Bookkeeping for Owner-Operator Truck Drivers

We recognize that exceptional guest experiences and bottom-line profitability are today’s objectives for restaurant and event space assets. Creativity, passion, and superior talent are our keys to meeting these goals for third-party owners, as well as at our own restaurants. At hotel properties, our restaurant and event space management teams are aligned with sister hotel operations. https://www.bookstime.com/articles/absorption-costing Our focus on F&B as a profit-center enhances the guest experience and builds asset value. In addition to the growth of the low cost carriers, international carriers have increasingly offered service to Atlanta since 2014. On May 21, 2014, Virgin Atlantic began offering direct flights to London and on October 26, 2015, the airline began offering direct flights to Manchester.

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This makes it easier to keep track of things when it’s time to total everything up. Purchase an expanding file folder, a stapler, and a desktop calculator with register tape from an office supply store. Don’t wait until tax season rolls around to find a bookkeeping partner you can trust. With ATBS, you can rest easy knowing your taxes will be filed promptly and correctly thanks to the support of expert tax advisors. One of the best ways to streamline your IFTA reporting is by using a dedicated fuel card. These work much like any other credit card, except they’re tied to a unique driver number and provide fuel discounts.

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It equals $100 plus $22 for every 1,000 pounds over 55,000 pounds up to $550 and 75,000 pounds. Having an accountant do everything might sound like a great option – but the truth is it’s your business. Having your accountant handle all of the numbers might take the burden off of you but it wont allow you to understand your entire operation and plan for it’s future. Every aspect of Rigbooks is built to handle trucking bookkeeping, and trucking only.

• A business plan may be required if you plan to apply for business financing from banks or investors.
• At hotel properties, our restaurant and event space management teams are aligned with sister hotel operations.
• The next thing you should look for in a bookkeeping service is a secure online portal where you can view your digitized documents and review your profit and loss (P&L) statements at any time.
• This just makes it harder for you to figure out how much money you’re really making.
• Don’t wait until tax season rolls around to find a bookkeeping partner you can trust.

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You may need to first complete a training program before you can launch. There may be additional steps required if you plan to hire employees for your business. For instance, you may need to obtain workers’ compensation insurance. For instance, California requires workers’ compensation for all employers, regardless of the number of employees. In Alabama, on the other hand, businesses are not required to purchase workers’ compensation insurance if they have fewer than five employees.

• Accounting and bookkeeping certainly aren’t the most exciting aspects of trucking, but they’re crucial to get right.
• A good bookkeeper will be able to use this information to help you figure out where to make adjustments in your business to both earn and keep more money.
• It’s often even more difficult for truck drivers, whose gas and food expenses could easily be personal costs if they occurred outside of a trucking trip.
• Top trucking software solutions can help owner-operators make strategic decisions for their business.
• The ever-expanding capabilities of modern software have made many aspects of business ownership significantly easier.
• But more innovative solutions, such as freight factoring, offer more flexibility and quicker access to funds.
• This simplifies transactions for trucking companies dealing with numerous clients or vendors.

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A typically remote bookkeeper’s salary is just over $63,600 a year, but it’s possible to make much more than that, depending on your clientele and the rates you charge. Before starting a bookkeeping business, you’ll first need to know the basics of operating legally. It’s also helpful to understand how to market your services and manage the financial side of running a business. Owner-operators can explore various funding options, including traditional bank loans, lines of credit, equipment leasing, government grants, and freight factoring. Each option has its benefits and requirements, and the choice depends on your specific business needs and financial situation. On the road, expenses like food, drink, and lodging can accumulate.

It serves as a digital hub and tax center from which you can manage all of your paperwork and filing responsibilities. As a result, many truck drivers handle a significant portion of their bookkeeping without much assistance. For example, it’s usually best for a driver to keep track of their miles, fuel purchases, and meal expenses while on the road. If figuring out your IFTA taxes takes more than 20 minutes, you’re spending too much time on it.

Grow your business faster with bookkeeping services that save you time

Our restaurants have been recognized in such publications as USA Today, Home and Garden, National Culinary Review, Bon Appétit, Food & Wine, and Delta SKY. A business plan is a detailed overview of how you plan to truckers bookkeeping service launch and grow your business. There are several key elements that are typically included in a comprehensive business plan. Here’s what yours might look like as you draft a plan for your bookkeeping business.

• 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.
• Every business has specific metrics that can be used to measure its health and performance, and for trucking, one significant metric is the average cost-per-mile.
• Using freight factoring means you get the majority of the invoice value upfront (up to 99%), typically within 24 hours, in exchange for a small fee.
• Today, technological breakthroughs have also impacted the trucking industry for the better.
• Leverage your software’s powerful bookkeeping capabilities with REA’s tailored service.

• Programs like Quickbooks and Quicken don’t take mileage into account.
• Since they are stapled together, they won’t get mixed up with new receipts coming in.
• Rigbooks supports IFTA compliance by tracking mileage per jurisdiction and providing detailed information for tax reporting.
• Whether you’re just starting out in the trucking industry or you’re a seasoned carrier, the right insurance software helps you manage your insurance policy and keep cargo insurance costs low.