Accountants for Trucking Companies

What Trucking Companies Do

Trucking, or freight, companies transport goods from one place to another by truck. They are essentially a crucial component of a supply chain. They transport raw materials to the manufacturers, then the product to a warehouse, and then deliver the final goods to their last destination. They usually offer a wide range of services, transporting anything from pharmaceutical products to heavy construction machinery. Some companies may be small and transport a more niche product, while others can be very large and more general in their product transportation.

Main Struggles Trucking Companies Face

• Compliance: Adhering to regulations can be challenging, especially when they constantly change or are different from one region to another. Trucking companies must remember many complex regulations and comply with them or the consequences can be extremely hindering. 
• Driver Shortage: The rise of retirement and people deciding to take different career paths has led to a driver shortage. It isn’t too hard to find people to hire, but it’s harder to find people to stay when they are asked to spend much of their time away from home. This shortage can cause major disruptions in the supply chain and cause further issues.
• Cash Flow: Many trucking companies undercharge their services for the operational expenses they incur. This causes their cash flow to decrease, making it hard to maintain profitability in the long run.
• Fuel: Inflation has caused fuel prices to skyrocket. As one of the biggest expenses for their company, these fluctuations can hinder the profitability and growth if there aren’t any changes being made. 
• Parking: It is extremely difficult for trucking drivers to find safe places to park. There are also not enough parking spots in comparison to how many trucks there are. This can make it hard to complete their specific job. 
• Taking on Too Many Responsibilities: Oftentimes, whoever is running a trucking company will take on most, if not all, of the business responsibilities. This can include accounting, marketing, safety, dispatching, etc. When they take on all the responsibilities, it makes it harder to do each job with precision and accuracy, possibly letting some things fall through the cracks. 

Services We Offer

Cooper Norman can help tackle these struggles through the services we provide for trucking companies. We can also lift accounting responsibilities from you so that you can focus your business on other areas that will help you grow. 

1. Bookkeeping

Bookkeeping is a crucial part of keeping your financial records straight, but can be extremely time-consuming. This includes any transaction, such as payroll, purchases or sales. What usually happens when owners keep their own books, is that they will wait until the end of a certain period to complete the recording, which can be mundane and take up more time than needed. We can help you record these transactions accurately so that you don’t have to. 

2. Budgeting and Forecasting

Budgeting and forecasting is vastly important for maintaining profitability, even as economic circumstances constantly shift. Budgeting will put you on the right track for your goals and give you a guide so you are making smart decisions with money. We can help you build that budget, given your goals, where you want to be, etc. We can also use forecasting tools to help give you more insight into the future of the industry, which can give you a good resource to continue making smart decisions.

3. BOIR

A new report that has been introduced for businesses is the  Beneficial Ownership Information Report (BOIR). Its main goal is to provide transparency of who owns a business and protect it against financial crimes. It is a newer service that we offer and can be quite complex if unfamiliar with it. There are many rules and regulations that come with it, so we can help you stay compliant with those. We can also help you stay compliant to other regulations with state and federal laws to keep your business integrity throughout its processes. 

4. Taxes

No one enjoys doing taxes. They can be overwhelming and hard to get done on your own. Our team of experts can help you file your taxes and make sure they are done correctly. We also can keep you up to date on tax planning strategies that could be efficient for your business going forward. 

5. Audits

Audits are an important part of measuring the financial health of your business. By examining all of the internal controls, procedures, processes, compliance, and quality, we are able to make sure everything looks good. We are also able to find areas that need improvement and work with you on that. 

Why Choose Cooper Norman?

At Cooper Norman, we have an exceptional team of highly knowledgeable accounting professionals. We have been working with businesses for over 70 years and deeply understand industries, trends, economic issues, etc. We know the challenges you may be facing in your trucking company and will offer you top-notch quality in whatever service you may need. We love what we do and take pride in doing it well. Whatever you may need, we can provide customizable solutions to meet your business goals and priorities. 

Contact Us Today

Whether you need help with your bookkeeping, financial insight, and direction, or more time to focus on your company goals, we’ve got you covered. We are here to help your business thrive in your industry and amidst evolving market changes. Contact us today to see how we can help your trucking company on a path of growth.