We’ll help you understand how to use your financial statements to make better decisions for the good of your business. The good news is, Truckers Bookkeeping Service has over 50 years of experience in the transportation industry and we’ve helped thousands of truckers get their trucking authority. We’ve created a short breakdown of the steps it takes to go from working for someone else to being your own boss. It’s quite a few steps, but we’re ready to help you navigate the process. Your out-of-pocket cost will be the $300 Federal Motor Carrier Safety Administration (FMCSA) registration fee and the $50 BOC-3 registration fee which covers the lower 48 states. Let TBS deal with the mountains of paperwork and complicated forms.
Since they are stapled together, they won’t get mixed up with new receipts coming in. You’ll have everything you need already sorted correctly for the end of each quarter or at the end of each year. Here is an example of a very straightforward recordkeeping system for an owner-operator. A reliable tax partner makes filing your taxes easier than ever. Get meaningful advice from professionals who know your business inside and out.
If the average owner-operator is spending 30% of their revenue on fuel, and you only show 10% of revenue spent on fuel, your bookkeeper should be able to alert you to the discrepancy. From there they can figure out if you have not sent all fuel expense documentation that needs to be submitted, or if you simply spent less on fuel. With over 50 years of experience, Truckers Bookkeeping Service makes trucking easier with cutting-edge technology and quality customer service. We want to help drivers get established and stay compliant. We first learned about Trucker CFO during our orientation with Forward Air. We had just made the transition to become owner-operators, and we knew that we needed someone we could trust to handle our business needs.
At ATBS, we understand that trucking businesses can take many different shapes and forms. That’s why we provide several different packages, including Essentials, Professional, and Enterprise. Do you want to start your own bookkeeping business for Trucker’s?
Trucking Accounting Services
Our affordable accounting services deliver a clear picture of your financial systems, giving you peace of mind plus more time and energy to operate your business. Start with a free, no-pressure consultation to learn more. Our bookkeeping services are 100% virtual and available nationwide. Whether it’s a boss breathing down your neck or watching your hard work fill someone else’s wallet, leaving the typical grind and paving your own way in the world is tempting. More and more company drivers are realizing going independent can solve a lot of their challenges.
- Start with a business plan that maps out your financial goals, then choose a business structure that’s right for you.
- The QuickBooks™ software can handle all of your accounting tasks, such as creating invoices and accepting payments, running reports, and creating and sending estimates to clients.
- From records of your profits and losses, to tax estimates, profit planning, and other budgeting resources, our bookkeepers will scan and document your critical business information.
Your business finances are one thing that you shouldn’t mess around with. Our outsourced accounting services are available for truckers, distribution companies, and the automotive industry anywhere in or outside of Wisconsin. To learn more about business plans, read our Truckers bookkeeping service whitepaper about becoming your own boss. Owning a business can be really rewarding if you’re doing it right. With cash-based accounting, you only count any money you get paid when you receive it. This is the simplest system to make sure you keep track of everything.
What is a trucking authority?
Form 2290 (Heavy Highway Vehicle Use Tax Return) is a federal excise tax that applies to vehicles operating on public highways with a net weight of 55,000 pounds or more. The taxes are used for highway construction and maintenance. If you purchase your vehicle after August 31, then you must pay your taxes within 60 days of purchase.
Save time by letting ITS Dispatch manage the paperwork for you. There are many moving parts and strict federal regulations when it comes to starting your own trucking company. We offer services with no hidden charges to help you get your authority and keep you road legal.
With a secure portal, you can log in to your personal account at any time and know that your information is safely password-protected. When you log in to the portal to review your data, you should also look for a bookkeeper that will allow you to call and ask questions without charging extra fees. This includes completing your IFTA, a breakdown of the fuel tax cost per truck, Kentucky, New Mexico, New York, and Oregon reports.
By updating your books daily, you will have a better idea of how your business is doing and be able to manage your cash flow more easily. The easiest way is to enter your expenses daily as you incur them. Plus, if you do lose a receipt, you will still have the record in your files. Since you cannot have a license from more than one state, drivers must get their license from their home state. You can schedule to renew your trucking license at any testing center, or online. You’ll need to prepare to take the written test as well as the vision test.
We Process Authorities for FREE
Our free Basic Trucking Authority Startup package includes your MC#/USDOT Number and BOC-3. For more information, read our How to Start a Trucking Company Guide. In addition to your USDOT number, you’ll also receive a PIN number to update yourinformation online (when necessary). And remember, you have to renew your USDOT number every two years. ATBS just recently launched the new ATBS Mobile App, which makes working with us even easier! With this app, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps.
Giersch Group business consultants advise owner-operators and trucking company owners on using financial information to establish the best strategy for time-sensitive issues and long-term growth. We’ll get to know you and your business and create a time and cost-effective plan for achieving your goals. For convenience and efficiency, we encourage our trucking clients to migrate to QuickBooks Online for truckers or similar cloud-based accounting software.
After you’ve been registered, you’ll receive a USDOT number that future customers can use to access your information. Getting your own trucking authority can be a complex process, but you don’t have to face it alone. For example, if you utilize a bookkeeper who offers tax reconciliation services as well as industry benchmarking data, they can help you spot expense documentation you may have forgotten to send.
Our team will work with you to select the right service for you and your business. With over 50 years of experience, we are dedicated to helping independent trucking companies become successful. The QuickBooks™ software can handle all of your accounting tasks, such as creating invoices and accepting payments, running reports, and creating and sending estimates to clients. Through QuickBooks™, you will have the option to manage contractors by sending W-9 and tax ID information directly to them.
Don’t forget, you need to continually stay up-to-date on your Department of Transportation (DOT) compliance and permitting requirements. Truckers Bookkeeping Service is here to help you every step of the way. Read and download our DOT Compliance e-book to learn how to stay DOT compliant. Regardless of what type of business structure you choose, the next step is to get an EIN for tax purposes.
Keeping track of one of your largest tax deductions and doing business with ATBS just got a whole lot easier!
Whether you’re a small fleet or an owner-operator, accounting is an important part of the future of your trucking operation. With ATBS RumbleStrip, you can invest in professional bookkeeping for your trucking company – and maximize your potential. All three RumbleStrip service packages offer professional assistance in managing your business’s taxes. When you work with ATBS, monthly bookkeeping helps ensure your taxes are correct and you are maximizing your deductions. Keeping compliant is as important as finding loads to haul and keeping a well-maintained vehicle.
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. Our flagship product, RumbleStrip Professional, is designed for owner-operators who want to grow their businesses. Rest easy knowing that everything from bookkeeping, accounting, taxes, and business planning is handled by a trusted expert. Once you’re legally registered as a business, it’s time to focus on the trucking requirements.
Why do I need a bookkeeper for my trucking business?
If your bookkeeper and tax preparer work together, they can find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to. This option is a lot more efficient and more accurate than giving your documents to a tax preparer who doesn’t know your business. Another thing you should look for when deciding on a trucker’s bookkeeping service is a company that has industry-specific benchmarking. Ideally, you’ll want to look for a company that works with other truck drivers so you can compare your numbers to similar sized businesses in the trucking industry.
What kind of partners do you need when you start your own trucking business? You need a lawyer, you need an accountant, you need a carrier, you need a banker and a loan officer. There’s an organization that you build around yourself that helps you run your business because they’re experts at various portions of it.