How Truck Drivers Can Keep Track of Their Small Business Finances
A key part of owning any business is keeping track of finances. To some, this is a daunting, numerical task; to others, tallying up the finances at the end of the month could be a lot of fun. Of course, the level of “fun” might ultimately depend on how well the business in question is doing. At any rate, a small truck driving business is thankfully one of those enterprises where the entrepreneur can take it upon themselves to keep track of their finances.
Business Insurance for Truck Drivers
From small owner-operators to mid-sized trucking companies, every trucking business requires insurance as protection from lawsuits and unexpected losses. Of course, choosing the right type of insurance is an entire field in and of itself. Be sure to conduct thorough research before committing to a specific insurance plan, and keep in mind that the insurance policies you’ll have to choose from will most likely include the following:
- Commercial auto
- General liability
- Business owner’s policy
- Workers’ compensation
- Professional liability (Errors & Omissions insurance)
- Umbrella liability
- Property insurance
- Cyber liability
Small Business Accounting for Truck Drivers
While contracting a professional accounting firm will certainly streamline your company’s bookkeeping, truck drivers, fortunately, do not need a degree in accounting to handle the basic bookkeeping that comes with owning a business. By simply using the right accounting system, maintaining your books daily, handling checks carefully, using a bank account with a month-end cutoff, and keeping your books audit-proof, you’ll find that you can consistently stay on top of your company’s accounting.
Truck Driving Expenses
There is a myriad of business expenses that go along with truck driving. Thankfully, the majority of these expenses are available as business deductions. Expenses such as telephone or internet access fees, subscriptions to trucking-related publications, association dues, medical examinations, licensing fees, travel expenses, truck maintenance costs, fuel and certain personal necessities (such as calculators, flashlights, binders, overalls, luggage, food coolers, gloves and sunglasses) are all expenses that can be completely tax-deductible.