There are several advantages to using a bookkeeping service for your business. Using a bookkeeping service that specializes in your business can be even more helpful. In this post, we\'ll go through some key items to look for when looking for trucking bookkeeping services.
Key Items For Trucking Bookkeeping Services
Receipts/Files should be Scanned & Archived
The first service you can seek is a bookkeeping service that can search and store all of your receipts and documents. You won\'t have to keep track of physical receipt copies this way. All of your relevant documents should be archived in the bookkeeper\'s folder. It should be as simple as sending in videos, scanning and emailing them, or mailing them in to submit your papers.
The receipts would then be used by the bookkeeper to create reliable monthly profit and loss statements for your business. If you ever need these files returned, a good bookkeeper would be able to quickly locate and return the receipts or files you need.
Online Portal That is Secure
The next feature you can look for in trucking bookkeeping services is a safe online platform where you can access your profit and loss statements and display your digitized records at any time. You don\'t need to go into an office or call your bookkeeper to access your details if you use a safe online portal. This is particularly useful for truckers who are on the road and don\'t always have access to a computer.
You can log in to your personal account at any time with a secure portal, knowing that your information is password-protected. When you log in to the portal to check your results, look for a bookkeeper who will let you call and ask questions without charging you additional fees.
Industry Benchmarking
A business that has industry-specific benchmarking is another thing to look for when choosing trucking bookkeeping services. Ideally, you\'ll want to find a business that collaborates with other truckers so that you can equate your numbers to those of the rest of the industry.
When you compare your data to those of other owner-operators, you can see where your company is doing better than average and where you can improve. A successful bookkeeper will be able to use this data to help you find out how to improve your company so that you can gain and retain more money.
Reconciliation of Taxes
It\'s also a good idea to find a bookkeeper who can do tax reconciliation with your trucking business. Rather than simply entering details, a bookkeeper who includes this service will review and categorize your income and expenses. With tax reconciliation, you will ensure that everything in your profit and loss statement has been correctly recorded and classified and that if anything has been overlooked, it has been corrected.
For example, if you hire a bookkeeper who also provides tax reconciliation and industry benchmarking data, they will assist you in identifying expenditures that you might have overlooked. If the average owner-operator spends 30% of their monthly revenue on fuel, but you only show 10% of revenue spent on fuel in a given month, the bookkeeper should be able to point out the difference.
Read More: How Bookkeeping For Small Businesses Can Help Grow Your Business?
Bookkeeping and tax preparation go hand in hand
Finally, you can look for a bookkeeper who can also help you with your taxes. You must pay quarterly tax estimates based on your monthly income as an owner-operator. If your bookkeeper also does your taxes, they will use your P&L statements over the year to determine how much you can pay in total taxes. You won\'t have to pay any additional taxes if you pay quarterly tax projections.
It\'s also easier to file your tax return if you have a bookkeeper who also files taxes. Since your bookkeeper knows your business and has been keeping track of your sales and expenditures over the year, there will be fewer mistakes during tax season because your tax preparer will not be rushing to do all of your bookkeeping at once. Your bookkeeper and tax preparer will find the money if they work together.
What truckers bookkeeping service should I hire?
Proper bookkeeping will help you and your company stay on track. When looking for a bookkeeping service, following these guidelines will help you make an educated decision that will favor you in the long run.
Over the last 25 years, M7 Taxes has assisted over 2700 owner-operators. We include a wide range of services, including accounting and bookkeeping, and tax planning, to meet all of the above criteria.