Personal Finance Software For Truckers

Sitting here with an extra week on my hands since class start was delayed until next Monday, I ran out of other things to think about and started thinking about finance. Coming from being self employed for a long time, I am used to using software made for small business. With trucking though, I am strongly leaning away from the temptation to try and lease a truck right away, instead planning on getting my feet under me as a company driver before I consider lease or O/O. I am curious what is being used out there and what features might be overlooked outside trucking that end up being necessary or at least strongly appreciated by drivers.

What are you using to track your finances? Why do you like it? Are you using it as a company driver or a lease/owner op?

As someone who still owns/runs a small biz (30+ years), and I understand the temptation to just be independent right out of training.

Hey - we can handle this, we've run our own businesses for years, right?

For better or worse - there's still so much to learn, even after going solo. The pressure of having to make a "weekly nut", on top of learning the business of just being a safe/efficient company driver, is just something that experience here has borne out is NOT RECOMMENDED.

Now - we have guys on here that have gotten that experience, and are currently leasing (though it is taboo to discuss it here) and even those folks will advise the newly minted drivers to at least wait on considering leasing until you get that coveted year under your belt.

If you're already using quickbooks - keep using at for now. Your accountant (or one familiar with the trucking industry) can set up an "industry specific company" for you when the time comes, if you decide to go lease or O/O. There are also a number of industry specific packages out there.

Rick

OOIDA is a good place to start when it comes to learning about leasing or owning a truck:

OOIDA website

OOIDA is a good place to start when it comes to learning about leasing or owning a truck:

OOIDA website

I guess maybe I was not clear on what I was asking. I am specifically curious about what software/app some of the TT drivers use to help keep track of and manage their personal finances (or personal + business finances in the case of lease/owner op).

Thanks for the link through Brett. That one is getting a bookmark for reading later.

If you're already using quickbooks - keep using at for now.

Thanks for the reply and info Rick. I have used Quickbooks in the past and may very well use it again once I get through school and signed on with a company. I have been looking around though for other options, hoping someone could share experiences using other software/apps that I have not looked into yet.

You're probably not going to find a lot of folks on here, that are using any type of software in particular.

In the case of "company lease ops" - the company takes care of stuff like IFTA, and other regulatory type things - and simply shows this on your settlements. As an O/O - you will still be "leased on" to a company (unless you're planning to really go "all in" and get your own MC# - even more paperwork, overhead and regulatory headaches - along with booking loads, accounts receivables, etc.).

I can tell by your posts here - that you've done a fair amount of "due diligence" into the industry, and appear to be approaching it more as a biz-op than a job (which is not necessarily a BAD THING - I tend to think the same way).

For example - I've got enough funding, I could probably start a new Sub-S and go buy a brandy-new tractor with 80% cash down. NOT GONNA DO IT - and I researched this EXTENSIVELY a few years ago, and then took 3 steps back.

My cash position means I can be a COMPANY DRIVER for a year, not worry about cash flow - and really learn all I can about the business - WITHOUT WORRYING ABOUT CASH FLOW.

Out of curiosity - what exactly has you compelled to want to make that kind of investment, right out of the gate?

Rule of thumb here is still the STRONG RECOMMENDATION that you just be a driver, and let the company be responsible for the gear - until you really figure out if this is for you (notwithstanding the "CAN DO" attitude that most long-time small biz owners possess).

As far as software - last I did the research, there wasn't a "complete package" that handled EVERY ASPECT of trucking operations. For a company or lease driver - an excel spreadsheet (at a minimum) or Quickbooks would probably be more than sufficient.

Rick

I don't see any need for specialized software for a trucker as long as it can track business expenses - expenses that you can claim at tax time. Mint allows you to tag different expenses, and it is web based, so you can use wherever. Is this the sort of thing that can help you at tax time? Probably, but alas, you cannot import these tagged expenses into your tax form (via TurboTax, say). It will help you itemize if that's what you need.

Disclaimer: I work for Intuit the publisher of both Mint and TurboTax.

Rule of thumb here is still the STRONG RECOMMENDATION that you just be a driver, and let the company be responsible for the gear - until you really figure out if this is for you (notwithstanding the "CAN DO" attitude that most long-time small biz owners possess)./blockquote>

I was a small business Owner for 30 years befor I started My Trucking Career several months ago. I do not want the Headaches or expense of trying to run miles and do all of the bookkeeping and tax related crap anymore. Trust me, when you are busy out here you barely have time to eat, sleep and shower regularly. Let alone deal with the responsibilities of an O/O. I looked into both sides of this business for a year before I jumped in. You'll be lucky to make as much as a Company Driver as a O/O or L/O. Yes....there are exceptions, but by and large the Risk/Reward factor just isn't there, imho. Good Luck however you choose to go.

I don't see any need for specialized software for a trucker

By "trucker" I meant company driver. I did not go back and edit my reply before posting, but now I have, sort of.

So spending your spare time "Crunching Numbers" is a HOBBY?

I used turbo tax last year and got all my deductions. I will say next year I'm going to pay to have it done. There's a few trucker specific tax companies out there like victory tax and the "trucking cfo" but they tend to be a little pricey. If you are going owner o.o or lease op look at ooida and Kevin Rutherford they are the 2 I hear the most good things about.