Expense and income report software

Calvinbabb

New Member
Ok, trying to find a decent software that isnt going to cost me a truck payment that I can enter in my daily expenses and income and it keep up with the calculations. I'm only a 1 truck owner so doesn't have to be a large program for a large carrier.
 

ironpony

Professional Pot-Stirrer
Supporter
There's some spreadsheet based products out there. A lot of us do use Quick Books - there's an online version that's pretty basic (free?) - the problem with general packages like this is that they're oriented to retail business. Any reports aren't in a format that's necessarily useful to trucking. We use cost per mile frequently - you can't get that from Quick Books, and I've been told you have to transfer the output from Quick Books to a spreadsheet to get it.

Let'sTruck has an accounting system that's expressly for trucking, and generates monthly and yearly reports. It interfaces seamlessly with their fuel tracking product (free) that will produce IVTA reports. It will produce a single page tax report that can be plugged directly into TurboTax. Its an online system that costs $19 per month.
 
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mndriver

curmudgeon extraordinare
Supporter
I've used quicken home and business since 2012. I bought QuickBooks pro last year but haven't transitioned to it yet.

Not sure why every one is so focused on miles. Your time is what's more valuable. Not miles.
 

ironpony

Professional Pot-Stirrer
Supporter
I've used quicken home and business since 2012. I bought QuickBooks pro last year but haven't transitioned to it yet.

Not sure why every one is so focused on miles. Your time is what's more valuable. Not miles.
It's a convenient way to compare costs, but knowing costs and revenue per day and week is very important as well.

You don't make a trailer payment per mile, but knowing what that cost per mile is can be important in determining ROI, etc.
 

mndriver

curmudgeon extraordinare
Supporter
It's a convenient way to compare costs, but knowing costs and revenue per day and week is very important as well.

You don't make a trailer payment per mile, but knowing what that cost per mile is can be important in determining ROI, etc.
Your miles change each month.

The days you work don't.

Your monthly costs remain exactly the same. Every day you are out costs you the same. If you decide to work 20 days, 25 or 28 days a month, then that's your base.

You are selling the time it takes to move a load. Not doing that screws you over in ways that people loose their business.

Only thing miles can tell you is how soon you need to do an oil change and how much fuel you have historically used the complete loads.
 

mndriver

curmudgeon extraordinare
Supporter
You still need to look at the miles because it costs you X fuel and Y tires (brakes, etc) to run Z miles.

You don't just have fixed costs, you have variable ones too.
Read the last paragraph again there sunshine.
 

mndriver

curmudgeon extraordinare
Supporter
Your truck and business is no different than a factory.

You have capital expenses that are expensed directly as they occur or they are depreciated over time.

Tires, oil changes, brakes etc all have defined service lifes. So yes, they get costed against that base. Some change oil based on hours (Apu or reefer). Most do it off miles driven.

So if a load is 1000 miles long and you know it will tie you up for three days, and you monthly costs are $450/ day and mileage/maintenance is $0.65/ mile

$1350+$650 is just your break even. Industry seems to feel 20-25% profit is acceptable to get you a 3-5% profit margin at the end of year after taxes. So the minimum you should get for that load is $2400.

A load that only goes 100 miles and ties your truck up for those same three days should be $1600. Not the $200-300 some punk broker is going to sell it for.
 

mndriver

curmudgeon extraordinare
Supporter
Exactly you look at miles too despite your claims to the contrary.

You say "the miles you run change but the days you work don't" isn't even necessarily true.
Because the ONLY thing costed against miles is those directly impacted by it. Fuel and maintenance.
 

SueAnn

Well-Known Member
Supporter
Does anyone have a program for Canadian taxes? I'm using an excel spreadsheet right now. I need a program to do my taxes that is for truckers. I used an accountant last year and was audited. I have my CPA but have never completed a tax return for truckers. Last years return is a good example for this year, I just need a good program to do it with.
 

tommyh

Well-Known Member
I use pro ledgers
buy it once,that's all
QuickBooks never let me do invoices like I wanted to how ever,pro ledger don`t do invoices.

they have a app you can use with your phone out on the road,I think the costs are 100 for the usa version,and they have a Canadian version
 

SueAnn

Well-Known Member
Supporter
I use pro ledgers
buy it once,that's all
QuickBooks never let me do invoices like I wanted to how ever,pro ledger don`t do invoices.

they have a app you can use with your phone out on the road,I think the costs are 100 for the usa version,and they have a Canadian version
Thanks so much. I'll have a look at it. :)
 

mndriver

curmudgeon extraordinare
Supporter
Granted this is for US taxes. It would still apply to Canada in your systems equivalent.

There's too many people marketing stupid stuff making life more complicated than it needs to be.

I am a sole proprietor. So all I file is a schedule c and a 1040. I have no clue what those are for Canada. Schedule C has a list of expenses on it. If you capture everything from truckin', then they must go into those categories. You don't get any other choices.

It's similar if you file as a corporation; c, s, LLC, limited partnership etc.

You only get so many categories.

Quicken, Peachtree, Money all can be set up to capture your expenses and your income into those categories on those forms. So long as you do your due diligence during the year, then the tax forms are all but filled in for you is you use the appropriate cooperative tax software as your accounting software. For quicken or QuickBooks, that would be turbo tax.

I followed a CPA for 5 years comparing my TurboTax with his accountant software. They were always within $100 of each other. Most of the difference was in the rounding and schedule 179 deductions.
 

mndriver

curmudgeon extraordinare
Supporter
Right. Which is why you gotta look at it.
So Joe broker offers you a load that goes 50 miles. It pays $6/ mile. You load it Monday, it won't deliver until Wednesday at 5 am. It's got 2700 line items and likely won't clear you from a dock until well after 3 pm. Not letting you reload until Thursday.


It's $6/ mile.


Do you take the load?
 

SueAnn

Well-Known Member
Supporter
I use pro ledgers
buy it once,that's all
QuickBooks never let me do invoices like I wanted to how ever,pro ledger don`t do invoices.

they have a app you can use with your phone out on the road,I think the costs are 100 for the usa version,and they have a Canadian version
I just had a look at this program and it's exactly what I need. Thank you so much for your help.
 

ironpony

Professional Pot-Stirrer
Supporter
Your miles change each month.

The days you work don't.

Your monthly costs remain exactly the same. Every day you are out costs you the same. If you decide to work 20 days, 25 or 28 days a month, then that's your base.

You are selling the time it takes to move a load. Not doing that screws you over in ways that people loose their business.

Only thing miles can tell you is how soon you need to do an oil change and how much fuel you have historically used the complete loads.
That's right, but for tracking where you're money is going, finding costs that can not only be improved but the buckets that can provide the biggest improvement, expressing your costs as per mile makes that task easy. Since you are looking at your overall fiscal structure, fluctuations in mileage don't have that much impact, unless you're having huge swings. Of course, if that's the case, your variable costs will show those swings as well.

Got that Buttercup?
 

mndriver

curmudgeon extraordinare
Supporter
That's right, but for tracking where you're money is going, finding costs that can not only be improved but the buckets that can provide the biggest improvement, expressing your costs as per mile makes that task easy. Since you are looking at your overall fiscal structure, fluctuations in mileage don't have that much impact, unless you're having huge swings. Of course, if that's the case, your variable costs will show those swings as well.

Got that Buttercup?
Changes in monthly mileages will leave you destitute.
 
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