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Starting a trucking company can be a lucrative business opportunity. According to data cited by Convoy.com, drivers who own their own trucking company (owner-operators) make more per hour and get more work opportunities than drivers employed by large corporations. That being said, owning and operating a business is never easy. To build and grow a successful business, you need accurate and reliable financial records.
Bookkeeping is critically important for small businesses—but managing your own financial books can be a time-consuming, even frustrating task. At Williams Accounting & Consulting, our trucking company accountants provide reliable bookkeeping services to business owners and entrepreneurs in the industry. In this article, you will find an overview of the importance of accurate, up-to-date bookkeeping for trucking companies.
Know the Importance of Well-Maintained Books
Broadly defined, bookkeeping is the process of keeping records regarding the financial affairs of a business. It can be a complicated and frustrating task for a business owner—especially small companies in the trucking industry, many of which are run by owner-operators who also drive a truck. As a small business owner, it is imperative that you have well-organized, fully updated financial records. Here are three key advantages of hiring a bookkeeping professional for a truck company:
- Save Time, Energy, and Money: If you own and operate in a trucking company in Atlanta, New Orleans, or anywhere in between, you undoubtedly have a lot on your plate. Many trucking businesses fall behind on their books simply because the owner does not have the time or energy to deal with everything. Once you fall behind, it can be hard to catch up—and outdated financial books can cost your business money. With a professional bookkeeper, you can save your time and your resources. A skilled bookkeeper will be able to stay on top of your financial books, freeing you up to focus on driving, running your business, and/or other important areas of your life.
- Improve Business Efficiency: As all small business owners in the trucking industry know well, the profit margins are relatively thin. Even seemingly minor financial mistakes can really add up in the long—and they can take money directly out of your bottom line. With efficient business operations, you will be in the best position to minimize your costs and maximize your earnings. Well-structured financial books can show exactly where every dollar is going.
- Prepare and File Your Taxes: Taxes are a huge issue for truck company owners. You can take deductions for (write off) a lot of expenses. However, you will not be able to do so unless those expenses are properly tracked and documented. One of the primary benefits of working with a bookkeeping professional is that they can ensure that your taxes are properly prepared and filed. You will be able to ensure that you do not pay more than you actually owe while also avoiding any problems from the Internal Revenue Service (IRS) or state-based tax enforcement agency, such as the Georgia Department of Revenue or the Louisiana Department of Revenue.
An Overview of Expenses that Truck Companies Need to Track
With bookkeeping, there are some differences from industry to industry. While all companies can benefit from well-maintained financial records, it is especially important in the trucking industry. The reason for this is that trucking companies can write off a lot of expenses. It is crucial that your company’s business expenses are fully documented so that you are not stuck overpaying on your taxes. Among other things, truck business owners/operators need to track:
- Day-to-day operating expenses, including the cost of fuel and highway tools;
- Long-term operating expenses, including the cost of truck maintenance;
- General business costs, such as marketing, advertising, accounting/bookkeeping services, and tax preparation;
- Payments to employees or independent contractors; and
- Meals, lodging, and other personal expenses related to work.
At the same time, your company’s financial books should carefully record how much money is coming into the business. Taken together with your expenses, an experienced bookkeeping professional can help you ensure that every dollar is tracked. With all of your business and personal accounts properly reconciled, you will know exactly how much money your trucking business is earning and what steps you need to take to improve operations.
We Provide Bookkeeping and Accounting Services to Trucking Businesses
With more than 1,000 businesses and entrepreneurs served throughout the Southeastern United States, the team at Williams Accounting & Consulting has provided reliable bookkeeping services to many clients in the trucking industry. Whether you are a solo owner-operator or you have multiple employees driving your trucks, we are more than ready to help. Our bookkeeping and accounting professionals can:
- Make sure that your company has the right business accounts in place;
- Ensure that your business is using the proper bookkeeping/accounting method;
- Carefully organize and record all of your company’s transactions;
- Ensure that all accounts are reconciled—balancing the books;
- Look for opportunities for cost-savings or additional growth;
- Provide in-depth, easy-to-understand financial reports; and
- Prepare and file your company’s tax returns.
Many small business owners are worried about the cost of hiring an outside accountant and/or bookkeeper. It is an understandable concern: We are in a competitive economic environment and many companies need to find savings wherever they can. The good news is that you can afford to hire a professional bookkeeper. Our Atlanta and New Orleans business professionals are committed to providing cost effective bookkeeping to companies in the trucking industry. We know that your money matters and we are focused on finding a solution that works for each client.
Get Help From Our Trucking Company Bookkeeping Professionals Today
At Williams Accounting & Consulting, we specialize in accounting and tax preparation. Our business professionals will ensure that your books are properly prepared. If you have any specific questions or concerns about our bookkeeping services for trucking companies, we can help. Call us now or connect with us directly online for a strictly confidential, no-obligation initial appointment with a business accounting professional. With office locations in Atlanta and New Orleans, we offer accounting and bookkeeping services throughout the entire region.