Some numbers for new O/O

Dodge Caravan is all I need.

 

My settlements are trending down..since I got pulled off of a dedicated spent sulfuric acid run. Now I have to run the western 11 to make the same amount of $. It was nice of my company to let me earn 77k in 4.5 months. My only expense is the 750 truck note financed on my own.

 

I ended up at $228K to the truck for '18. Still not sure if I made any money or not, doing taxes the next week or so.

I mean, I think I made some money, but I have to wait for someone else to tell me to be sure.

 

best pinned post i've seen. EDUCATE THE MASSES!

 

Not bad Dave. Nice job.

A great year 300k + per truck is entirely possible with reliable equipment , running steady and decent rates...if you're into that level of work.

Will see how 19' plays out but I'm predicting it's going to be a tough year.

 

How would someone that wants to O/O learn all the accounting and stuff like that. I can balance a check book, young guy but not a ignoramus, but all the required paperwork and taxes and all I'm completely ignorant of.

 

Accounting for O/O is simpler than a pig's tail. The cunning skills of getting work, customers, rates, keeping drivers happy, mechanical skills is what is makes someone good at this and not all of it can be learnt at school.

 

Well there's a couple dozen guys that will tell you what you're doing wrong. Let's see if even one comes by to tell you where to look.

 

“But all the accounting & tax’s...” ,,,stop right there. Slowly but surely, start knocking out what you need to know, and the “all the accounting & tax’s” will turn into, realizing you just got to know what parts apply to you.

There’s not much to it. You watch your money coming in and your money going out. If you bill your customers and don’t factor, you build a system to invoice and track money yet to be received, then you mark it paid. You keep up with your miles in each state for Ifta & You keep up with all your receipts related to business. That’s the accounting basics. Your accounting your activity.

The tax basics are; keeping up with all your receipts, so you can organize your expenses into catorgies. You keep track of days spent over the road for per diem allowance & hand it all to your account so they can process it.