Accounting for Truckers
The Trucking Industry + Accounting
My name is Scott Allred, I’m the founder and owner of BASS Accounting. My passion for trucking and accounting go hand-in-hand and my experience over the last 30+ years in both industries has given me a unique perspective on success in accounting for truckers.
With the ever-mounting rules and regulations brought down on both our industries, it’s nearly impossible to keep up with it all on your own. It is crucial to find a competent partner who knows the industry inside and out, and is willing to go the extra mile to make you more profitable.
So before you decide on any accounting solution, please take a minute to hear me out:
From a child until today, I was into the ‘Big Trucks’ (semi-trucks, 18 wheelers, you name it). I purchased and put together models of the big rigs. Two that I remember were both Peterbilt units. The first was painted brown and second blue. I remember the activity fondly. I always wanted to drive one.
So, how I ended up in the accounting arena, I know not. But here I am 35 years later…understanding more than most on the accounting and controller process, especially within the trucking industry.
One thing is certain: The Trucking Industry in loaded with Regulation & Oversight
As it is called, the Department of Transportation (DOT), is constantly looking at the industry for ways to improve, but improvement comes in varying degrees.
Some changes do improve the trucking industry, while others only hinder it. Some of these changes involve accounting, while others have to do with drivers’ fitness and drive time. Even others control the road worthiness of the equipment, the Big Trucks.
Trucking Business Accounting
On top of all this oversight, the trucking industry management must get involved in truck maintenance and repair, human resources, marketing, dispatch, and back-office. With back office covering the accounting function, the process of accounting.
In many respects, accounting is a regulated industry as well. A bookkeeper, CPA, controller, and CFO all live under the roof of GAAP, sound accounting principles and process and business ethics. Accounting for the trucking industry is a far cry from receiving a bill and writing a check to pay that bill.
Accounting for Truckers processes are often thought of as a linear process, with only a couple of functions to accomplish along that linear path.
An example would be the following: Receive a bill, enter it into an accounting system, and then pay the bill. As simple as this looks, accounting consists of 100’s and, in some companies, 1,000’s of processes to explain the ‘how to’ part of accounting.
But accounting expands into the non-linear world as well. Good accounting is about asking questions, solving complex problems, understanding the “why this and that” is, reviewing and updating all processes, while looking for a better way.
In short, processes alone do not assure Success in Accounting.
In the trucking industry, finding success in the accounting function requires tools, human resources, and a sound company culture:
Finding Success in Accounting for Truckers
Company culture is the foundation because without it, the best back-office and human resources will not remain. Great company culture is a plus; however, employees come to the table with different goals and ambitions.
At times, there may be conflicts between company culture and job descriptions and the employee will move on for one or multiple reasons. These variables may create a ‘revolving door’ in the accounting department.
If the company has 1 employee turnover, it costs up to 50%-60% of the budget for that employee, both in direct and indirect costs with no visible benefit. Other hidden costs, called opportunity costs, may also mount up.
The same is true if the employee does not have the tools to complete the work found in their job description. It may not have the same weight as an issue would within the company culture; however, it will have an impact.
Some software applications may require a certain skill level and others may not. Very seldom does an employee indicate the reason for leaving as “lack of tools to accomplish the work,” but this may affect their attitude, causing the eventual separation from employment.
How to find an Accountant for Truckers to trust?
With so much regulation in the trucking industry and so many human resource variables, wouldn’t it be nice to have a repairs and maintenance shop in the accounting function of your business too?
One with a solid company culture, skilled and trained human resources team equipped with the proper tools to carry out the job!
If so, we stand here with our virtual tool chest to relieve you of regulation, the regulation and compliance of the accounting function.
Let’s find out where we can Save Your Business
Money and Lead to Higher Profitability!
Talk with me or one of my trusted expert colleagues to begin on the path to success:
*Just as a side note, I do have a valid and current CDL. The big truck is still a passion and I look forward to the time of driving again! Thank you for reading, good luck on the roads and in the accounting department!
Trusted by Clients Like You
“Scott and his team’s knowledge have helped to streamline my processes and helped me be able to focus on what I am good at, rather than doing a poor job at what they are good at. I highly recommend them to help with whatever accounting services you may need.”