Truckers today can do their own bookkeeping and save money
without any prior bookkeeping or software experience. All they
need is the right bookkeeping software and the desire to cut
result of the ever emerging communications technology and tools,
stop a group of truckers today anywhere and ask them what type
of technology tools they use at home and in the truck while on
the road. You will find that they are all connected in some way.
will have a laptop computer in the truck that they use for
surfing load boards for backhaul loads or to make other trucking
related connections such as finding a good mechanic if something
happens that must be repaired during the trip.
fact is some will have a laptop computer, some will have a
tablet, some will have a smart phone and some will have all of
the above, plus a PC at home.
truckers are carrying these business tools, why not use these
tools to keep a record of expenses while on the road using the
right easy to use software instead of folding the invoices and
receipts received and placing them in a bag, briefcase or in
their pocket to be stored in a file cabinet when they get back
to home base to be packaged and sent to their accountant at
month end or quarter end.
with the right bookkeeping software, truckers can easily keep
track of the expenses incurred on the road, by simply entering
the incomes and expenses into the right bookkeeping software
installed on their computer or tablet and let the bookkeeping
software do the bookkeeping and produce operating results
numbers that will allow them to always known their numbers.
truckers step up and begin doing this, they will be moving the
idea of truckers bookkeeping from a bunch of receipts in an
envelope getting ready to be sent to an accountant or bookkeeper
across town or across the country, to becoming a small business
trucking owner operator that know the numbers and provide these
to their accountant or bookkeeper on a monthly or quarterly
basis as professional operating results data and reports instead
most accountants today with professional designations if they
like providing bookkeeping service to truckers and they will
give you the same answer. We prefer not to do truckers.
Reason; they are hard to work for and with. We do not have the
resources to prepare the paper invoices and receipts truckers
send us in an envelope or shoe box so as to do their books.
Working for truckers is super time consuming. First we must
unfold and straighten the receipts and invoices they send us in
order to prepare the documents for processing. Some of the
receipts received are crumbled like garbage which we must
straighten so as to be able to read what it is for and the
expense amount, before we can begin to do the bookkeeping
information processing and data entry which is what we have
charged them our fee to do.
bookkeeping for trucker’s task requires us to prepare the
documents for processing and then sort them into
chart-of-account categories so as to generate a set of
meaningful operating results financial reports for the business
that will be easy for the trucker to understand.
type of work requirement in order to do the bookkeeping for
truckers discourages most accountants and bookkeepers from
wanting to provide bookkeeping and tax services to truckers.
it is so simple. Truckers today can get out from under this
cloud by simply using their computer, tablet or smart phone with
the right bookkeeping management software installed to do their
own bookkeeping data entry so as to provide their service
providers with data instead of paper.
Another reason why truckers should embrace the idea, is being
able to maximize their tax deductions by not missing any expense
because the receipt faded and could not be used or got lost from
being stored in their pocket or in the truck. In addition,
moving from the envelope or shoebox mailing or courier system
eliminates the potential of the source documents being lost in
transit or the bookkeeper misplacing the documents or retired
to any accountant or bookkeeper today about bookkeeping service
fees and truckers and they all agree that if the truckers
provide the bookkeeping information as data instead of paper the
bookkeeping fees would be significantly lower depending on if
they need quarterly tax filings.
However, even if they did need quarterly tax filings, the total
annual fee excluding year-end accounting and tax preparation and
filings would be significantly less.
why are trucker’s not taking advantage of this opportunity to
save money at the bottom-line?
cut cost and save money in trucking today, truckers have no
control over rates, no control over diesel fuel cost and no
control over fixed costs such as truck insurance, truck or
trailer lease, or equipment financing charges.
the variable cost is out of the control of truckers. These are
all operating expenses, so the area that truckers do have some
control over how much they must pay, is in the bookkeeping
service fee area. Here again why this variable expense can be
controlled by truckers is based on how they provide the
bookkeeping information to their accountant or bookkeeper.
thing about. It is estimated that the annual fee for bookkeeping
and tax services today for a trucker with one truck operating as
a corporation, is about $2000 per year and higher. The
Bookkeeping portion could be about $1200.00 or $100.00 per month
with the year-end fee portion being $800.00 or much more
depending on the service provider and the size of the company or
number of trucks.
trucker doing his or her bookkeeping was able to cut their
Bookkeeping service cost by $1000 per year and invested that
$1000 into an RRSP or for a US trucker into an IRA, the $1000.00
for Canadian trucker would help to lower their personal tax plus
add to their retirement nest egg as funds they can cash in at a
lower tax rate and potentially pay zero tax, depending on the
amount of their pension.
the question for truckers should be how to find the right
Truckers looking for the right software should look for an easy
to use software.
should look for a software that does not require them to do any
type of formatting or totalling
should not have to spend time learning the software. It should
be simple as 1, 2, 3.
Truckers should look for a software that will provide them with
live online support that will help them develop their software
right software must have an available support consultant that
knows the bookkeeping for trucker’s business process who will be
able to walk them through how to enter information and use the
software and all its features and reports.
support should be available Monday through to Saturday. This
way, truckers can call the support from anywhere and get
professional, live help on using the software.
right software will provide truckers with an easy to follow
tutorial as well as software bookkeeping help as required to
help truckers transition from pocket and envelope bookkeeping to
doing their own bookkeeping and being able to access and print
their own bank presentation ready financial reports without
having to call their accountant or bookkeeper for help and
having to pay for the service.
have searched the industry and the best there is today for
truckers that meets all of the criteria for being the
right bookkeeping software for truckers is,
However, don’t just take my word and recommendation, go to their
online demo tutorial and take a test drive by perusing the
demo and all of the available reports.
www.truckersbooksonline.com and click the truckersbooks demo
tutorial image link.
year is still young, there is still time to start saving money
off your bookkeeping service fee that you will be able to
deposit to your RRSP or IRA. So take the first step by taking a
tour of the software demo.
can also go straight to the demo tutorial start page by clicking
one of the links below:
Canadian Truckers demo-tutorial link.
US Truckers Demo Tutorial Link
Why truckers need to do year-end tax planning?
To reduce their
tax payable by creatively applying tax planning strategies, or
even causing the trucker to pay Zero tax. However this cannot
be done after the business bookkeeping year-end. This must be
done prior to the business year-end.
As an example,
If the business year-end is December 31, 2014, tax planning
needs to be done before or by the last day of the year so as to
know the numbers at the bottom-line before the year-end and know
your estimated tax payable amount and whether you need to, or
can the tax payable amount be reduced or eliminated to ZERO.
However, it has
been our experience that most truckers are not willing to manage
their bookkeeping on a monthly or quarterly basis, preferring to
store their business operating documents and information and
send them to their accountant or bookkeeper once each year in
envelopes or storage boxes.
This group will
continue to pay more taxes than they should, but that is the
price of neglect. With today’s available technology, there is
just no reason to pay more tax than you should due to hanging on
to the old ways of bookkeeping and getting your taxes done.
are truckers who are required to file quarterly GST/HST returns
or in the case of US truckers, need to file quarterly estimated
self-employment tax returns.
in some cases accountants and bookkeepers will charge an
additional fee for tax planning services, most truckers do not
even ask for this service and continue being a good easy source
for more taxes by CRA and the IRS.
Yet this is a
would like to pay less tax or even Zero tax, must get serious
about the bookkeeping side of their business so as to take
advantage of two tax planning sessions per year with their
This should be
in October using the operating result numbers for January to
September to do a year-end tax liability projection so that in
late October or November they would have an estimated idea of
the potential tax they will have to pay.
planning projection would give them the opportunity to make
decisions with the help of their accountant or bookkeeper to
lowering the estimated tax payable amount before year-end.
This will be
the year-end tax planning which depending on the results from
the third quarter tax liability tax planning projection, could
be in December, to review the December operating results and
what impact or difference is reflected that may need
Finally, at tax
time during the actual preparation of the applicable tax
returns, tax planning here will look for qualified income
splitting or differed income or expense opportunities and more.
bookkeeping management includes a wide range of tax deductible
operating expenses that truckers receive in paper format or as
deductions on their broker statements and bank statements.
As a result, it
is sometimes easy for some tax deductible expenses to get missed
by truckers as well as their accountants and bookkeepers due to
truckers not being able to provide the source document or due to
the timing by which they receive their broker statement showing
these expenses causing these expenses to be reported in the next
Now, we agree
that these events do not necessarily lose truckers the tax
is the problem. Tax planning opportunity was lost since the
deduction was not available to be recognized during year-end tax
planning. If it was, it could have reduced the tax payable on
the current year tax return. For tax planning to work, truckers
must change how they manage their books.
Not wishing to
be biased, but my recommendation is that truckers move from the
old system of bookkeeping source document storage, to using a
bookkeeping software that allows them to know their numbers on a
monthly basis and have the opportunity to provide their
bookkeeping service provider with operating results financial
reports on a monthly or quarterly basis.
This way, it
will be easy to make tax planning happen as well as reduce their
bookkeeping service cost, since their service provider will
welcome the opportunity to provide the required services without
having to prepare, sort and process the paper documents
generated by truckers on a monthly basis.
However, if we
are talking about software, I must recommend
TruckersBooks software. A true customized for truckers
bookkeeping management system that gives truckers the
opportunity to easily bring their bookkeeping management system
to a professional level and make tax planning an ongoing
no-hassle business process.
Here is hoping
that 2014 was a good year and wishing you a super successful and
highly profitable 2015 and the opportunity to keep more of the
business profits with good bookkeeping management and tax
TruckersBooks Software launches Version-8 with an
easy-to-use Broker Statement bookkeeping data capture and
driver settlement auditor and analysis feature.
TruckersBooks Software Broker Statement Bookkeeping feature is
designed to make it easy for truckers to understand the numbers
on their Broker Statement and convert these to Bookkeeping Data
by simply entering the numbers from the broker statement
received into the TruckersBookis Broker Statement Worksheet.
This feature will make it easier for truckers to understand the
income and deductions numbers on their broker statement, as well
as the accuracy of the driver pay amount without the need for
any prior bookkeeping experience or having to get help from
How It Works
As truckers enter the income and deductions from their broker
statement, the system automatically create a set of operating
result financials and analysis, including Net
Driver/Owner-Operator Pay settlement verification to allow
truckers to easily know their earnings from trucking numbers,
including income per kilometer/miles, cost per kilometer/miles
and pre-tax profit per kilometer/miles.
This software will allow truckers without any bookkeeping
experience have monthly financial reports they can take to the
bank. The reports include: Profit/loss Statement, a Cash flow
report and a month-end management report they can send to their
With this software, truckers will save money. They will be able
to CUT their bookkeeping service cost by being able to send
their accountant/bookkeeper DATA Instead of PAPER
To give truckers control of the bookkeeping side of trucking,
generates a tax filing ready report. For
Canadian Truckers, a
allow them to easily file their own quarterly GST Returns or
simply send the report to their accountant or bookkeeper to
Truckers the software generates a set of month end reports
including a tax filing ready
Estimated Self-employment tax report
We are a leading provider of customized bookkeeping management
software for truckers that allows them to cut their bookkeeping
service cost and save money by taking control of the bookkeeping
side of trucking, know the numbers and reduce their tax payable
without any bookkeeping experience.
- 30 -
Truckers are losing Tax deductions due to faded Diesel
Fuel and Meals receipts
means paying more tax
truckers will purchase Diesel Fuel, 2-3 times per week
depending on the type of trucking they do. Each Diesel Fuel
purchase averages between $300.00 to $800.00 or much more
on each purchase where you receive those small cash register
receipts for your records.
is the problem. If we use the $800.00 as the average and 3-times
per week fuel purchases for this discussion it means that this
trucker would have received twelve (12) of these small receipts
after a month of trucking.
three (3) of these have faded by tax time and cannot be used and
the average receipt value was $800.00 that will represent an
expense deduction loss of $28,000.00. This will cause you to
pay more taxes as your business pre-tax profit will be inflated
resulting in a higher tax payable .
am sure some truckers lose even more. As you can see you could
be paying more tax than you should and that is not a reflection
on your accountant or bookkeeper. It is just what happens when
expense receipts are not deducted as part of your business
could also be losing money from not being able to claim the
refundable GST amounts that you paid on the goods and services
you purchased in Canada where the receipts are blank.
To read more about the small
receipt system go to
CLICK HERE to go to the Diesel Fuel and
Meals Receipt Management System Menu
So if truckers begin managing the small receipts obtained on the road for
meals purchases and Diesel fuel purchases they will be able
to cut the tax deduction loss from lost or faded small receipts.
accountant or bookkeeper may have already told you that these
small cash register receipts fade fast and in most cases are
unusable. If your accountant or bookkeeper can’t read the
receipt amount it cannot be claimed as an expense. If it is
blank, like most of these receipt, after a few days or weeks it
is a lost business expense deduction for you.
The best way to stop this expense
deduction loss is to file these receipts in your bookkeeping
system as received or within a week. Plus, where possible do
not place these in your pocket they will fade even faster.
This problem can be easily solved with
the TruckersBooks system. You would simply enter the receipt total from
the bottom-line. That’s it.
For Canadian truckers it is even more important
to have a system of managing and safe guarding the expense
amounts on these receipts. Diesel fuel receipts acquired by Canadian truckers contribute much to
their GST returns filed
and the amount of your refund claimed. As a result, these returns
are audited regularly by CRA.
Truckers can eliminate the
potential for loss refunds by filing their diesel fuel receipts
online using the TruckersBooks diesel fuel management and
This online diesel fuel management
system provided by TruckersBooks, is an easy-to-use diesel fuel
expense filing and recording system. Because it is online,
truckers can use it from anywhere in Canada or the United
States, without any experience, to capture the Diesel fuel
and Meals receipt expenses.
This online system allows truckers
to enter the information from the receipts and click submit and
the system sends them an email report verification of the
expenses entered with instructions to attach the receipts to the
report and file it in their business papers filing system.
This way, in the event of an
audit, truckers using the online system will have a dated audit
support report that the auditor can review and feel confident of
the information integrity. This way, even if a few receipts are
faded by the time of your next tax audit, you will have a smooth
sailing in this area.
truckers today can cut service cost and
reduce their annual tax payable by taking control of the
bookkeeping-side of trucking and knowing the numbers
It is time for truckers to take
steps to be in control of the bookkeeping side of the business
so as to lower the tax payable and save money by cutting their
bookkeeping service cost.
Truckers can easily do this
without any prior bookkeeping experience, using customized for
truckers bookkeeping management software like TruckersBooks.
This software will allow truckers without any bookkeeping
experience to take over the management of the bookkeeping-side
of trucking and know their numbers by having a set of
professional financial reports on a monthly basis they can take
to the bank.
The good news! TruckersBooks is
the leading easy-to-use bookkeeping management software for
truckers today. The software was developed for Canadian Truckers
by TruckersBooks, a Canadian Truckers Bookkeeping Management and
Support services company. www.truckersbooks.com.
With this customized for truckers
software truckers will be able to easily get organized and in
control of the bookkeeping process. Here is why! With the
TruckersBooks software, all that a trucker needs to do is to
enter the business income and expenses in CUSTOMIZED expense
columns and the system does the bookkeeping and creates a set of
professional financial reports ready for the bank, if required.
This means that truckers will be
able to eliminate the shoebox and envelope bookkeeping and have
a set of meaningful financial reports on a monthly basis while
eliminating the need to pack and ship their business paper
documents to an accountant or bookkeeper across the city or
across the country.
With the TruckersBooks software as
your bookkeeping management tool, you will be in charge. You
will be able to send your accountant or bookkeeper your
bookkeeping information for quarterly tax filings and year-end
tax reporting, as Data Instead of Paper.
This means that your accountant or
bookkeeper, will no longer have to sort, classify and data enter
your information and receipts into their bookkeeping system in
order to provide the required tax services.
Instead, you will simply send them
one or more of the financial reports generated by the
TruckersBooks system that meets their bookkeeping and tax
information needs. This will significantly reduce their time
and cost to prepare and file your GST/HOST returns on a quarterly
Similarly, for year-end tax
reporting, you will be able to provide your accountant or
bookkeeper with financial reports including balance sheet
required data for use in the preparation of your year-end
corporate and/or personal tax returns.
The bookkeeping management reports
generate by the TruckersBooks system monthly includes:
Profit-Loss statement (Canadian Funds)
Profit-Loss US/Canadian Report (This
report gives the US cost numbers and more)
Net-File Ready report.
Truckers can use this
report to file their return, or send it to their
bookkeeping to file
To view samples of the system
reports go to:
Canadian truckers running US, this report will lower your IFTA
required paperwork. What the TruckersBooks system does, is allow
truckers entering Diesel fuel, to also enter Kilometer/Mile and
travel jurisdiction and other IFTA related information and the
system will automatically create driver trip report and IFTA
summary that they can print and provide to Carrier managers or
their IFTA service provider in report format instead of a bunch
of trip reports.
This is the
report you will be able to print and send to your accountant or
bookkeeper on a monthly basis that will meet their tax filing
management and Tax audit report.
links all the information you entered into a unique audit review
system for auditors and your accountant. This is the report you
would print at the end of each month and attach to the source
documents, invoices and receipts from which you took the income
and expense information that you entered for the month and file
this is your document storage for future audit system.
To read more about the
TruckersBooks software system and how it works, go to
www.truckersbooks.com and request a review demo copy of the
software to see how easy it will be for you to bring the
bookkeeping-side of your business home and begin without any
bookkeeping experience, to manage the bookkeeping process from
your truck or from your home office.
You can also go to their reports
information page at:
http://truckersbooks.ca/reports.htm to read more about the
reports and view samples of some of the key bookkeeping
With these reports, you will be in
control of the business information and the bookkeeping side of
your business. It also means you will be saving money by
cutting your bookkeeping service cost. The good news is your
accountant and bookkeeper will love you for being able to send
them data instead of paper and will gladly reduce or
eliminate the fees they would charge you for bookkeeping
You will also be helping them do
more with less people resources by eliminating the bookkeeping
preparation and data entry work they were doing for you by
moving to providing tax services instead.
Save money by taking
control. You can do it. No Bookkeeping experience required
It is time for truckers to start
using the available business-side of trucking management tools
to take control of the bookkeeping-side of trucking, the same
way they take control of the management of the trucking
equipment and the maintenance side of keeping their trucks
So take charge and add knowing
your numbers as being as important as keeping your trucks
run-ready. You can always lease or buy another truck, but if you
do not look at cutting cost and making sure that all deductible
expenses are deducted you will lose the true benefit for being
in business for yourself.
In Addition, getting in control of
the bookkeeping-side of the trucking business will make it less
frightening when you have been audited. Here is why! Auditors
today audit your books and raise an assessment and you have very
little time before the assessed amount is in their collection
Their collections officers also
move fast. They let you know that they need payment now. If
you explain that you feel that the assessed amount is incorrect,
they will advise you that you can file an objection, but in the
mean time you must pay the amount assessment and if you are
successful, the amount paid including any interest and penalties
charged will be refunded.
The collection officers will also
advise you that if the payment is not made within a specified
time they will take legal action. Legal action means seizure of
your bank account and a demand issued to your carrier to pay any
and all income earned by you going forward to CRA until the
amount is paid.
Keep in mind that
most of the audits of truckers are focused on GST/HOST returns
To challenge these audits and get the assessments
reversed you will need to have a GST/HOST bookkeeping management
system that can easily produce detailed easy to review reports
such as the following:
paid by expense category that will balance to the GST return
must be able to produce the related invoices as copies or
close attention to the province where you made the purchase and
that the correct
GST/HOST rate was applied in calculating the refundable GST.
The good news! These audit
management features are built into the TruckersBooks software to
help make your next tax audit hassle-free, as well as make it
relatively easy for you or your accountant to challenge an after
audit tax assessment fast before their collections department
start calling you.
About the software
TruckersBooks software was
developed by TruckersBooks Inc., in February 2012 and launched
in may 2012.
The software is currently being
used successfully by truckers in Canada and the United States.
The program developers are
truckers bookkeeping accountants with over 30 years experience
providing bookkeeping and tax services to truckers.
More about the software is
available on the website at
www.truckersbooks.com and on YouTube.
TruckersBooks user Group
To help truckers using the
TruckersBooks software grow their confidence and acquire related
knowledge and support as they manage the bookkeeping side of
their business, TruckersBooks will be hosting and conducting a
series of seminars this summer that will help build the
bookkeeping and business management confidence of truckers, To
read more about the seminar go to:
Truckers who take control of the bookkeeping side of trucking
Its Time for Truckers to move
their business into the new and ever evolving business
enhanced technology environment and begin taking control of the bookkeeping side of
trucking, so as to know their numbers on a monthly and quarterly
basis without having to pay an accountant or bookkeeper to
supply this information.
The trucking industry has embraced
technology and the benefits it brings to the business of
However, the primary service providers, Truckers,
also referred to as Brokers that risk everything to purchase or
lease a truck valued at up to $150,000 or more, to truck across
Canada and the United States hauling loads for their Carries or
clients, are resisting the importance of bringing technology to
In an industry where the buzz
words are “Smartphone”, “Cloud Computing”, “Online Bookkeeping”
“Tablets” and even Laptop computers, most truckers are still
running their business from document storage boxes and mailing
envelopes and as a result don’t know their numbers.
WHY IS Knowing the numbers is
being left up to accountant or
bookkeeper BY TRUCKERS?
It is time for truckers to get
involved in the bookkeeping-side of trucking which is the driver
to the business and start using technology and the customized
for truckers business tools in the industry that will give them
business-side of trucking management power.
Too many Truckers still run their
business by stuffing all of their business documents into an
envelope or shoe box and send it to a bookkeeper or accountant
across town or across the country to have the information
processed into bookkeeping data and create the required
financial reports to handle the applicable tax compliance
With today's available technology
and the availability of customized software, truckers should
step-up to the plate and become engaged managers and
owner-operators of a trucking business, instead of seeing
themselves as a trucker.
It is a fact that trucking for the
owner operator trucker is no walk in the park business or
Most truckers begin the day at
2am-3am each day to get loaded and on the road to their first
delivery trip for the day. The same trucker is required to
manage a flood of paperwork including trip reports, driver logs
and other carrier specific paperwork.
So we know that. However,
truckers will note that the carriers they haul for have embraced
the use of technology and truckers should do the same. It is
not ever going to go away.
In the area of bookkeeping
management, there are easy-to use customized for truckers
bookkeeping management systems available today that will allow
truckers to use down-time and waiting time to update their
bookkeeping information from anywhere using a laptop computer or
It is time for truckers to stop
Get involved in the business of
trucking – Know your numbers
Know how much profit you are
making each month
Know your monthly Cash Flow
Know your profit per load
numbers. If your are independent or hauling back-hauls.
good to know the numbers before you backup to the loading dock.
You need to know if the loads you
haul are really profitable or are they costing you money
Stop the packaging and shipping of
bookkeeping information to service providers – what if the
documents got lost and you are audited. The tax department will
not consider the lost document as a reason to give you a pass
for an audit they have scheduled where you are unable to provide
proof in the form of copies of original source documents.
the big one to consider. What if the bookkeeper
died. It is possible. Accidents, heart attacks and any
number of other things can happen. Although we hope they
never do, but that we also know is naivety. The only way for you
to always have control over your original source documents, is
to never send them to an outside bookkeeper or accountant.
Send them data instead of paper,
or send them copies.
The next step however is, how to
keep the originals save and audit ready. Get involved with Cloud
Server document storage, that will have a copy of your original
source document and allow you to easily access and print copies
of any document stored in the cloud at any time, without having
to call your accountant or bookkeeper.
Keep in mind that the auditors are
coming. That is a fact and they are currently conducting a
higher number of audits on truckers that on other small business
The reason! They have
developed the idea that truckers do not normally have easy to
audit files and records, so to easily raise a good size
assessment truckers are good pigeons.
It is time for truckers to get
involved in the process and change the way they work with and
interact with their bookkeeping and tax service providers. Begin
now sending your bookkeeper or accountant data instead of
paper. They will love that and will charge you less for their
The interesting thing about
embracing the bookkeeping technology is the fact that it will
allow you to send your bookkeeping and tax services provider
data instead of paper, which they will enjoy and prefer which
will motivate them to charge you less for their services.
In addition, to take being in
control of the bookkeeping side of trucking to the next level,
start using your computer to know your numbers. There are
easy-to-use software in the market that will help you do this.
This way, you could have your bookkeeping management system on
your laptop computer in the truck with you as well as on your
home computer if they are different.
The bottom-line! All of the tools
that will help you take control of the management of the
bookkeeping-side of trucking are tax deductible.
So join the trucking take control
of the business-side of trucking revolution, get to really know
your bookkeeping-side of trucking numbers and drive more profits
you business bottom-line.