When you think about a certified public accountant, you probably imagine contacting someone when it's time to finalize and submit your taxes. But many CPAs can do far more for you than just help you pay off the tax man. Some CPAs offer financial advice that could be beneficial to you during a specific time in your life or they could help you put the documentation together that you need for a major financial transaction.
Managing a company or business, big or small, can be challenging or demanding for many reasons. First, accounting is a bit complex, and you can't navigate it without professional help. Secondly, you may not handle business taxes properly, meaning you may always get into problems with the tax authorities. All this may affect your company's growth and stability in a big way. For this reason, you should always work closely with an accountant to avoid such problems.
Running a trucking company requires that you handle the financial side of things correctly to remain profitable and compliant. This can be a challenge in the ever-changing business landscape, with unique accounting needs that other businesses may not experience.
Here are three specific accounting needs trucking companies may face.
Logging and Tracking Miles
Tracking the miles driven by each driver is an important part of trucking company business operations. Miles driven and the destinations visited are important for fuel tax reporting, tracking employee performance, and maintaining records of business-related trips.