Do Truck Drivers Need Bookkeepers?
Do truck drivers need bookkeepers? Just as trucking is important to the country, tracking records is important to trucking business owners. Now, bookkeeping can be outsourced, but if you want to keep track of your own records, this article will explain everything you need to do.
Create a trucking business plan to map our your plans for your company
Document if you will need to buy or lease equipment, what trucking equipment you need, and the number of drivers you manage. You should also incorporate a budget into your business plan. This budget should have money set aside for future unexpected costs.
Know your expenses
In order to understand how much it will cost to run your business, you will have to track your expenses like salaries, fuel, truck and trailer finance payments, office expenses, truck maintenance, and repairs. By knowing your expenses, you can prevent your company from going under.
How do you keep track of trucking expenses?
Many trucking business owners keep track of their expenses through a spreadsheet on Excel. Others prefer using pen and paper to input data. TMS, or Trucking Management Software, is the most efficient way of keeping track of expenses and other data.
It’s important to remember to scan and archive receipts and files so that you don’t have to keep track of physical receipt copies. You can then use the receipts to prepare accurate monthly profit and loss statements for your business.
Do truck drivers need a bookkeeper?
Aside from the fact that bookkeeping is one of the most important activities that successful truckers should be using to their advantage, there are some very good reasons why you should consider hiring a bookkeeper.
You’re spending too much time bookkeeping
All the time you spend collecting and organizing receipts, poring over bank statements, and verifying if you’ve sent or paid an invoice is a time that you could otherwise spend on running your business.
You're losing track of transactions and receipts
If you struggle with organizing and recording your transactions and receipts, consider speaking with a bookkeeper. It’s crucial to keep track of every expense and keep it organized in case the IRS comes knockin’.
You're overwhelmed by your financials
Numbers can get confusing quickly, and dealing with business finances is tough. You’ve got to keep track of credits and debits, invoices and accounts receivable, payroll, budgets, taxes, personal and business expenses, rent, and inventory costs.
You need help planning for your company's future
In order to grow your business and plan for your company’s future, you must be able to understand the financial standing of your business. Bookkeeping can identify trends that can help you capitalize on – or avoid – a situation, season, or event. It can also help you plan and stick to a budget which can help your business achieve not only short-term goals but long-term goals.
You want to take your bookkeeping to the next level
You don’t have to outsource your bookkeeping if you don’t want to, it is possible to do it yourself. And if you have a handle on it and don’t feel as if it takes too much time away from your business itself, more power to you! (And bookkeepers actually praise this!)
Should I hire a bookkeeper?
Remember that working with a bookkeeper is an investment, but it can save you time and money over time. You should consider your circumstances to help you make a decision whether or not you should hire a bookkeeper.
Are you books confusing? Unorganized?
Are you spending too much time trying to figure them out?
Do you need a little bit of help sticking to your budget and figuring out how to grow your company?
If you answered yes to any of these questions it may be time to look for a bookkeeper. Superior Trucking Payroll Service is NOT a bookkeeping service, however, we do recommend ATBS, which is a company with founders that grew up in trucking, and that offers accounting, tax, and bookkeeping services.
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