Select Page

starting a bookkeeping business for truckers

The trucking industry is large and it has lots of growth opportunities. Many businesses are looking to expand, but they need professional assistance with bookkeeping to do that. That’s where bookkeepers like me who know the industry (like me and the people I’ve coached) come in to help.

  • Purchasing brand new vehicles would be super expensive but you’d worry less about repairs.
  • Ask how support and maintenance are built in to the software agreement.
  • ATBS offers a variety of business growth features, like profit planning, monthly financial snapshots, and benchmarking your performance against other owner-operators.
  • When your business demands start increasing, you’ll be dealing with new challenges in addition to shopping for and training on new software every few years.
  • However, any income remaining after payroll and expenses can be withdrawn with no payroll tax.
  • This may influence which products we write about and where and how the product appears on a page.

Thus, create a comprehensive business plan for your trucking business. You may craft a business plan that covers company description, market analysis, sales strategy, financial projections, legal Requirements, and many others. You can also use the FreshBooks app to createprofessional invoices and estimatesfrom the road, snap photos of receipts truckers bookkeeping service and check the status of payments. You can even get notified of client comments and feedback and respond to them directly via the app. Don’t miss a single expense by adding one of 70 popular apps that integrate with FreshBooks. Add payroll expenses thanks to Gusto, accept online payments with Stripe and PayPal and track mileage with Everlance.

Demo the Truckstop Load Board and see how easy it is to find the right loads fast.

FreshBooks makes invoicing painless for trucking and transportation companies. Powerful features let you request deposits for freight, add discounts, set up payment schedules and even automate late payment reminders and fees.

starting a bookkeeping business for truckers

TruckingOffice bills itself as “trucking management software,” but many of its functions are geared toward accounting for trucking companies. When starting your trucking business, you can either lease or buy a vehicle depending on your situation. Leasing is a great option for those who are starting out with a smaller budget. Many companies offer “lease to own” plans where you’d be making monthly payments at a certain rate. Buying new or used trucks outright would be costly but still a wise choice. Worrying about loans and managing debt is very stressful and having things paid in full eliminates that. Purchasing brand new vehicles would be super expensive but you’d worry less about repairs.

Block Technical Data

Quality trucking accounting software should have a knowledgeable support team that can help you when you’re stuck. Freely accessible and easy-to-find information is a sign of quality trucking accounting software. Axon does what a great accounting software should do — it eases administrative overhead. The software’s integrated reporting eliminates the need for duplicating data entry across multiple views. Simply enter data in one area and it’s instantly updated across all relevant areas.

  • “I don’t have to worry about what can and can’t be deducted on my taxes. ATBS takes care of all of that for me.”
  • QuickBooks also topped our list of the leading small business accounting software.
  • We’ll get to know you and your business and create a time and cost-effective plan for achieving your goals.
  • For example, you should be able to manage loads and dispatches and generate data that will help you to file your IFTA reports.
  • It ensures your funds go to the areas where you used your fuel instead of the ones where you purchased it.
  • Trucking companies using QuickBooks for invoicing, accounts payable, accounts receivable and expense tracking can now also get trucking industry-specific features.

As I mentioned earlier, your dream to jump start your bookkeeping business is waiting on you. Take the first step towards a rewarding and fun career filled with just good folks to work with and numbers.

Choose An Accounting Basis

You never know if CRA will decide to audit your company, but there are some tricks to reduce audit chances. An experienced accountant knows how to deal with CRA and minimize the possibility of an audit. Anyway, even in case of an audit, you should not worry about it. Our accountants will handle all communication with CRA on your behalf and provide all required documents and explanations. Reimbursable fuel-ups and other expenses will show up automatically in driver settlements. If there are any additional deductions or reimbursements, you can directly add those to the settlements. Know that all of your transactions check out with new business accounting features.

  • You can do research online to review top-rated trucking accounting software, read reviews, and talk with other trucking companies.
  • For example, that includes data from your ELD, invoices, bills of lading, payroll statements, and tax payment receipts.
  • You have two options for deducting the cost of meals and lodging—either by how many days and nights you were on the road or with your receipts.