As we start a new year I thought it might be time to take a fresh approach to life and see if we can’t make this the best year we’ve had the privilege of living. I recently heard this really great story, so I’m going to take this month’s column to pass it on. The story comes from a poem by Portia Nelson and it was quoted in a book by Wayne Dyer which I read recently. The poem is presented as an autobiography in 5 short chapters. So without further ado, There’s a Hole in My Sidewalk —
I walk down the street.There is a deep hole in the sidewalk I fall in. I am lost…I Read More
Part 3 Truckers Accounting
We left off with one piece to the accounting puzzle left to solve and that was understanding the account types and why a particular type of account must always be one type of account. You cannot enter Income against an Expense account and you cannot enter an Expense against an Income account. These two types of entries require accounts that match them in order to work. This issue arises because an Expense is a negative value account and an Income account is a positive value account. So when you try to enter income (a refund for example) against an Expense to reverse Read More
Did you know that a couple of pennies can be the difference between being a successful owner/operator and a failure? There are several things that can put an owner/operator on the ropes, some are things that you can’t foresee, an accident for example, a broker who’s been around a long time going belly up and leaving you hanging for a load. But the most common causes are things that you can foresee and can plan for.
There are a couple of keys to success and without them our odds of failing go up tremendously. The first is reserves, if you start out without any reserves in the bank you are a Read More
We left off last issue with an example expense, a $200 purchase for FUEL which we paid for with a debit card on our business checking account. If you don’t have a separate checking account for your business you should open one now. It will be much easier to keep track of what your business has and how your business is doing if you keep your business books separate from your personal books. But that’s another topic, so let’s get back to our sample entry and understanding how to enter it in our books.
Let’s start this time by understanding a few terms that you’ll need to know. The basi Read More
Learning to be a businessman as well as a trucker is a task that many new owner/operators are not able to master and it is, I believe, the number one cause of the high failure rate for new trucking companies. There’s a lot more to being a successful business owner than just being willing to work hard. That is not to say that working hard is not part of the formula for success, it plays a major role in success, but you also need to understand the basics of accounting and the fundamentals of building a business to succeed over the long haul.
To cover this in depth we’d need a book, but we ca Read More
This blog is dedicated to the Truckers of the world. Realizing that you’re a truck, not an accountant or a bookkeeper, this site will feature articles designed to help you be a more effective trucker and a knowledgeable business person.
Our first series of articles will be about accounting and will help you understand the basics. From there we’ll add other articles on trucking as a business and help you with managing your business.