Lanice Lawrence & Associates Accounting and Tax Services for Truckers

Before investing, consider your investment objectives and the fees and expenses charged. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other bookkeeping and accounting services for truckers financial services organizations. All financial products, shopping products and services are presented without warranty.

Trucking accounting, payroll & tax compliance in Milwaukee & Madison

The amount of insurance premiums that have not yet expired should be reported in the current asset account Prepaid Insurance. The amount of a long-term asset’s cost that has been allocated to Depreciation Expense since the time that the asset was acquired. When a specific account is identified as uncollectible, the Allowance for Doubtful Accounts should be debited and Accounts Receivable should be credited. As a result the bad debts expense is more closely matched to the sale. When the credit balance of the Allowance for Doubtful Accounts is subtracted from the debit balance in Accounts Receivable the result is known as the net realizable value of the Accounts Receivable.

Record Every Transaction

For example, a company may designate JE33 (Journal Entry #33) to be the recurring accrual of expenses that have occurred but have not yet been recorded in Accounts Payable as of the end of a month. To achieve a proper cut-off and to distribute the financial statements in a timely manner, it is helpful to have a timeline (or PERT chart) that indicates the necessary steps in the closing process. The cost of the hours worked through December 31 must be included in the company’s December expenses and in the liabilities as of December 31. In addition, companies often prepare quarterly and monthly financial statements which are referred to as interim financial statements. At a minimum of once per year, companies must prepare financial statements.

How Fuel Advances Work for Trucking Companies

Whenever Depreciation Expense is debited for the periodic depreciation of the buildings, equipment, vehicles, etc. the account Accumulated Depreciation is credited. The insurance expense will begin in January at a rate of $1,000 per month. Since none of the cost expired in December, there is no insurance expense in December. As of December 31, the entire $6,000 will be a prepaid expense because none of the cost has expired.

Our Columbus, OH CPA firm offers the accounting solutions and detailed reporting you can use to track expenses, cut costs, and make operational improvements. Receive financial tips, tax due dates and tax strategies right in your inbox from our accounting firm. We employ proven accounting solutions and financial strategies that are a result of years of experience working with clients in the trucking industry. Our accountants specialize in transportation accounting services, understanding trucking industry nuances.

A petty cash book is a record of small-value purchases before they are later transferred to the ledger and final accounts; it is maintained by a petty or junior cashier. Timely recording of transactions does not require daily entry – with the exception of cash transactions. A daybook is a descriptive and chronological (diary-like) record of day-to-day financial transactions; it is also called a book of original entry. The Cash-Based System of Accounting (or Cash Basis Accounting) is a simplified method of financial record-keeping that determines a company’s profit based on the actual cash flow.

TRUCKING ACCOUNTING SERVICES

On the bank reconciliation a deposit in transit is an adjustment (an addition) to the balance per bank. In the bank reconciliation, outstanding checks are deducted from the balance per bank. The objective is to be certain that there is consistency between the amounts and that the company’s amounts are accurate and complete. The book value of a company is the amount of owner’s or stockholders’ equity. The book value of an asset is the amount of cost in its asset account less the accumulated depreciation applicable to the asset. A gain is measured by the proceeds from the sale minus the amount shown on the company’s books.

• Accounting, bookkeeping, bank reconciliation — we handle it all.
• Before investing, consider your investment objectives and the fees and expenses charged.
• With our support you’ll refine internal controls, eliminate unnecessary expenses and keep more of your profits.

Our team has extensive experience in handling the unique financial challenges that truckers face. When I met Barry Fowler at a truck show he told me how TruckerTaxTools.com can help get my Trucking bookkeeping in order. After talking with Dave Solves at a Truck Show, I used them for my taxes I got an awesome refund. At Trucker Tax Tools, we focus on bookkeeping solutions tailored specifically for truck drivers.

Small Business Accounting Services

Losses are reported when a company disposes of a long-term asset for the cash, and the amount of cash received is less than the book value of the asset. (On the other hand, the interest expense paid by a bank for the use of depositors’ money is one of the bank’s operating expenses.) For example, advertising expense is one of the operating expenses of a retailer. Operating revenues are the amounts earned from carrying out the company’s main activities. However, if a corporation’s common stock has neither a par value nor a stated value, the entire amount received by the corporation at the time that the shares were issued will be recorded in this account. If a corporation also issued preferred stock, there will also be two additional accounts.

The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports for the organisation, such as the income statement and balance sheet. We deliver a range of accounting services for trucking companies tailored to the trucking industry, including driver payroll management, revenue tracking, and expense reporting. We at Invensis have offered tailored accounting and bookkeeping business solutions for truck drivers and trucking companies. Trucking accounting software can help create a chart of accounts that aligns with the needs of your trucking business. Trucking companies often have a unique chart of accounts because revenue and expenses are quite different from other businesses. Finding the right accounting software for your trucking business can seem daunting but choosing the right one will save time and money in the long run.

Best Trucking Accounting Software

While they seem similar at first glance, bookkeeping and accounting are two very different mediums. Tasks, such as establishing a budget, planning for the next fiscal year and preparing for tax time, are easier when financial records are accurate. When an effective bookkeeping system is in place, businesses have the knowledge and information that allows them to make the best financial decisions. Most businesses use an electronic method for their bookkeeping, whether it’s a simple spreadsheet or more advanced, specialized software.

Why Businesses & Individuals Love outsource-bookkeeper.com?

Weitner said bookkeeping is critical because it lays the groundwork for making smart business decisions and for long-term success. He has over a decade of experience teaching accounting at SNHU. Michelle Payne has 15 years of experience as a Certified Public Accountant with a strong background in audit, tax, and consulting services. They also ensure that these processes are reported accurately, providing valuable financial insights and helping guide future business moves.

Bank charges, check printing fees and errors in the company’s accounts do require the company to make accounting entries. While many companies process payroll on their accounting software, others opt to outsource payroll to companies such as ADP, Paychex, Intuit, or local firms. The accounting software’s vendor files also allow a company to prepare purchase orders, receiving tickets and to pay the vendors’ invoices. The accounts that report non-operating revenues, other revenues, and gains are expected to have credit balances since they cause stockholders’ equity to increase.

• When an effective bookkeeping system is in place, businesses have the knowledge and information that allows them to make the best financial decisions.
• The chosen method affects record keeping, expense tracking, and most importantly–interactions with the IRS.
• This way, your accounting firm knows how your business works, and you need to manage your finances.
• However, a temporal link must exist between the transactions and their accounting entry.

It will be a big problem once you file taxes, apply for loans, or try to figure out your actual profits. Often, these mistakes have devastating consequences on their cash flow. This works, but once your business gets bigger, you’ll also start committing mistakes. If not addressed early, such errors can have financial and legal repercussions.

For trucker drivers who prefer to spend their off-duty time resting up for their next long-haul trip, hiring a bookkeeper can be a great investment. It helps you understand the cash flow and keep track of costs, profits, and bills. There are two mandatory annual Taxes your business can not miss. 2290 is the Tax return on the use of heavy vehicles on highways. All the transportation companies need to file the fuel consumption Tax every quarter to keep operating without penalties.

TBS is your partner in trucking

We prepare and file all necessary tax documents, including IFTA returns and payroll taxes. Our CPAs and bookkeepers categorize transactions, monitor compliance, and optimize deductions. Detailed multi-state fuel tax calculations and quarterly filings. Pay only for the services you need, with no long-term contracts.