If you’re a trucker, then you know that bookkeeping and accounting are essential parts of running your business. It might not be your passion or the reason you started your business, but without proper bookkeeping, it’s easy to miss important details and lose track of your finances.
K9 Bookkeeping is proud that so many of our clients work in the blue-collar industries powering our country. That’s why we’ve put together this list of 10 accounting tips and tricks for truckers. By following these simple suggestions, you can keep your finances in order and avoid any issues down the road.
- Keep track of your mileage.
This is important for two reasons: first, you can deduct your mileage on your taxes; and second, you will need to know how much you’ve driven in order to keep track of your expenses. There are a few different ways to do this, but the simplest is probably just to use a notebook or spreadsheet to log your miles every day.
- Separate business and personal expenses.
This may seem like a no-brainer, but it’s important to keep your business and personal finances separate if you want to stay organized (and avoid any potential accounting headaches down the road). The best way to do this is to open a separate bank account for your business and use a credit card that is specifically for business expenses.
- Keep receipts for everything.
This is another one that may seem obvious, but it’s important to keep track of all of your receipts—not just for business expenses, but for personal expenses as well. This will come in handy come tax time, and it will also help you keep track of your spending so that you can budget more effectively.
- Stay on top of your invoices.
If you’re hauling loads for other companies, it’s important to stay on top of your invoices so that you can get paid in a timely manner. Be sure to send out invoices as soon as you deliver a load, and follow up if you haven’t received payment within a reasonable timeframe.
- Keep track of your vehicle maintenance.
This is important for two reasons: first, you can deduct the cost of repairs and maintenance on your taxes; and second, it’s important to keep your vehicle in good working order so that you can avoid any costly breakdowns (not to mention keeping yourself safe on the road). Be sure to keep receipts for all of your vehicle’s maintenance, and log the date, mileage, and type of service performed in a notebook or spreadsheet.
Related: Bookkeeping for Truckers: A How-To Guide
- Keep track of your fuel costs.
This is another expense that you can deduct from your taxes, and it’s also helpful to know how much you’re spending on fuel so that you can budget accordingly. Be sure to keep receipts for all of your fuel purchases, and log the date, odometer reading, and price per gallon in a notebook or spreadsheet.
- Keep track of your other vehicle-related expenses.
This includes things like tolls, parking fees, and roadside assistance. These expenses can add up quickly, so it’s important to keep track of them so that you can budget accordingly. Be sure to keep receipts for all of these expenses, and log the date, amount, and purpose in a notebook or spreadsheet.
- Stay organized with accounting software.
If you want to save yourself some time (and potential headaches), it’s worth looking into accounting software specifically designed for truckers. This will help you keep track of all of your income and expenses in one place, and it can make tax time a whole lot easier.
Related: What is QuickBooks and What Does It Do?
- Keep good records.
This is perhaps the most important tip of all: no matter how you choose to handle your finances, be sure to keep good records. This means keeping receipts, invoices, statements, and any other documentation that will be helpful come tax time (or if you ever need to reference your expenses for any other reason). Creating and maintaining a good system of financial records will save you a lot of time and hassle down the road.
Following these tips will help you stay organized and on top of your finances, which will in turn save you time, money, and stress. Accounting for truckers can be complex, but it doesn’t have to be overwhelming—just take it one step at a time, and seek professional help if needed. With a little effort, you can keep your finances in good order so that you can focus on what’s really important: driving your business forward.
- Consider a professional bookkeeper.
If accounting just isn’t your thing, or if you want to make sure that everything is done correctly, you may want to hire a professional bookkeeper to handle your finances. This is an especially good idea if you’re self-employed, as they can help you take advantage of all of the deductions that are available to you. K9 Bookkeeping helps thousands of small business owners just like you with their finances, and we’re excited to work with you soon.
Related: Why Should You Use K9 Bookkeeping?
We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on bookkeeping, to ensure your business is financially sound and ready to grow to the next level.
Running a business is hard work, bookkeeping shouldn’t be.
Let our team of professional bookkeepers take care of your books and receive accurate, detailed reports every month. Our team of experts is laser-focused on the latest trends and premier customer satisfaction, so you can always be sure you’re getting the best care and service. Your personal account manager will focus on handling your books, leaving you to focus on growing your business and leading it forward.
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