Bookkeeping and accounting services for small businesses in Jacksonville, the First Coast, and Northeast Florida.

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What bookkeeping does a trucking or logistics company need?

Trucking and logistics companies have bookkeeping requirements that generic small business accounting doesn’t cover. The biggest difference is that almost everything needs to be tracked per vehicle, per driver, or per load rather than lumped into broad categories.

Revenue tracking should happen at the load level. Every haul needs a record of the shipper, lane, rate, accessorial charges, and detention pay. If you run a brokerage operation, you also need to track what you paid the carrier versus what you billed the customer so you can see your margin per load. Without load-level detail, you have no way to know which lanes and customers are profitable and which are costing you money.

If you use a factoring company to get paid faster on invoices, those transactions need to be recorded correctly. Factoring fees are not the same as interest expense, and the way cash comes in looks different than collecting directly from a customer. Your books need to reflect the receivable, the factor’s advance, the fee taken out, and any reserve held back. Getting this wrong makes your revenue and expense numbers unreliable.

Fuel is typically the largest operating expense and needs more attention than just coding it to a “fuel” category. You need to track gallons purchased and miles driven in each state for IFTA (International Fuel Tax Agreement) quarterly filings. IFTA requires you to report fuel tax owed to each state based on where you actually drove versus where you bought fuel. Miss a filing or report it wrong and the penalties add up fast.

Equipment depreciation is another area where trucking bookkeeping differs. Trucks, trailers, and specialized equipment represent significant capital investments. How and when you depreciate these assets affects your tax liability each year. Section 179 deductions or bonus depreciation can save real money if applied strategically, but you need clean fixed asset records to take advantage of them.

Maintenance and repair costs should be tracked per vehicle. Knowing that your fleet spent $40,000 on repairs last year is not as useful as knowing that one particular truck cost $18,000 to maintain while others averaged $4,000. That kind of per-unit tracking tells you when it’s time to sell or retire a vehicle instead of pouring more money into it.

Other expenses specific to freight and logistics businesses include permits and licensing fees, tolls, insurance premiums (which are substantially higher than most industries), ELD and GPS subscriptions, drug testing and compliance costs, and driver per diem. Each of these needs its own category so your profit and loss statement actually tells you where your money is going.

Driver settlements add another layer if you’re paying owner-operators as independent contractors. You need to track gross pay, deductions for fuel advances or insurance, and net settlement amounts. At year end, every contractor who earned $600 or more needs a 1099 filed correctly.

The bottom line is that trucking bookkeeping requires someone who understands the industry. A bookkeeper who doesn’t know about IFTA, factoring, or per-truck cost tracking will give you books that look organized but don’t actually help you run the business. If you need outsourced bookkeeping in Jacksonville that accounts for these trucking-specific requirements, make sure whoever handles your books has experience with the freight industry and knows how to set up your accounting software to capture the detail you need.

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More Questions

How do I set up bookkeeping for a brand new business?

Start by separating personal and business finances, picking accounting software, and building a chart of accounts that fits your industry. The most important thing is getting the foundation right from day one so you're not paying to fix it later.

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How often should I run payroll for my employees?

Most small businesses run payroll biweekly or weekly. The right frequency depends on your industry, employee types, cash flow, and how much administrative work you want to take on.

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What's the best way to handle retainage in bookkeeping?

Set up separate retainage receivable and retainage payable accounts in your chart of accounts. Track amounts withheld by job so you know exactly what's outstanding and can bill for it as soon as the contract allows.

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What is a 13-week cash flow forecast and who needs one?

A 13-week cash flow forecast is a week-by-week projection of all the cash coming in and going out of your business over the next quarter. It gives you a rolling view of your actual cash position so you can spot shortfalls before they become emergencies. Any business dealing with uneven revenue, tight margins, or rapid growth benefits from having one.

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How does accounts receivable management improve cash flow?

Proper accounts receivable management turns completed work into actual cash in your bank account faster. Without a system for invoicing promptly and following up on overdue payments, your revenue stays on paper while your bills keep coming due.

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When should I write off an unpaid invoice as bad debt?

Write off an invoice when you've made reasonable collection efforts and determined the customer won't pay. Most businesses treat invoices as uncollectible somewhere between 120 and 180 days past due.

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Veteran-owned bookkeeping firm serving small businesses in Jacksonville and across Northeast Florida. From catch-up bookkeeping to full monthly service, we help owners get their finances in order and keep them that way. QBO ProAdvisor Advanced certified with over 10 years of accounting experience.

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