first-step-trucking-finances-record-keeping

The core function of a truck driver is so important it is often easy for drivers to overlook their own finances. As drivers are taking care of the country, they need to remember to take care of themselves, and their finances are an important part of this. The first step to successfully managing finances is an efficient record keeping system.

Why is record keeping so important?

We all have to pay taxes, and whether you’re an owner-operator or driving for a larger outfit proper, record keeping is going to make your life much easier come tax time. You can even save a few dollars through deductions and reimbursements, but only if your accountant has easy access to key financial information. While throwing your receipts and logs into your console, glove compartment, or stuffing them in your wallet might seem like a good system, you can truly do much better and make your life easier in the long run. Not only are you just making more work for yourself, or more work you will have to pay your accountant to do, but some records are bound to get lost in the process.

A few minutes a day

The single best thing you can do to improve your record keeping is to set aside a few minutes every single day to organize receipts and other documents. It’s only natural to do this while you work on your log book. Don’t worry, you don’t have to be an accountant; you simply need to develop a system to keep all of these documents organized, and it shouldn’t take more than a few minutes on a daily basis. Now, if you wait until the end of the week or the end of the month, or even the end of the year, you will be dealing with a major headache that’s going to take significantly longer.

Keeping it all organized

So, what system should you use to stay organized? Every driver’s situation is slightly different and every driver will have a slightly unique record keeping system. An expanding file folder is an especially handy tool as you can develop certain categories and file receipts and other documents on a daily basis. The more categories you can organize documents into the easier it will be to work with the records when the time comes. If you work with an accountant, ask them what organization would make their job easier, and if you do your own finances think back to last tax season and consider how some organization could have made your life easier.

The compensation drivers deserve

Truck drivers are truly vital to the country and they should be compensated for that. Proper record keeping is vital for getting the maximum reimbursements or tax deductions. With just a few minutes a day you can get your records under control, while it might not be your favorite task, just think of all the trouble you will save yourself down the road.

Repetition will turn into a habit. Record keeping is a great habit to have.