Managing your trucking company’s books is one of the most essential actions you can do to help it succeed. We’ve developed a list of 10 Smart Tips to Master Trucking Bookkeeping. From knowing your company entity type and utilizing a business credit card to lowering day sales outstanding.
1. Keep every receipt, no matter the charge
You want to deduct as many valid expenses as possible. Keep an envelope in your van to gather receipts, or utilize e-receipt files on your computer or in the cloud. Use the folders for accurate quarterly tax calculations and monthly profit-and-loss statements.
2. Keep Your IFTA Data Up to Date
Keeping track of your IFTA data is one of the most crucial aspects of owning a trucking company. You must submit an IFTA report detailing the miles traveled and gallons purchased at the end of each quarter. These reports will establish whether you still owe tax or whether you are entitled to a refund. The IFTA office in the home state of your trucking firm will notify you of your refund or debt.
3. Use a different credit card for business costs
Using a company credit card may aid in the simplification of your bookkeeping, and most accounting systems link with your bank and credit card accounts. Because the data is automatically entered whenever a payment is made, it saves time and eliminates any mistakes. Having a company credit card will also help you to simplify your bookkeeping because you can typically categorize costs like petrol, meals, and maintenance.
The first step is to look at several possibilities and choose one with a cheap interest rate and no annual charge. Given how much truckers spend on petrol, credit cards with fuel benefits are great. You prevent large interest costs, make sure to pay your debt in full each month.