As a truck driver, owning and operating your own business has the potential to be highly lucrative. According to a report from Trucks.com, independent truck drivers (owner-operators) earn more on average than company drivers. At the same time, owning and managing your own trucking business can be challenging. There are a lot of issues that need to be addressed.
One of the key considerations for owner-operator truck drivers is ensuring that the business finances are well-organized and well-maintained. For this reason, truckers who own their own company gain advantages from working with a bookkeeper. Here, our bookkeepers for truck drivers highlight four key reasons why owner-operators can benefit from hiring a professional bookkeeper.
1. Truck Drivers Need a Comprehensive Accounting System
Owner operator truck drivers need to develop a comprehensive accounting system. Without the right system in place, you could easily run into serious financial problems when running your business. The vast majority of businesses in the trucking industry use one of the following two types of accounting systems:
- Cash basis accounting; or
- Accrual accounting.
A professional bookkeeper with experience working with owner operator truck drivers can help you select the proper accounting system for your needs and put the structure in place to support the long-term success of your business.
2. Books Should Be Updated On a Continual Basis
Once an independent truck driver has the proper accounting/bookkeeping system in place, they need to make sure that their business books are actually updated on a continual basis. If you fall behind on the books, it can be difficult to dig out of the hole. Keeping your books updated regularly can make a drastic difference. A professional bookkeeper can take that task off of your plate.
3. Proper Accounting Improves Business Efficiency
An efficient trucking business is a successful trucking business. Owner operator truck drivers work hard for their money. It is crucial that they are able to run their company in a way that lets them get the most out of their business. Well-organized bookkeeping will put you in the position to minimize your expenses and increase your revenue.
4. Taxes are Complicated—Truckers Do Not Want to Miss Savings
Finally, a professional bookkeeper can handle all of the tax issues for your trucking company. Beyond making sure that you have the financial information to file your taxes on time, a bookkeeper will also ensure that all potential deductions are identified and utilized. Truck drivers do not want to miss out on potential tax savings. It could make a tremendous difference in your overall bottom line.
We Provide Cost-Effective Bookkeeping Services for Truck Drivers
At Williams Accounting & Consulting, we are committed to providing the diligent, detailed-oriented bookkeeping services to our clients. If you have any questions about bookkeeping we can help. To learn more about bookkeeping services for truck drivers, please contact us today. With office locations in Atlanta and New Orleans, we provide bookkeeping, accounting, and other services to professionals in the trucking industry throughout the Southeastern United States.