Record Keeping Requirements Handout

It also helps trucking businesses make informed business decisions by providing insights into key financial metrics, such as operating expenses, revenue per mile, and profit margins. Ideally, this would address unique payroll scenarios and fulfill trucking-specific requirements while also simplifying salary calculations from the back end. Depending on the size and needs of your business, you may be suited better with software that provides the basics or one with trucking management features. Processing payroll for a trucking company can be different than most other industries. Since drivers can be compensated by the truckload or miles driven instead of receiving a monthly or weekly paycheck, it can be confusing and time-consuming without a proper system. Working with the right payroll provider can be the key to saving time and avoiding unnecessary paperwork.

  • Records have to be kept in the location the vehicle is garaged for one year, and for six months after it has left the carrier’s control.
  • Executing proper transportation accounting procedures requires as much training and expertise as the transporting itself.
  • Danielle Bauter is a writer for the Accounting division of Fit Small Business.
  • Ideally, this would address unique payroll scenarios and fulfill trucking-specific requirements while also simplifying salary calculations from the back end.
  • Carriers must maintain records of all costs that drivers incur during their on-duty/not driving periods.

Accounting is one of the least exciting aspects of small business ownership for many owner-operators. However, you can’t afford to neglect it since your responsibilities can quickly become overwhelming if you fall behind. You’ll pay fines, interest, and penalties,  and set a bond before you’ll be reinstated. Sure, do a Google search and find someone who’ll be willing to help you for a price. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.

How Trucking Records Can Help a Truck Wreck Claim

Therefore company owners and affiliated drivers are expected to follow these requirements and keep up with updates. Trucking accounting differs from regular business accounting in several ways. In addition to common bookkeeping practices, such as accounts payable (A/P) and A/R, companies should manage operations with mileage tracking, fleet management, dispatching services, and IFTA reporting. If you have employees, you must also be able to manage payroll for different types of pay and have flexible payment options. Invoicing your customers promptly is a key factor in maintaining cash flow for your business because it ensures that you receive payment for your services as soon as possible.

It ensures your funds go to the areas where you used your fuel instead of the ones where you purchased it. In broad terms, bookkeeping involves maintaining financial records of your trucking business’s day-to-day transactions in a general ledger. It’s a routine, administrative process that requires relatively little critical thinking. Contact us at Whip Around for more information about DOT compliance, record keeping, vehicle inspection reports, or any other related topic. Carriers must maintain records of all costs that drivers incur during their on-duty/not driving periods. The driver is required to collect all receipts and turn them into the carrier who keeps them for a minimum of 6 months.

Commercial Driver’s License

A manifest is also required which acts as a type of tally-sheet giving a detailed summary of all the bills of lading that are included in a specific trip. We’ll help you stay on top of regulations, best practices, and fleet industry news. Sign up to receive a monthly email notification with links to our most recent blog articles, free resources, and event invites.

What is a DOT safety audit?

We help you increase your safety awareness, reduce risk, follow best practices, improve safety training, and stay current with changing regulations. If you are arranging transportation for a group, the Passenger Carrier Safety Web Site helps you select the right vehicle and find the safest passenger carrier companies. There are plenty of truckers who put off these critical tasks until the end of the month. With TruckingOffice PRO, you can take care of most of your bookkeeping needs in the cab of your truck on your smartphone. However, you can deduct the interest portion of your truck payment plus depreciation on the cost of your truck.

You should keep documents that show the amount paid and that the amount was for a business expense. See the “period of limitations” table below for how long to keep these records. Examples of these are canceled checks, cash register tapes, account statements, credit card sales slips, invoices, and petty cash slips for small cash payments. Along with truck drivers, motor carriers have their own recordkeeping requirements set by federal law, with the threat of fines and/or other penalties for those who fail to abide by these rules. Federal trucking regulations are generally focused on the safety of truckers, commercial vehicles, and motor carriers to prevent accidents, injuries, and death. While those regulations cover all sorts of operations and situations, they also detail certain recordkeeping requirements.

Stay Up-to-Date With Your IFTA Data

The J. J. Keller Encompass Fleet Management System is the only fleet management platform that provides guidance backed by nearly 70 years of trusted DOT compliance expertise. Add connected technology like ELogs, dash cams, and vehicle tracking devices whenever you’re ready. Do you want another quarterly report finished with too much coffee and stress, or with the confidence that the numbers and the taxes are right? Instead of keeping records, your records can keep you up-to-date and on the road.

Tips for Keeping Clean Company Records

Keeping your fleet well-maintained is also essential, and this includes getting regular oil changes and other standard maintenance on time. The best way to save on gas prices is to download an app like GasBuddy, which will help you identify the best-priced gas in your vicinity. The first step is to research options and find one with a low interest rate that doesn’t have an annual fee. Credit cards with fuel rewards are ideal, given the amount truckers spend on gas. Ensure that you pay your balance in full every month to avoid high interest charges.

Record-keeping

Danielle Bauter is a writer for the Accounting division of Fit Small Business. She has owned Check Yourself, a bookkeeping and payroll service that specializes in advantages of electronic filing small business, for over twenty years. She holds a Bachelor’s degree from UCLA and has served on the Board of the National Association of Women Business Owners.

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