STPS

Everything You Need to Know About Bookkeeping

For the owners of trucking businesses, bookkeeping is the foundation of their financial management. It involves more than just keeping track of your spending; it also entails understanding your financial situation, paying taxes, and making wise judgments. We’ll go over what bookkeeping is, why it’s important, how to start, when to start, how to find a bookkeeping service, and bookkeeping software options in this guide.

ARTICLE: Let's Talk Bookkeeping

What is bookkeeping?

The process of keeping track of, recording, and organizing financial transactions inside your trucking company is called bookkeeping. It includes things like maintaining track of earnings, outlays, receipts, and payments. The objective is to keep accurate, current financial records that support  your business effectively.

Why do you need bookkeeping?

Every business big and small should be bookkeeping. How else would you know how much was spent on fuel that month, the last six months, or in the last year? Not only should you know where your money is coming from and going on a regular basis, but bookkeeping helps you to plan for the future. You use the information from bookkeeping to budget, make goals, and make other key strategic operating, investing, and financing decisions.

When should you start bookkeeping?

You should start bookkeeping with the first money transaction in your company. The longer you wait the bigger the headache when it gets to tax time. You don’t want to be frantically organizing all your income and expenses while getting all of your tax documents together.

How do you start bookkeeping?

1. Make your list of different revenue streams.

– What are your sources of revenue?

– How do you bring in the big bucks?

2. Make your list of different expenses.

– What are all those things that you need to keep your business running?

– Where do those big bucks go when they leave your pocket?

3. Set up your spreadsheet or choose a digital accounting software.

– Use Microsoft Excel, Google Sheets, or Apple Numbers.

– Find a digital accounting software you like.

4. Start tracking!

– Start right away.

– Include: the date, the amount, the payee or payer, and the income or expense category.

– Make sure you plan/schedule for bookkeeping.

If bookkeeping is not on your schedule or in your calendar chances are it is going to fall off your radar in the day-to-day. You may end up spending way more time later trying to catch up with your bookkeeping than you would have spent on it in the first place. 

How to find a bookkeeping service?

Think about hiring a bookkeeping firm if you find that handling your own books is too much work. Check internet reviews or ask other business owners for recommendations when looking for a trustworthy service. Make sure they are familiar with the particular financial difficulties faced by the trucking business.

Bookkeeping Software Options

Several bookkeeping software options cater to trucking businesses:

QuickBooks: A popular choice with various features to handle income and expenses, track mileage, and generate financial reports.

Xero: Known for its ease of use and robust functionality, Xero offers trucking-specific add-ons for streamlined bookkeeping.

Zoho Books: An affordable option with features for invoicing, expense tracking, and inventory management, ideal for small trucking companies.

Does Superior Trucking Payroll Service offer bookkeeping?

No, unfortunately, we don’t. If you want to outsource your bookkeeping we have some recommendations for you on our website.  Click the button “Good Trucking People to Know”, it will take you to our website referral page. We have connections all across the country, and can surely find someone who best fits your needs. 

Good Trucking People to Know

Bottom Line:

Bookkeeping is an integral part of managing a successful trucking business. It offers transparency, ensures tax compliance, supports growth, and enhances your business’s credibility. Start early, either by managing your books yourself or by seeking professional assistance, and consider using bookkeeping software designed to streamline your financial management. By adopting good bookkeeping practices, you can drive your trucking business towards financial success.

Written by Tessa Braybrook

Tessa joined Superior Trucking Payroll Service in September 2022. She loves to write and make videos which made her a great asset to the team in her marketing position. 

Before working at Superior Trucking Payroll Service she worked in IT at GVSU which gave her the skills to problem-solve with customers over the phone. 

Contact Us!