Top 10 Amazingly Innovative Tips On Bookkeeping For Truckers

With so many duties in their hands, bookkeepers, accountants, or those truckers who are in charge of their own bookkeeping may need the help of the following tips to get on top of their business.

1. Update Your Books Daily

When should you organize your accounting books and how often is appropriate? Monthly? Weekly? Or just whenever you have time to spare? The advice is that it’s best to do bookkeeping every day. There are days when you think nothing much is going on so it’s alright to leave the boring task of sorting out receipts and bills for tomorrow. But chances are that you may be busy the next day, and by the time you get to do it, you will have forgotten some details of the transactions. Make it a habit to finish bookkeeping before you call it a day so that you don’t need to worry about such a problem!

2. Choose The Right Software

The abundant availability of bookkeeping and accounting software nowadays might make you spoiled for choice. For trucking businesses, a cash-based accounting system is a popular option because it allows you to record transactions when money is received or paid, offering a clear picture of your current income and expenses.

It’s also important to consider the unique features of truckers’ bookkeeping practices when trying out and deciding on the one software that matches your needs. For example, some trucking management software has tools that assist with dispatching and calculating IFTA taxes, those functions that will be definitely welcomed by many truckers.

3. Go Paperless

However organized you are, keeping physical documents can take up lots of space and make bookkeeping a burden. The solution is not difficult to find in this digital era. Scan your receipts and invoices with mobile applications such as Shoeboxed or mail them using our Magic Envelopes, and leave the rest to us. You will be surprised at how fast retrieving and categorizing data can be, regardless of whenever and wherever you are. Discover many more useful functions for trucking bookkeeping at shoeboxed.com.

4. Have A Different Credit Card For Business

Trucking owner-operators or small businesses tend to make the mistake of not separating their business account from a personal account. If you want to keep your business records in order, do yourself a favor and get a business-exclusive credit card. The last thing you want is to lose track of important paperwork, complicating the management of business records and finances in general.

5. Bank Checks? Check Them Twice

Like any other financial documents, bank checks must be kept in your books and preferably on the cloud too. But before that, it’s advisable that all contents of the checks are reviewed with care to prevent misinformation or fraud. Your signature should be clear and legible enough to be recognized, but it will be a problem if it’s too easy to forge.

6. Use A Banking Account With A Month-end Cutoff. 

Closing your banking records at the end of each month can benefit the business in several ways. Since all the transactions that occur within that month have been fully recorded and reconciled, we can ensure that the accounting data is complete and accurate. Properly organized data not only helps to simplify other accounting procedures including tax filing and audits but also informs the decision-making process.

7. Manage Your Cash Flow

Keeping your books properly will be a lot easier once you understand the ins and outs of cash flow. Even though your business is making profits, if you don’t manage cash flow well there are chances that you will be in the red because the available money at one point is insufficient to cover urgent expenses. Bookkeepers in trucking businesses should always keep an eye on cash flow, acknowledging its impacts on smooth operational activities that bookkeeping is part of.

8. Get Your Records Ready For Audits 

Audits accept both paper and digital documents, so fear nothing if you have everything at hand to substantiate all the transactions of your trucking business. You can carefully save and classify each receipt and invoice by yourself or entrust them to professional services like Shoeboxed, which turns your physical records into verified data that are ready for tax season.

9. Learn About Tax Deductibles

It’s a good idea to look into what can be deducted when you do bookkeeping. For example, if you are self-employed, expenses that are related to your business are generally tax-deductible. They include vehicle expenses (tolls, parking, maintenance, fuel, registration fees, tires, and insurance), specialized work gear, electronic devices used for work, work-related fees for drug testing, dispatch fees, leasing costs, etc. 

10. Seek Professional Advice

Despite being equipped with the right tools to support your bookkeeping and accounting practices, unless you are confident in your knowledge of finances it is necessary to have your questions or problems solved by a professional. Even when your business is doing well, advice from a pro who knows the trucking industry will give you valuable insight to improve the overall performance. Try to have your business financial health checked by experts in the field and you will see the difference that it can make.

Learning the ins and outs of bookkeeping from scratch may be a real challenge, but you can start with these simple steps that we have compiled just for you. Remember, good bookkeeping – happy driving! 

Smart Business Uses Expense Tracking Apps For Better Budgeting

If you’re looking for a way to manage your business expenses, you should consider using an expense tracking app. Expense management can be tedious and time-consuming without the right tools. With so many apps available in the market today, it’s easy to use one that suits your needs! In this blog post, we will discuss why businesses should look into expense tracking and how they can get started with an expense tracking app of their own.

Expense tracking apps can save you money on taxes

Whether it’s tracking receipts, mileage, or purchases, Shoeboxed offers the best options to ensure that everything is accounted for to save and maximize tax deductions. In addition, this expense tracking app goes into great detail about how much money has been spent per category so businesses can better budget their funds.

Tracking expenses with an app is much easier than using a paper journal

For small businesses, tracking expenses with a paper journal is tedious, time-consuming, and can lead to errors. Expense tracking apps have improved over the years by offering robust capabilities that make it easy for businesses to keep tabs on how much they’re spending and where their money goes!

With an expense tracker app like Shoeboxed, you’ll never miss another receipt or misplace your mileage log again!

Tracking expenses with Shoeboxed is more intuitive than tracking on spreadsheets

With Shoeboxed, you won’t have to worry about formulas or remembering which cell is for what because it’s all set up in one place!

Excel lacks the ease of use and intuitiveness of an app like Shoeboxed. With this app, it’s easy to categorize your expenses into sub-categories (e.g., food, hotel) to better organize the data and see where all funds are being spent.

The best expense tracking apps will help you keep track of your spending and make it easy to categorize the different types of expenses 

Your receipts are about to get a whole lot easier on the eyes. As soon as your receipt has been scanned, Shoeboxed categorizes the information by business, the amount spent, date, etc., so that you can see all of this information at one glance – no more scrolling left-to-right through an endless spreadsheet! The data is searchable and editable whenever users need to make changes or add additional details after scanning their documents in real-time.

Tracking mileage

For frequent travelers, it’s hard to keep track of your work-related travel trips and making sure you’re receiving the correct reimbursement for your time. With their GPS-enabled features, Shoeboxed makes it easier than ever before to manage expenses through reporting on mileage driven, so no more guessing how many miles were logged while out running jobs and errands; It’s always accurate!

Expense tracking apps allow you to export data for tax purposes easily or send reports straight to your accountant if needed 

Exporting and importing data is simple with Shoeboxed. The expense tracking app allows you to export your expenses in various formats, including .pdf and .csv files, which can be used for tax purposes or sent directly to your accountant! This will significantly improve your mood and reduce stress during tax season every year.

For larger companies, like tech or software creators, their SaaS accounting teams will be able to easily sort through company/employee expenses.

You can send in images of receipts

Digitally archived receipts are safe from being lost in the depths of your shoebox. The IRS and CRA will accept digital images, so you don’t have to worry about losing any crucial documents during an audit!

Shoeboxed is an expense tracking app that makes it easy for you to create expense reports directly from your phone, export them right into the system of whoever needs those records quickly and efficiently without ever needing to type anything in or scan anything out. Now, with just the simple task of taking images of your receipts with your Phone camera than filling in forms by hand at home or even logging onto a computer within office hours for programs like Quickbooks — no longer do you have to wait days before getting any actionable data back about what’s happening inside your company where every dollar counts!

Shoeboxed lets workers work smarter rather than harder to spend less time inputting tedious information and more time helping to build your business.

Shoeboxed will sort through your receipts

Receipt management can take days to go through and organize everything properly. Suppose you haven’t calculated your expenses but kept all your receipts. In that case, as an expense tracking app, Shoeboxed can analyze your data and let you know how much money is left in each category to better budget accordingly.

All you have to do is gather all of your receipts in an envelope and send it over to Shoeboxed. The team will then manually sort through your receipts and convert your information into online data.

Conclusion

The best expense tracking app for small businesses will keep track of receipts, mileage logs, purchase history, and other categories like food/drinks or hotel stay to provide users with a complete picture of their expenses. With Shoeboxed’s intuitive interface and features like exporting reports directly to an accountant, it’s easy to see why this expense tracking app should be on the list of considerations when looking at ways to streamline business processes!

At Shoeboxed, you can create an account and get started on the 30-day trial right away with your chosen plan. You’ll have 30 days to use the features of this subscription before deciding if it’s for you – no need to worry about getting locked in or wasting any time on a product that doesn’t serve your needs.

6 Simple Ways to Streamline Your Office Space

Whether you work in a team of 5 or 500, it can be easy for your workplace to become disorganized and inefficient, both physically and digitally – which can have a dramatic knock-on effect on work performance further down the line.

From multinational superbrands to fledgling startups, the office plays an important role in keeping day-to-day operations flowing smoothly. But whether you work in a team of 5 or 500, it can be easy for your workplace to become disorganized and inefficient, both physically and digitally – which can have a dramatic knock-on effect on work performance further down the line. In today’s post from Action Storage, we’ll be tackling this issue head on, providing you with six simple ways to streamline your office space.

 

  1. Digitize your paperwork

In 2017, the need for piles of paperwork in an office is now minimal. Since the digital revolution, cloud services have become the go-to filing systems for businesses big and small – and for good reason. While stacks of pages may have been useful for keeping records previously, we all know just how easy it is to lose an important note amongst a pile of not-so-important ones. With online platforms like Google Drive, Dropbox and Onehub all offering cloud-based file storage, there’s no longer the need to keep printed documents lying around.

What’s more, paperwork digitized in this way becomes much more readily accessible to members of the team when they need to get to it – eliminating the hassle of folder-diving and keeping documents, PDFs, spreadsheets and other files contained, secure and organized. The creation and editing process also becomes substantially more streamlined for documents stored in this way, with the ability for teams to collaborate more quickly and effectively than they would if the process was handled through email.

 

  1. Reorganize the physical layout

As businesses grow larger, the temptation to forgo detailed space planning in favor of simply finding ‘where fits’ can be great – but a simple change of office layout can often provide big benefits for those willing to put the time in. When it comes to switching up your office space, first consider the roles of each staff member: who will they interact with on a daily basis? Does their work often require focused thinking?

Next, organize the space in a way that provides clear pathways across the room, considering the desk space where people would be best placed for their day-to-day roles – grouping departments together to prevent staff from having to communicate across the room. If you have different workstation types, it could be beneficial to place team members who require privacy and focus (think developers, finance staff and senior management) in places where they can get their head down without distraction.

 

  1. Streamline communications

Clear communication is something many larger organizations struggle to achieve, but it can be an ongoing battle for small businesses, too. As teams grow, keeping conversations together can become increasingly difficult, with staff struggling to stay afloat amongst a wave of emails, instant messages, calls and CMS notes. This can lead to important information being lost and discussions becoming harder to trace – which can have dire consequences when it comes to internal operations.

To combat this, you should create a clear communications plan, and try to limit unnecessary channels to keep things as simple as possible. Consistency is key here: you should lay out which channels serve which types of communication and stick to them. You may want to choose a single project management tool for all task-related chat, emails for team-wide updates and external messages or a cloud-based filing system to keep all call notes contained and accessible – but whatever your system, streamlining how your team communicates (both internally and externally) will ensure nothing is ever missed.

 

  1. Enforce a clean desk policy

Image source: Pexels

Every office of every size will struggle with the stationery plight. From pens and scissors to notepads and sticky notes, these essential office items can quickly become a nuisance when they’re sprawled across every visible surface. A ‘tidy desk, tidy mind’ philosophy in your office could be more beneficial than you might think, improving productivity, output and focus. Cut down on mess by designating an area where staff can find stationery when needed, and enforce a clean desk policy to keep other clutter at bay.

 

  1. Simplify your accountancy

Finance is the backbone of any business, so disorganization in this department can have dire consequences – but with Shoeboxed, you can stay on top of the typically time-consuming elements of finance management with ease. Say goodbye to the stress of missing receipts, complicated expense reports and wads of business cards – Shoeboxed will remove the disarray, so that you can stay on top of these important aspects of day-to-day business management.

 

  1.  Cut back on unnecessary meetings

If you’ve worked in an office-based role before, you’ll have experienced your fair share of unnecessary meetings: what could have been done in 10 minutes instead took an hour, or what could have been sent in an update email is instead turned into a 2-hour talk that offers little extra benefit for those involved. These types of meetings not only waste time, but also cost your business valuable resource – preventing staff from actually getting on with the real work.

Before calling a meeting, it’s worth considering a few things. Can this information be relayed in an email instead? Is it essential for each attendee to be in the meeting, or can they get up to speed using the meeting notes instead? If the meeting is still important, you should at least look to reduce the time spent by sending out the agenda ahead of time so people can come prepared.

When it comes to offices, disorganization can cause big problems. Transforming a workplace into a well-oiled machine won’t happen overnight, but the steps to get there don’t have to be difficult – and, by following our six tips, you’ll be well on your way to office organization heaven.