Owner, Operator Truck Drivers Services
I Russ Falls is commitment to you that you do be successful in your trucking business. For me to help you I will send out the reports on a regular basis. Below is the list of reports that I will send out in order to keep you in the loop what I am doing to help you out.
A report that consists of the asset’s accountant balances minus the liabilities and the owner equity or the shareholders equity.
A report that gives your all the income the company minus all the expenses which the company had during in period of time. There are some expenses that was prepaid expenses which show up on the statement that was not paid with cash in that period of time.
Cash Flow Statement:
This is a statement shows the cash inflows by the operation of the business and the investment income. The out of cash flow show the payment of the operations activities along with the investment in each period of time.
Accounts Payable Summary
This report shows the company owns money due. The time frame that the own amount is either current or past do and how far past due.
Accounts Receivable Summary
This report is important to you as an owner operator truckdriver because it show if one if all your loads is being paid on time or not.
Bank and Credit Card Report last 30 days
This report is useful to you because it will show all transactions in the Bank and where the transactions was categorized correctly or not. So, we can correct that error quickly. (Keep in mind that you know your business more than I do in we need to work together in this area.) By seeing all transaction 4 different times there is a good chance you will see different things at different times when you see it 4 times.
This report is having especially important use because it shows where the different is on register of the chart of account and what is the bank saying that you have in the books. An example might be 5 months ago you put in a $150 debit transaction for fuel and put you never clear that. When you set up the Bank Fees and the same transaction went through but the second one clear.
It is poor bookkeeping practice to use uncategorized income just to make the books balance to more on to something else. This income report will help you and me to be see the specific transaction and then be able to categorize to the correct account. The goal is to keep this report down to a minimal amount as possible. I would prefer to keep down to zero. Starting there may be some as we start to work together which is fine with me.
This accountant is about the same as the uncategorized income. You as a truckdriver might not understand where to put a specific receipt so you put in it this account. Until you could figure out where to put it correctly. I am fine with that line of thinking; this report is a very useful tool to discuss this area in order to train you and explain where things and help me to understanding your business better.
Per Diem for Meals Expense
The daily rate for meal allowance for truckers is $66.00 per day until 9/30/2021. What are necessary records keeping that you and I need to have in order for you to able to claim this on your tax records. All that is necessary is calendar which shows the days you on the road away from home. Every day on the road you should claim this expense. Over time it will be huge. For example, let us assume on the average in a year time you were on the road 5.5 days a week for 50 weeks and took 2 weeks off for a vacation a year. So, your totals days would be 275 days times $66.00 that equals to $18,150 you can take 80% of that off which is $14,520.00 business expense. At 20% tax rate that is savings of around $2,900 savings on your taxes. I think it is worth while to do that don’t you.