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Bookkeeping is a key element to running a successful trucking operation. To effectively manage your business you must have accurate knowledge of your income and expenses. Consistent, regular bookkeeping is the only way to keep track of this important information. Every successful business person makes time for bookkeeping.   

Your financial statements should be informative, whether you use a professional service or do your own bookkeeping. A professional bookkeeping service will usually provide you with a checklist of items needed to prepare a Profit & Loss Statement. Typically, you would provide your bookkeeper with monthly income and expense information. For example, your settlement statement showing income received less various deductions. Also, receipts for all cash purchases, a copy of your check register or check stubs, and your monthly credit card statements would be needed.

Keeping accurate, organized, records is vital to the success of your business. A lost receipt is a lost deduction and a lost deduction means more of your money paid out in taxes. Developing good record keeping habits can save you thousands of dollars. Have some type of filing and record keeping system in your truck for recording expenses, filing receipts, and for other important business documents. Keep some type of a planner or calendar in the truck for recording expenses you cannot get receipts for such as truck washes, laundry, loading & unloading, etc. Be sure to record all the details of the expense.

If you are doing your own bookkeeping, we recommend using a computer. There are many good software programs available specifically designed for trucking.  In fact, we developed a bookkeeping program called Truck Books. You simply gather all the same income and expense information a professional bookkeeper would need and enter that information into your own bookkeeping system. You will have an area for entering your income and an area for entering expenses. You want to make sure to enter your information as regularly as possible. 

Once you have all your income and expense information in an organized format, you will be able to review that information to gain more insight into your business operation. Whether you are looking at a professional or self prepared Profit & Loss Statement, you will have the information necessary to manage cash flow, control costs, calculate estimated tax payments, and make informed business decisions.

Your accountant can be a valuable advisor whether he does your bookkeeping or regularly or periodically reviews the bookkeeping work you've done yourself. A good accountant can be an asset year round, providing business advice and guidance when it comes to equipment purchase, tax and retirement planning, income and expense projections, and much more.

This article has been presented by PBS Tax & Bookkeeping Service, a company which has been providing income tax and bookkeeping service services to the trucking industry for over a quarter century.  If you would like further information, please contact us at (800) 697-5153.  Visit our Web Site at www.pbstax.com.

"Everyone's financial situation is different.  This article does not give and is not intended to give specific accounting and/or tax advice.  Please consult with your own tax or accounting professional.

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Everyone's financial situation is different. This article does not give and is not intended to give specific accounting and/or tax advice. Please consult with your own tax or accounting professional.

This article has been presented by PBS Tax & Bookkeeping Service, a company that has been providing income tax and bookkeeping services to the trucking industry for over a quarter century. Contributions to this article were made by Shasta May, Director Business Development for PBS. If you would like further information, please contact us at 800-697-5153. See our website at www.pbstax.com.