Bookkeeping for Truckers: Tips, Apps, Free Software

Rigbooks is noted for its straightforward UI, making it accessible for those who may not have extensive accounting or software experience. Rigbooks allows users to create and email invoices from existing trip records. However, it offers limited customization for invoices, such as adding a company logo or changing the color scheme.

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One owner-operator on Reddit quoted, “I have to enter all my info in QuickBooks… so what the hell am I paying the accountant for? They stuff receipts in a box or envelope throughout the year, keep basic notes, and then hand everything to an accountant at tax time. Many truckers use apps like Expensify or QuickBooks Online to snap photos of receipts, ensuring they never fade or get lost. By following a few essential practices, you can tame the bookkeeping beast (and sleep easier). 👉 Book a call with a trucking-specialized bookkeeper starting at $9.99/hour and see how much easier life can get.

This minimal investment can save you hundreds, if not thousands, in tax liabilities while also freeing up time to improve your business operations. When I met Barry Fowler at a truck show he told me how TruckerTaxTools.com can help get my Trucking bookkeeping in order. As a trucker we don’t have time to do paperwork if we are not driving we are not making money and you don’t want to turn over your bookkeeping & taxes over to just anyone.

• Here are 7 bookkeeping tips for truckers that can help them streamline their financial management.
• Schedule a consultation with a member of the Trucker CFO Team and ask us any questions you want.We’re here to help to you with the business of trucking.
• For information on other plans, you need to speak with their sales department.
• Conductive bookkeeping is crucial in any business including the trucking industry.
• Doing it all yourself might save money, but it can also cost you precious time and cause stress.
• Obtaining your trucking authority involves a lot of paperwork and research into what you need to get up and on the road.

This cloud-based truck management software allows you to track fuel mileage, expenses, trips, and orders. While it’s not as well-rounded as the other options on this list, its most popular feature can help improve your bottom line. The practice of recording each financial transaction a company entity does from its inception to its closure is known as bookkeeping. Each financial transaction is documented based on supporting paperwork, depending on the type of accounting system the company uses.

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Trucking bookkeeping is the process of recording and managing all the financial transactions related to your trucking business. It’s bookkeeping tailored to the unique needs of truckers – from tracking income (loads, freight payments) to expenses like fuel, maintenance, permits, and meals. Bookkeeping in the trucking industry involves recording and managing financial transactions related to transportation services. This includes tracking income from freight hauling, expenses like fuel and maintenance, and ensuring compliance with tax regulations. By maintaining organized records, companies can make informed decisions and avoid financial pitfalls. Because owner-operators/ truckers are processing daily expenses and incomes or transactions on a daily, weekly, or bi-weekly basis, the process becomes easier.

Rigbooks cost:

• All accounting, bookkeeping, and consultation services are 100% virtual and available anywhere in the country.
• Without them, you run the risk of losing hundreds, even thousands, in taxes.
• We recommend updating your books on a daily basis so you can make sure all the details of your transactions are fresh in your mind.

You’ll reduce stress and gain a deeper understanding of your trucking business’s financial performance. These can simplify many tasks, such as automatically importing bank transactions, generating profit-and-loss statements, and calculating IFTA, among others. There are tons of trucking software tools and apps out there – from QuickBooks and Xero to trucking-specific platforms like TruckingOffice, Rigbooks, or Truckstop’s TMS. The key is to do it as you go – toss that fuel receipt into your folder or scan it immediately. Trucking business has its fair share of wear and tear which leads to inevitable maintenance costs. Like any other expenditure, recording every penny spent on maintaining trucks efficiently has helped me manage these costs better.

A medium-sized trucking company can use Tailwind Enterprise in its different branches. Our reviewers found out that Truckn Pro offers basic TMS alongside handy bookkeeping software. Every feature according to the packages is access after you pay an upfront fee and users have accessibility to ongoing support and upgrades to the platform. Obtaining your trucking authority involves a lot of paperwork and research into what truckers bookkeeping you need to get up and on the road. You may also need to obtain multiple operating authorities to support your planned business operations.

QuickBooks Online and Desktop support

That way you can choose the most profitable loads and avoid wasting time and money. Spreadsheets are convenient, but they still take quite a bit of time to build and maintain. They also don’t come with any of the fancy bells and whistles that bookkeeping apps and software do. Many bookkeeping apps and software will generate reports and draw valuable insights based on your data. It may be tedious to record all of your transactions, but come tax season, you’ll thank yourself! By keeping track of every penny you spend and earn, you may be able to find new deductibles and save your business even more money.

Truck driver pay errors happen constantly, especially when you’re trying to balance different pay scales based on mileage and loads. Many drivers forget to include important reimbursement details on their trip reports. Optimize your payroll with trucking accounting software that accounts for mile-by-mile expenses, loads, and other driver settlements. Bookkeeping and accounting make many small business owners cringe in distaste.

Operating a small fleet can save considerably more on software, though some plans offer discounts for enterprise-level trucking operations. Others require a minimum number of qualified motor vehicles (QMV) per fleet. Some plans charge per user or include a set amount, anywhere from one to 25, limiting who can use the system at any given time. There may be separate types of user accounts to differentiate between back-end workers and drivers on the road. Avoid missed payments and stay on top of the money going out of your bank account by switching to electronic billing. That way, all of your bills can be accessed through any computer or mobile device, no matter where you are in the world.

Trucking bookkeeping and accounting are full-time jobs all by themselves, making it next to impossible to do both trucking and accounting together. More often, there is more at stake regarding the accounting aspect of running a trucking company. If you’re just starting out as an owner-operator of a trucking business, you could also consider outsourcing your accounting and bookkeeping to someone knowledgeable.

You can view it for accuracy and ensure that all your trips are accounted for. As the deadline for submitting the report approaches, the system will send you a reminder. You can then submit the report electronically to state authorities to avoid any potential late fees. If you prefer to manage your financial records on your own, there are several ways to go about it.