Every owner-operator needs to understand bookkeeping for truck drivers. Here are some very basic tips to consider:

  • Maintain your Books on A Daily – This is critical in having an accurate picture of where your business is going money-wise. Once you’ve set up your system, keeping the books should only take a few minutes a day.
  • Be Careful with Checks – You’re likely comfortable with operating with cash, but business checks are almost as easy to use as cash, so you should be careful to always sign checks in a clear, legible way and make sure to look at every cancelled check you receive for your records to ensure they are accurate.
  • Use a Month-End Cutoff – Synchronizing your bank statement with other monthly records will make it much easier to reconcile your statement and track expenses.
  • Be Audit-Proof – Maintain separate checking accounts for your personal and business expenses. Save receipts for every business-related purchase. In short, if there is a record of a transaction you made, hold on to it!

As always, when in doubt, it’s a good idea to consult an expert to help you. Dunham Tax Professionals is an expert in your tax and accounting needs.  Contact us. We’re here to help.

error: Content is protected !!