The Importance of Good Record Keeping In The Trucking Business

Many of our customers have shared with us that they simply do not have the time to deal with all the paperwork that is involved with a trucking business.  At Truck Services of North America, our main goal is to take the paperwork out of your way so you can focus on the road.

We continue to build relationships within the industry to meet whatever needs our customers may have.  We are excited that through working with Trucker Tax Service (TTS), we can now refer our customers to a company specializing in trucking taxes and bookkeeping.

Here’s a bit about what Jim O’Donnell has to say about the importance of keeping good records.

LOST RECEIPTS = LOST MONEY

Have just one receipt fly out the cab window and it can cost you hundreds. Lose a few receipts and you could be out thousands...

If you own your own authority or drive as an Owner Operator or Lease Operator, according to the IRS, you’re a small business owner. If you have just one truck you drive yourself, or you own multiple trucks, with multiple drivers, either way, the IRS classifies you as a small business owner and expects you to maintain monthly bookkeeping records on that small business.

Have you ever been audited by the IRS? If yes, then you know how painful an audit can be, both financially, via fines and interest, as well as the time it takes you off the road earning income. An easy to use bookkeeping program can keep you in compliance with the IRS and remove the stress of a potential audit.

POOR MANAGEMENT

The lack of poor record keeping is by no means exclusive to the truck driving industry. Many a report on business failures cites poor management as the number one reason for the failure of small businesses. New business owners frequently lack relevant business and management expertise in areas such as finance or monthly record keeping.

Unless they recognize what they don’t do well, and seek help, truck drivers inevitably face disaster. Failure to keep a truck operating and profitable is very common among OTR drivers. The failure has less to do with the loads the driver secures on a job board or with the company where the driver currently contracts, then the lack of knowing if their small business is in fact profitable.

A solid percentage of drivers have little to no knowledge if their business is actually making money.

Drivers or small companies, who have control of their bottom line numbers, are always the most successful businesses on the road!

TAP (Truckers Advantage Program) offered by Trucker Tax Service, Inc. Say goodbye to being confused by the numbers and take control!

When tax time rolls around each year, as a TAP member, TTS will already have everything we need to maximize your allowable business deductions and to complete your tax return right away.

Truck Services of North America thanks Jim for sharing his knowledge on the subject.  If you have any tax or bookkeeping questions, contact Jim at (888)-799-1099 or www.TruckerTaxService.com.