Sep 16, 2022

How Do Truckers Handle Bookkeeping?

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The transportation industry is very complex. Truck drivers face many daily challenges, especially independent drivers trying to operate their own businesses. Bookkeeping should not have to be one of those challenges.

Transportation bookkeeping can be as complex as the industry, especially if the driver wants to secure the most tax benefits and reduce their tax burden. The best way to handle this situation is to consider a fractional accountant.

What Is A Fractional Accountant?

A fractional accountant is an accountant that works for many different customers. They are often considered freelance accountants. These accountants offer contract accounting services so that their clients can receive all the benefits of having an accountant on staff without having to hire an accountant full-time.

Making Transportation Bookkeeping Easier

If you are looking for ways to make your bookkeeping easier while driving a truck, use the following tips as a guideline.

  1. Hire a Fractional Accountant
  2. OSMEAC Solutions is a contract accounting team that works remotely for truckers and other businesses that do not have the need for an onsite accountant or bookkeeping team.

    Having a professional service manage your record keeping can help you manage your business more effectively and reduce your tax burden. Let us keep our mind on your books while you keep your eyes on your next destination.

  3. Keep Receipts For Everything Business Related
  4. Everything that you do for your business matters. Get recipes for everything, not just fuel purchases. Your accountant will let you know if the receipt cannot be counted toward your business.

  5. Keep Records of Purchases That Don’t Have Receipts
  6. Keep a notebook in your truck to document purchases for your business that may not give you a receipt. This may include air machines to fill your tires, DIY truck washing services, or any other service that may not generate a receipt. Document the day, time, location, and what the expense was for in your records. We can help include this information during tax season or when assessing your business’s monthly expenses.

  7. Keep Your Business Financial Separate
  8. Have a designated checking account and credit card for your trucking business. Do not use these accounts for anything personal. This is one of the easiest ways to document all of your expenses. This is also the best way to show that your receipts are valid expenses for your business, not a mixture of personal and business recipes.

  9. Your Log Books Are Part Of Your Tax Record
  10. Save your log books or your electronic logs. These can be used as proof that you were actively working during any time period that you are making claims for food and other per diem expenses.

  11. Submit Your Paperwork To Your Accountant Monthly
  12. One of the best practices to have when it comes to bookkeeping is to keep it current. Set aside time at the end of each month to gather all of your recipes and send them to your accountant. This ensures that your bookkeeping is current and that quarterly taxes can be filed on time. Keeping up on your bookkeeping monthly also ensures that plans can be made for yearly taxes and other financial obligations.

    Get A Better Picture Of Your Business Finances With OSMEAC Solutions

    Working with a transportation bookkeeping service can help you financially stay on top of your business. When all of your accounts are being kept current, you can look at your profit and loss statements, invoices, payouts, and other financial information at any time and get a clear look at how your business is doing. Trust OSMEAC Solutions to help your trucking business stay on top of its finances.

    Contact us today to learn more about our financial services.