When it comes to writing your profit and loss statement, truck drivers are not alone. For the majority of truck drivers it is a complicated and challenging process, requiring the most careful attention to detail and estimation. However, with a simple Profit and Loss Statement Template and a little knowledge of accounting principles and IRS rules, your cash flow will be flowing smoothly.
So, what does a truck driver do when he’s driving his truck and there is no customer service? What happens when a customer complains and he’s stuck on the side of the road with no hope for change? These are all questions that arise when you become a truck driver and need to prepare a Profit and Loss Statement (P&L) for your business.
Most truck drivers don’t drive for their employers, so they have no access to the P&Lis that companies need to submit to the IRS. But for the experienced truck driver-for-hire, writing a P&L can be a daunting task. It requires focus, education, and the ability to accurately estimate your earnings for each month. A good P&L template can help you learn how to properly prepare your P&L.
Profit and Loss Statement templates can be found in many locations, ranging from online businesses to your local college bookstore. There are several advantages to using a template:
The first advantage is time. By using a template you can generate your P&L immediately and print it off. For a start, you’ll only have to input the data once, rather than updating and inputting data for each of your trucks on a monthly basis. You also don’t have to learn all the complex formulas that you would need to calculate the figures yourself.
Another advantage of using a template is that it is very simple to understand. For a new or inexperienced truck driver, this is a huge advantage as it will save him lots of time and frustration when trying to work out the numbers. A lot of the time, people making the calculations will assume that they are making huge amounts of money and can therefore expect an easy ride to and from work.
A third advantage is that you don’t have to use a professional to prepare your P&L for you. Just as it would be foolish to rely on a car mechanic to fix your car, it would be silly to rely on a professional accountant to prepare your P&L for you. If you are a professional, the advantage of a professional P&L is that you will get good advice and updates about new laws and tax codes. A professional accountant or bookkeeper will also be able to check your calculations and make sure that you’re getting the figures right.
So there are three reasons why a Profit and Loss Statement Template are essential to the success of your business as a truck driver. Of course there are other advantages of using a template as well. However, the one thing that the most successful truck drivers know and that you should know is that a good Profit and Loss Statement template will be able to help you make the most of your money and give you more time to spend on driving your truck.