Bookkeeping Management News
For Owner Operator Truckers
How to Manage your business Like a Pro
If you operate and earn incomes on a monthly basis, from
trucking, you should want to see a monthly snap shot of how you
you should know your operating cost and profit numbers.
This way, when you talk with other truckers, you can compare
how well they are doing base on,
income per mile,
cost per mile and
how much profit
the are making per mile, instead of comparing their paid
You need to have
this type of information on your phone to give you a quick
overview when required to know,
did you Do This Month"
If you receive a
broker statement each month, you need to know if the gross
income minus the yard-expense deductions balanced to the net pay
deposited into your account.
are so busy driving, maintaining their truck, and keeping up
with the regulatory paperwork, they have no idea how they did
how they are doing at the bottom-line.
Their leave this
up to the once per-year visit to an accountant.
This is too late.
Your business earn
and spend monthly
so you need to have a service or system that feeds you this type
of information at the end of each bookkeeping month, instead of
at tax time when your accountant tells you how much you have to
pay in taxes.
assume that their accountant is taking care of this function.
Lets be real, you
know that accountants do not know your business. They know the
numbers and all about doing your taxes. But they do not
know your business.
So you should not
delegate this important business management task to an
accountant to only get information at the business year end,
when it is time to do the tax filings.
At that time the
best the accountant can do, is tell you how much tax you will have
That's like closing the gate after all the cows have left.
Here are you
minimum business information you need each month:
You will need a monthly operating result financial
You need a broker statement audit report on your phone
so you can take a quick
look when time permits, at a truck-stop, during
DOT rest time in the bunker
You will need a monthly operating analysis to give you
some meaningful number
Income earned per mile
Profit per mile at the bottom-line
Operating cost per mile/kilometer
Pre-tax Profit per mile/kilometer
You need to have access to a
quarterly operating statement which is the merging
of the monthly statements, designed for
quarterly tax compliance filings.
an annual Trucking for Profit, Tax Planning Check-up.
At your business third quarter, you need and should have a
operating result statement of your business performance
for the year-to-date and a year-end projection of what
your potential tax payable could be unless things change.
Some changes can be outside of your
control, however, the things this report help you do, is
schedule or delay trucking expenses based on projected
must do expenses and scheduling these to better manage
the potential tax result.
had a great Christmas. However, now is the time to
start planning for the kind of results you want to have
at the bottom-line in 2020.
Best wishes and success for 2020