Most people expect that truck drivers spend the majority of their time on the road, and mostly it is true. But apart from driving, truck drivers may spend a good part of each day doing non-driving activities, for example, clearing customs, border crossings, and loading/unloading freight. Truckers also perform administrative duties, such as filling out daily driving activity logs.
With such an amount of activities, it is understandable that truckers tend to avoid bookkeeping and accounting tasks. Fortunately, accounting firms can help truck drivers and trucking companies with accounting and bookkeeping needs.
If you are looking for a reliable accounting firm with experience in the trucking business, you can contact Taxory. We have provided accounting services for years and serve numerous truck owner-operators, carriers, and payers.
Bookkeeping for a trucking company
Being your boss and controlling your destiny sounds sweet, but it may not be simple and require much time to manage the trucking business. One of the most time-consuming tasks is taking care of all paperwork, and receipts, tracking all expenses and filing taxes on time. You can do it all yourself and sacrifice the time you can spend with your family, but a better option is to hire an accountant to take care of all your bookkeeping.
Taxory offers bookkeeping services for trucking companies and truck drives. We will take care of all your expenses and ensure all information is entered correctly and books are accurate.
Accounting for a trucking company
You need to know how well is your trucking company doing. If you are losing money in some areas, you want to know that as soon as possible, and an accountant familiar with the truck driver’s business can help. Our company will prepare all accounting documents for you, showing how your business is doing now and compared with the previous year.
- We prepare a proper summary of all your income, expenses and HST balance
- We provide income statements showing your revenue and profit, expenses and losses, and net income.
- We will take care of lease payment reports.
- We will create a proper amortization table in case your truck is in lease or finance.
- All that information will help you run a successful business and make necessary changes as soon as possible.
Tax preparation for truck drivers
We know that trucking is a low-margin business, and every dollar you can save on taxes will help increase your business performance; that is why having the right tax specialist is essential.
At Taxory, we are preparing tax returns for tax drivers and trucking companies. We know all aspects of the trucking business and tax law to offer you the most efficient solution.
Zero-rated supplies of goods and services (HST/GST)
One of the critical aspects of carriers (truck drivers or trucking companies) is zero-rated HST, which means GST/HST of 0% is charged, so you do not collect the GST/HST. Besides, you may be eligible to recover GST/HST, which you already paid on your purchases (ITC), and an experienced accountant can help you get a maximum GST/HST refund.
Whether you are an individual truck driver or an established trucking company, we are confident that our tax preparation services and advice will save you a lot of money, time, and effort.
How Taxory helps truck drivers
We always do our best for the clients and be proactive and up-to-date with all the tax laws and accounting rules.
You can count on our support and advice anytime when you become our client.
- We will help you to review all expenses to minimize your tax burden
- We will plan your finances and taxes to make sure you get the best tax return
- We will provide PayRun and calculate payroll tax remittances.
- Our experience in bookkeeping allows us to keep all your books in order and track every expense.
- We work with the most popular bookkeeping software for truck drivers – Quickbooks Online.
Accounting services fees for truckers
Our prices are flexible and depend on:
- The size of your business
- How much time do we need to spend on bookkeeping, accounting, and taxation
- How many people are working in your company on the payroll
We offer both flat rates, where you pay a fixed amount every month or charge you once you need to prepare your tax return. You can choose what best fits you, but we suggest a monthly package. In that case, you do not need to pay for the year-end corporate tax return.
You can learn more about our fees there.
Frequently Asked Questions
Our accounting & bookkeeping FAQ for truck drivers.
Who is a carrier?
Carrier describes a person or a company that owns, leases, or is responsible for operating a commercial vehicle to transport passengers or goods. The carrier is responsible for all drivers’ conduct under their NSC safety fitness certificate (employees and self-employed) and all vehicles used in their operation.
Who is an owner-operator?
Owner-operator refers to a person who owns or leases the truck they drive.
Who is a payer?
Payer refers to the person or company that pays the truck driver for their services. The payer can be the carrier or an intermediary between the driver and the carrier.
Will an GST/HST refund trigger a CRA audit for truckers?
You never know if CRA will decide to audit your company, but there are some tricks to reduce audit chances. One of them is to switch to quarterly HST, which will allow getting smaller amounts of HST refund four times a year instead of a large refund at the end of the year and reduce the chances of CRA audit. An experienced accountant knows how to deal with CRA and minimize the possibility of an audit. Anyway, even in case of an audit, you should not worry about it. Our accountants will handle all communication with CRA on your behalf and provide all required documents and explanations.
Any questions about our accounting services for truck drivers?
We offer a no-obligation phone consultation where we explain what we offer and how our services will help you to focus on doing what you do best and running your business. Send us a quick message and we will be back within the next 48 hours.