Turn to Us for Reliable Trucking Accounting Services
Accounting SERVICE
For that same flat fee of $200.00 per month per truck, we keep your financial books. Nobody enjoys the paperwork that goes along with a successful business. You focus on driving and delivering your loads safely, and we take care of the paperwork.
All you need to do is send us a text or email copy of your fuel receipts, oil change costs, repair bills, income receipts, etc. and we put together your monthly income statement. You keep your own checkbook and charge cards. We do not handle your money. Only YOU should do that. We just keep a paper record of what you spend and what you make. We are just your secretary.
Your profit/loss statement each month will be broken down into categories so you can quickly and easily see what you have spent on fuel, repairs, tires, insurance, loan payments, tolls, fees, etc. It will show how much you have brought in for income. By giving us your mileage at the start and end of each month, we can show you what your actual cost per mile is and how much income you have earned total, by category, and per mile.
Sometimes having that “per mile” information can be very helpful. You may find it costs “x” more cents per mile in the wintertime than it does during the summer months, for instance. A farmer/rancher wants to know how much it costs him per cow for each cow. You need to know that kind of information for your trucking business.
We take the expense receipts and income information you send us on a daily basis and assign each item into a separate category. For instance, all fuel receipts go into a separate category for “Fuel.” All repair receipts go into either “Tractor Repairs”, or “Trailer Repairs,” etc. “Loan Expenses” are kept track of separately. All items of expense and income are assigned an individual account.
This way, you can log onto your account and see how much you have already spent for each type of business cost, or how you have produced every dollar of income.
Profit / Loss Statements
You are operating a business. You have to know where you are making a profit and where you are losing money. There are several things a profit and loss statement should tell you. First, you want to know did you make a profit or not? Then over what period of time? During what events did this cover? You want to know where you made money and where you lost money?
What does it cost you per mile to operate your truck? Is that different in the summer from what it is in the winter?
We can help you by keeping track of your costs for repairs, tires, fuel, insurance, truck payments, etc. We can also help you to know what kinds of loads cost you per mile? When you know the cost of things and you know the income for different types of loads, you can better determine which loads to take and which loads to say no to. Know your costs per mile and your income per mile.
And we do these things for only $200 per truck per month.
IFTA Taxes
Truck Drivers Office will do your IFTA tax reports for the states involved. We will take the information you provide for miles driven in a state, etc. and put that with the other information you send us. From this we will calculate your IFTA taxes and do the forms ready for you to sign and send in. This is included in the $200 per truck per month basic fee. There is no extra charge for doing your IFTA taxes. Just give us the information and we will take it from there.
Income Taxes
We take your monthly profit and loss statements and at the end of the year, add them together to show what your taxable income is and what your total expenses were for. We put that together in a Schedule C for your federal and state income tax returns. This way, you have all of your business income and expense ready to add into your regular Form 1040 information regarding dependents, medical expenses, etc. For an extra fee, we can do your entire tax return for you, if you like. Both state and federal.
