11 Bookkeeping Tips for Truckers: The Basics

If you have investors, they’ll require that you provide financial reports. And if you are trying to get a business loan, you’ll need clear and easy-to-read financials so that potential investors can make an informed decision about investing in your vision. It simplifies the bookkeeping process, making it easier to track expenses, manage accounts payable and receivable, and generate reports.

Even unprofitable startups must file annual federal and state taxes every year. They set up our books, finances, and other operations, and are constantly organized and on top of things. As a startup, you have to focus on your product and customers, and Kruze takes care of everything else (which is a massive sigh of relief). I highly highly highly recommend working with Vanessa and her team. Our timesaver package will provide you with a proactive partner who will handle your accounting needs while you focus on business. Get in touch with us today to learn more about our monthly bookkeeping options.

You can do your own books (if you have time)

However, you typically don’t have to worry about keeping a copy of every receipt. In many cases, your bank account and credit card statements should provide sufficient supporting details for the average business expense. Owner-operators with out-of-date financial records quickly realize how difficult it is to balance the books when transactions compile. Additionally, there could be instances where business owners forget the source of some transactions after a long time. All in all, updated financial records mitigate the risks of errors and missed deductions.

The Purchases account on the chart of accounts tracks goods purchased. If your company is larger and more complex, you need to set up a double-entry bookkeeping system. At least one debit is made to one account, and at least one credit is made to another account. If you use cash startup bookkeeping accounting, you record your transaction when cash changes hands. The financial transactions are all recorded, but they have to be summarized at the end of specific time periods. Other smaller firms may require reports only at the end of the year in preparation for doing taxes.






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