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11 Bookkeeping Tips for Truckers: The Basics

what do i need to start a truck driver bookkeeping business

By following the steps below, you’ll be better equipped to launch your company with the appropriate framework from day one. This makes it easier to keep track of things when it’s time to total everything up. One out of every 25 owner-operators gets audited by the IRS for taxes each year. You want to avoid that happening to you, but you want assurances that you’ve done everything right if it does.

If you’re starting a one-person, self-owned trucking company, look into limited liability companies (LLC) to protect your personal assets. If you’re establishing your company with a business partner, you will also want to consider the different kinds of LLCs designed for partnerships (limited liability partnership) and corporations. There are other business entities out there as well worth considering, but it’s best to start with these two categories and determine from there whether or not you need to go with something different.

Do LLCs Need Insurance?

With five trucks and drivers you could push your profit up to nearly $190,000. It’s a lot of work — you’ll do your own sales and marketing, manage operations, and drive the truck — but the rewards are all yours. Your target market will be just about any company with goods truckers bookkeeping service to transport. A good way to start is to research which businesses transport the most goods and then give them a call offering your services at a discount. If you do a stellar job, you should be able to retain them and gradually increase your price to the market rate.

  • If you keep them all, you can mark them down on your books as a business expense.
  • Look for high-paying freight loads and the right clients to retain and increase your profitability.
  • We manage the accounting for owner-operator and small fleet trucking businesses.
  • Many carriers also choose to obtain a Transportation Worker Identification Credential, better known as a TWIC card, which enables them to operate within the nation’s maritime ports and airports.

Monitoring compliance and staying up to date on regulations will be key to winning business as a truck driver. In my case, $20,000 of that went to purchasing my truck and equipment, and $10,000 went to insurance down payments and the required Department of Transportation compliance items. If you already have equipment, your costs will still likely land somewhere in the $5,000-10,000 range, but $30,000 is a fairly typical figure for starting a business with used equipment. Save up money to cover start-up expensesStarting a trucking business requires a big investment up front to purchase a tractor and trailer(s), plus licensing requirements and registration. Identify sources and terms for financing and secure a line of credit.

Write up a business plan

This is a legal requirement by the FMCSA so don’t skip this important step. One of the first steps in exploring how to start a trucking business is to complete your trucking authority. Trucking businesses need to have an operating authority when they work as a hire carrier over state lines for vehicles more than 10,000 gross vehicle weight (GVW). You can document trucking costs manually, but connecting your business accounts to accounting software is much easier. It can track and categorize your expenses automatically, though you may need to keep some supplemental records.

  • Despite all these benefits, it’s worth pointing out that starting a trucking business can be quite overwhelming.
  • You may consult trucking forums and social media communities for recommendations on which insurance product to purchase based on your needs.
  • It can track and categorize your expenses automatically, though you may need to keep some supplemental records.
  • The costs mentioned in the article, such as CDL training, MC authority application fee, insurance premiums, and registration fees, provide a general idea of the expenses involved.
  • Choose an insurance company that offers comprehensive coverage, including liability, collision, comprehensive physical damage, cargo, workers’ compensation, and trailer interchange.
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