Bookkeeping, payroll, and fractional CFO services for the Merrimack Valley and Greater Boston.

Call or Text: (978) 289-9070

What are the bookkeeping requirements for trucking companies?

Trucking bookkeeping goes beyond standard small business accounting. The industry has specific compliance requirements and operational tracking needs that general bookkeepers often miss.

IFTA (International Fuel Tax Agreement) is the biggest compliance requirement. If you operate in multiple states or into Canada, you need to track miles driven and fuel purchased in each jurisdiction. Every quarter, you file an IFTA return that calculates what you owe each state based on fuel consumption rates and miles traveled. Your bookkeeping system needs to capture fuel purchases by state and mileage by jurisdiction, usually from ELD or GPS data. Getting this wrong means audits, penalties, and potential loss of operating authority.

Per-mile cost tracking separates profitable trucking companies from struggling ones. You need to know your cost per mile for fuel, maintenance, insurance, driver pay, and equipment costs. When a broker offers you a load at $2.15 per mile, you need to know immediately whether that covers your costs. Most transportation and logistics companies that fail do so because they accept loads that lose money without realizing it.

Equipment depreciation is substantial. Trucks and trailers represent major capital investments, and how you depreciate them affects both your tax burden and your understanding of true profitability. Section 179 deductions can be valuable, but you need to understand when accelerated depreciation makes sense versus spreading it over the useful life of the equipment.

Driver-related expenses depend on your business model. Owner-operators mean tracking 1099 payments and settlements. Company drivers mean handling payroll, per diem allowances, and benefits. Lumper fees, detention pay, and accessorial charges all need to be tracked and categorized correctly for accurate job costing.

Insurance costs are significant. Cargo insurance, liability coverage, physical damage, and workers’ comp all need to be tracked separately. These aren’t small numbers and they directly affect your per-mile calculations.

Permits and registrations are ongoing expenses with different renewal cycles. USDOT registration, MC authority, UCR, IRP, state permits, and hazmat endorsements all need tracking. Missing a permit deadline can sideline a truck and cost you revenue.

Cash flow tracking matters more in trucking than many industries. Brokers and shippers often pay in 30 to 60 days while you’re paying for fuel weekly. If you factor your receivables, those factoring fees need to be tracked and understood as part of your cost structure.

Maintenance and repair records serve multiple purposes. They’re tax deductible, they help you understand true equipment costs, and they’re required documentation for DOT compliance. Keep detailed records tied to specific vehicles so you know which trucks are costing you money.

Working with Merrimack Valley bookkeepers who understand these requirements means your system gets set up correctly from the start. The chart of accounts needs to separate expense types that matter in trucking, and the reporting needs to show you per-mile profitability, not just overall profit and loss.

The Merrimack Valley's Trusted Accounting Partner

The Next Step:
A 15-Minute Call

Tell us about your business and what you're dealing with. We'll listen, ask a few questions, and give you a straightforward quote.

More Questions

How do I handle tip reporting and tip pooling for employees?

Employees must report tips over $20 per month to you, and you include those tips in payroll for tax withholding. Tip pooling rules depend on whether you take a tip credit. Massachusetts has stricter requirements than federal law.

Read answer

How do I choose between QuickBooks Online and QuickBooks Desktop?

For most small businesses today, QuickBooks Online is the better choice. It offers cloud access, better integrations, and automatic updates. Desktop still makes sense for specific situations like complex manufacturing or construction with heavy job costing needs.

Read answer

What financial records should landlords keep?

Landlords should keep income records, expense receipts, property acquisition documents, lease agreements, and depreciation schedules. These records support tax deductions, protect you in disputes, and help track property profitability.

Read answer

Can a bookkeeper help me if I'm behind on quarterly estimated taxes?

A bookkeeper helps by getting your books current so you know your actual income and can calculate what you owe. They provide the foundation your tax professional needs to determine estimated tax amounts and catch-up payments.

Read answer

How do I register my business with the Massachusetts Department of Revenue?

Register through MassTaxConnect, the DOR's online portal. You'll need your federal EIN first, then select which tax types apply to your business and submit your information.

Read answer

What are the consequences of not keeping up with bookkeeping?

You lose visibility into your cash position, face penalties and higher accounting fees at tax time, and make business decisions without accurate data. The longer you wait, the more expensive and time-consuming the catch-up becomes.

Read answer

Vast Accounting provides bookkeeping, payroll, and fractional CFO services for small businesses across the Merrimack Valley and Greater Boston. We combine 15+ years of hands-on finance experience with a genuine commitment to helping local businesses succeed.

Client Reviews

5-Star Rated Firm

Social

  • The Merrimack Valley Chamber of Commerce
  • Massachusetts LGBT Chamber of Commerce
  • Better Business Bureau

© 2026 Tax Plus Miami, LLC d.b.a. VAST ACCOUNTING