Today, they are the largest tax and accounting firm for owner-operators, offering a variety of service packages to simplify the business side of driving. Many trucking companies have been accounting the same way for years with handshake agreements and paper invoices. It’s how many transportation industry customers still do business, and you need to meet them where they are. A Trucking CPA can’t change how your customers operate, but we can help you build the most efficient financial processes to manage your financial records, both paper and digital. This allows you to deliver exceptional customer service to your paper invoice customers while expanding your opportunities to manage new customer relationships. But be sure to HVAC Bookkeeping ask a CPA if they specialize in the trucking industry.
What Is Freight Factoring?
This includes employers, Online Accounting corporations, partnerships, and other business entities. Form 2290 (Heavy Highway Vehicle Use Tax Return) is a federal excise tax that applies to vehicles operating on public highways with a net weight of 55,000 pounds or more. The taxes are used for highway construction and maintenance. If you purchase your vehicle after August 31, then you must pay your taxes within 60 days of purchase. Each state has its own licensing and permitting requirements. TBS has the knowledge and experience to help you navigate through trucking permitting services across state lines.
TBS Fuel Finder
- Utilize our cutting-edge technology to manage your business on-the-go and at any time.
- We process your payment the same day and then WE wait for payment—not you.
- The next thing you should look for in a bookkeeping service is a secure online portal where you can view your digitized documents and review your profit and loss (P&L) statements at any time.
- If your rig weighs over 55,000 pounds, you are required to file a Form 2290 for tax purposes.
- Once you’ve completed all the steps required to legally operate on the road, there are continual regulations from the DOT to keep up with.
- With around-the-clock service, they’re available to help meet your bookkeeping needs as they arise.
Having accurate records is also essential in the case of IRS audits. FlatWorld can help your trucking company achieve seamless back-end operations, specializing in accounting services for trucking and logistics clients. With around-the-clock service, they’re available truckers bookkeeping service to help meet your bookkeeping needs as they arise. Their services are also scalable due to their partnerships with leading Fortune 1000 companies.
Permitting & Compliance
We’ll enter them into your specific account so you see the current financial status of your business in real time. A BOC stands for “blanket of coverage.” A BOC-3 form gives your trucking company a legal presence in any state where you operate. The FMCSA requires that you have a process agent in every state that you travel through or do business in. Your BOC-3 form includes the names and addresses of these agents. This option offers lower fees because you take on more risk. If a customer doesn’t pay, you are on the hook for that money.
Prepare for tax season with Oracle NetSuite.
UCR is a Highway Tax paid by Motor Carriers transiting interstate. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Companies on Trustpilot can’t offer incentives or pay to hide any reviews. With our exclusive, mobile-friendly Search4Freight load board, you’ll discover hundreds of pre-approved loads. An SCAC is required if you are conducting business with U.S. government agencies. Read and download our DOT Compliance e-book to learn how to stay DOT compliant.
Benefits of a Specialized Trucking CPA
Please keep your envelopes, receipts and log books for three years in the event the IRS wishes to audit your records. Truckers who factor with TBS are eligible for fuel advances, helping keep your trucks on the road. There are two mandatory annual Taxes your business can not miss. 2290 is the Tax return on the use of heavy vehicles on highways.
- Though accounting is the most overlooked aspect in the trucking industry, it is the only element that ensures your business moves to profitability.
- Save all the receipts of the expenses you have on the road and send them weekly.
- The best benefit of seeing your financial statements always up to date is that it eliminates the surprises that can happen when your statements are only updated quarterly.
- As a certified QuickBooks™ Online ProAdvisor, Giersch Group offers expert training for your staff so you can make the most of the software.
- Based in Milwaukee and Madison, Giersch also offers in-person consultations for Wisconsin-based trucking companies.
Reporting your finances for your trucking business can lead to large fines and penalties from the IRS in addition to the taxes that you owe. Your business finances are one thing that you shouldn’t mess around with. Giersch Group recommends QuickBooks™ Online for truckers for enhanced convenience and efficiency.
- When you begin to utilize the accounting for truckers resources of the Trucker CFO, we will work with you to create and update your Profit & Loss Statement in real-time.
- Having the up-to-date financial records and analysis you need to make data-informed decisions puts you back on the road to success.
- Let TBS deal with the mountains of paperwork and complicated forms.
- It makes your job much easier because you know the financial part is handled.
- Keeping accurate books may not be the most exciting aspect of managing your trucking business, but it’s essential to maintaining its success.
Free bookkeeping services consultation for truckers
In addition to your USDOT number, you’ll also receive a PIN number to update yourinformation online (when necessary). And remember, you have to renew your USDOT number every two years. FreightWaves Ratings reference a list of approved sources for use of research to support editorial research and drafting. Services can vary based on company operations and gross vehicle weight (GVW). To learn more, fill out our contact form to speak with an ATBS Enrollment Specialist, or view our services and pricing. Your summary and receipts will be returned to you each month along with additional Monthly Expense Envelopes for future use.