts in a file cabinet or you store your receipts in an envelope that you keep in your truck, always make sure you date your records. On https://www.bookstime.com/articles/ecommerce-bookkeeping top of this, it’s wise to have digital copies of everything as well because physical copies of receipts can sustain damage that makes them illegible. Just like saving your receipts, keeping records of your log books is important, too. They can be digitized in the same way that receipts can, whether that be in a TMS or a digital logbook that declutters your office.

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• Most truckers use trucking bookkeeping services to handle their bookkeeping needs.
• No one can predict the future perfectly, but we can all benefit from planning for it.
• The company’s founders began their careers in the family trucking business, eventually converting all 350 drivers of their team to owner-operators.
• QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs.
• We can help you analyze your spending, rebalance your budget and/or debts for an optimal cash flow to support your business’ success.
• Whether you are a truck driving veteran, or beginner, you will find information on this site to save you a lot of time in your driving journey.
• Choosing and administering benefit plans for your employees is often a complex process.

With the right trucking software program in place, you can organize your fleet’s miles or fuel gallons by state. The miles are automatically calculated using the tools incorporated in the system. You can also use the FreshBooks app to create professional invoices and estimates from the road, snap photos of receipts and check the status of payments.

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The data your software collects from your bills, invoices, and receipts can all be used to help find and prove eligibility for your deductibles. Using a trucking management software that is linked to your ELD streamlines truckers bookkeeping your IFTA and IRP prep. When a trip is entered as a dispatch, the route computes the miles per state, which is confirmed by your ELD. We manage the accounting for owner-operator and small fleet trucking businesses.

• Scanned images of receipts are acceptable, but be sure to keep the original paper copies for any big-ticket items you purchase, as they may be needed for warranty purposes.
• Trucking bookkeeping services that allow you to scan receipts make it even easier to track your business expenses.
• With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps.
• Bookkeeping services not only make it easier to gain a bigger picture of your financial condition but pinpoint spots where your business can cut expenses or improve revenues.
• FreshBooks now offers an industry standard double-entry accounting system for the owner who want to take their business to the next level.

Make sure your books are audit-proof

See our top-recommended fuel cards and find the one best suited for your trucking business. Otherwise, check our guide to the best business credit cards for small businesses to find additional options. At PorteBrown Accountants and Advisors, they understand that transportation companies are the lifeblood of commerce and the economy.

I am the owner and head publisher for Trucker Daily and a freight brokerage Total Connection Logistics. It is my mission with Trucker daily to equip truck drivers, with the latest in industry updates, news, and helpful tips to help further your trucking career and life. Whether you are a truck driving veteran, or beginner, you will find information on this site to save you a lot of time in your driving journey. Small-scale businesses are, however, advised to stick to essential software.

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They are a certified QuickBooks ProAdvisor able to train your staff on the software and integrate cloud-based bookkeeping with their consulting services. Based in Milwaukee and Madison, Giersch also offers in-person consultations for Wisconsin-based trucking companies. Trucking bookkeeping and tax preparation are easier if you use consistent accounting systems and practices.

• Set automatic payment reminders, get notified when customers open invoices, accept payments online and more.
• By saving every receipt, you will create a saving grace for yourself when it comes time to do your taxes.
• A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data.
• For this reason, a notebook or specialized app is another way to stay on top of accounting as a trucker.
• See all of your paid and outstanding invoices at a glance so you know exactly who owes you what.
• They do not offer assurance but may involve some adjustment to accounting records.

Is it better to hire a bookkeeper or accountant, rather than risk doing your accounts wrong?

Most trucking businesses use either a cash-based or accrual-based accounting method. Good cash management can improve a company’s liquidity, reduce costs, and increase profitability. Capital Accounting and Tax Service, Inc. can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business’ ability to survive. We can help you analyze your spending, rebalance your budget and/or debts for an optimal cash flow to support your business’ success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level.

Keeping track of your finances will give you a healthy view of your company’s financial status, especially when paired with a look at your balance sheet. It’s also a great way to view duplicate transactions that need to be removed or credited. By updating your books regularly, you can prevent overdrafts, underreporting and countless other easily rectifiable financial mistakes. The IRS can ask you to provide supporting documentation anywhere from three to seven years after you file your taxes.

As your business grows, your business and your employees will be rewarded for the hard work that contributed to the success of your business. QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don’t just help you use the software, we help you use it more efficiently and more effectively. After implementing the solution, Decimal will look for ways to improve processes.

These reports will determine either the amount of tax still owed or the refund you are due. The IFTA office in your trucking company’s home state will notify you of your refund or debt. This is one of the most well-known accounting apps for trucking management software for a reason. It’s a simple-to-use, all-in-one accounting platform that includes many useful features such as income and expense tracking, mileage tracking, and invoicing.