Truckers have a diverse range of responsibilities, and for many, getting jobs and driving loads are the main focus. But it’s common for financial responsibilities to take up nearly as much time as moving loads. It’s important not to let these administrative tasks fall to the sidelines—especially the financial responsibilities. One important area to focus on is bookkeeping, which includes tracking expenses, maintenance, parking, receipts, and repairs. In this article, we’ll explain why your bookkeeping is essential to running a healthy business, and some steps you can take to make it seamless. 

Why Bookkeeping Is Important for Truckers

Bookkeeping—or the process of recording and categorizing each transaction—is an essential step of truck drivers’ financial management. While it’s a tedious process, bookkeeping is essential to getting your taxes done correctly and ensuring you don’t miss out on opportunities to take the deductions you’ve earned. Without well-organized records, you won’t be able to prove business expenses and could lose out financially at the end of each year.¹

Bookkeeping Tips for Trucker Drivers

1. Save Your Receipts 

Make sure you save all receipts—even for small purchases, as these can add up throughout the year. You want to be able to deduct as many business expenses as possible and will need receipts to prove their relevance. Keep a folder in your email for digital receipts, and consider storing a folder in your truck to organize paper receipts. Make sure you get a receipt after each gas station trip, meal on the job, or purchase of work gear.²

2. Have a Separate Business Checking Account and Credit Card

To accurately track your business expenses, it’s important to keep your personal and work costs separate. Don’t pay for work expenses out of your personal checking account; instead, open a business checking account and keep a separate credit card for those costs too. Not only keep your tracking more legitimate, but it will also reduce your bookkeeping time because you won’t need to weed out the personal spending.²

3. Keep a Logbook

Keep a physical or digital logbook with backups so your information can’t get lost. The logbook should list your carrier’s main office address, the name of the carrier, your total driving miles, total hours driven, and truck number.³ 

4. Save Your Records 

In order to file your taxes, you will need all your records at the end of the year, including proof of each quarterly tax payment, profit and loss statements, insurance bills, vehicle information, and bank statements. Keep these organized in a safe place throughout the year so you don’t have to scramble during tax season. Leaving it to the last minute will increase the likelihood of forgetting to include something in your reporting. 

5. Update Your Financials Monthly

Similar to keeping your records organized, it’s important to do your bookkeeping at least monthly. Don’t save it for the end of the year, when you’ll have to go through each bank statement line by line, categorizing spending you no longer remember. Make it a habit to keep everything updated by the end of the month so you are never playing catch-up with your books. Staying on top of your finances also means you will notice if anything is incorrect, if your business is losing money, or if you need to pivot your strategy for the rest of the year to ensure you wind up in a healthy financial position.² 

6. Use Bookkeeping Software 

Don’t rely on manual recordkeeping, which is time-consuming and prone to human error. Use a bookkeeping software that makes tracking your trucking finances easy and accurate. A popular tool like QuickBooks can help you keep everything on track. You’ll pay a monthly subscription fee and have access to digital tools that will organize and automate your bookkeeping, and generate profit and loss statements you can use for your taxes and quarterly payments. You could also choose to hire a bookkeeper, although it will typically be more expensive; managing your finances is a helpful skill for your career.¹

Partner With ACV Transportation 

While it’s important to stay on top of your bookkeeping, you’ll need a steady stream of trucking jobs to ensure your business has working cash flow. If you have a CDL and are looking to take your trucking career to the next level, partner with ACV Transportation to get access to opportunities across the country. We are connected with thousands of car dealerships throughout the country and post trucking routes daily. Reach out to us to learn more or get started today. 

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Sources 

1. Shoeboxed. 2023. “The essential guide to bookkeeping for truckers.” Shoeboxed. Retrieved December 19, 2024. https://www.shoeboxed.com/blog/important-must-know-about-bookkeeping-and-transaction-receipts-for-truckers/ 
2. Truckstop. “10 Bookkeeping tips for truckers.” Truckstop. Retrieved December 19, 2024. https://truckstop.com/blog/bookkeeping-for-truckers-the-basics/ 
3. Robies, Rudy. 2023. “Bookkeeping for truckers: 5 tips to keep your finances in order.” 1-800-Accountant. Retrieved December 19, 2024. https://1800accountant.com/blog/bookkeeping-for-truckers