If you rely solely on your electronic logging device (ELD) for bookkeeping for truck drivers, make sure you can save and access your history. The more organized and thorough you can be in your receipt gathering, the better – whether you hire a business services provider or not. You can simplify the bookkeeping for your trucking company by following these 11 simple practices that will translate into higher profit with less hassle. One of the primary sources of income for a trucking company is freight revenue.

Putting the task off will increase the likelihood that you’ll forget what payments are for, causing categorization errors that may make you miss out on deductions. IFTA was put into place to redistribute the tax to the states where the fuel is being used, not where it’s purchased. If you’re trying to decide whether to buy fuel in one state compared to another, then you’ll need to subtract the state fuel tax from the retail price you pay.

Get Your First Month of Bookkeeping for FREE!

This includes everything from tracking expenses related to fuel, maintenance, and personnel to managing income from freight shipments and other revenue streams. With accurate bookkeeping, you gain invaluable insights into your company’s financial health, enabling you to make informed decisions that can significantly impact profitability. Keeping your business’ books truckers bookkeeping service is a full-time job and a critical part of your operation. The Trucker CFO is a Certified Public Accountant (CPA) who specializes in helping owner-operators, independent contractors, fleet owners and trucking entrepreneurs. With our bookkeeping service, we utilize strategies and solutions to help you manage your money effectively and help increase your profits.

Our services are based on three different categories of trucking businesses identified by our professionals such as Hustler, Momentum, and the Grower. Technology has grown rapidly and drastically impacted different aspects of society by streamlining various complex processes. Regarding the trucking industry, numerous software currently exists to help truck drivers and owner-operators in different administrative functions, including bookkeeping.