How to Close Out Q3 Strong: August Bookkeeping Tasks Truckers Shouldn’t Ignore

Aug 1

As summer winds down and freight markets begin to shift, August is a perfect time for truckers to hit the brakes and take a hard look at their finances. Whether you’re an owner-operator, 1099 contract driver, or small fleet owner, the bookkeeping work you put in now can make or break your year-end profitability—and keep your tax bill in check.

Here are the key accounting tasks you should tackle in August to close out Q3 strong and roll into the fall with confidence.

1. Catch Up on Bookkeeping (Even If You’re Behind)

If you’ve fallen behind on tracking income and expenses, now’s the time to get current. Don’t wait until tax season to start sorting receipts and statements. Instead:

Reconcile all bank and credit card accounts through July.
Review trip sheets, factoring reports, and settlements to ensure no income is missing.
Categorize expenses properly—especially fuel, repairs, tolls, and per diem.

Getting caught up now can help avoid rushed or inaccurate reports when it matters most.

2. Review Your Q3 Profit & Loss Statement

Pull a profit and loss report for January through July (or through August if your books are current). What are your biggest expense categories? Are you hitting your revenue goals? Pay close attention to:

Fuel costs vs. fuel surcharge recovery
Repairs and maintenance trends
Insurance, registration, and permit expenses
Meal and lodging deductions

This is a great time to see how much you’re really keeping after expenses—and where there’s room to tighten up.

3. Start Prepping for Q4 Taxes

Quarterly estimated tax payments for Q3 are due September 15th. If you’re self-employed, now’s the time to:

Set aside funds based on your net income year-to-date
Estimate how much you’ll owe using your P&L
Schedule your payment in advance to avoid penalties

If you’re not sure how much to pay, now is a good time to reach out to a bookkeeper or tax pro for a mid-year review.

4. Plan for the Slow Season

Many truckers see a dip in freight after Labor Day and again during the holidays. Use August to:

Build a small cash buffer to cover slower weeks
Reassess recurring expenses and cancel anything unnecessary
Review your rates and renegotiate if possible

A little planning now can help you avoid credit card debt or cash flow issues when business softens.

5. Organize Your Receipts and Records

Digital or paper—your records should be accessible, organized, and audit-ready. If you’re using a spreadsheet, mileage app, or software like QuickBooks or TruckingOffice, take time to:

Scan and upload paper receipts
Log maintenance records and inspections
Label receipts with vendors and categories

Come tax time, you’ll thank yourself (and so will your accountant).

Final Thought: Strong Books = Strong Business

Your rig is your business—and just like it needs regular maintenance, so does your bookkeeping. Closing out Q3 strong sets the tone for a smooth year-end, and gives you the financial clarity to make smart decisions heading into fall.

Need help reviewing your numbers or getting caught up? That’s what I’m here for. Reach out and let’s keep your trucking business rolling forward—compliant, profitable, and ready for what’s next.

Don't wait for tax season to get organized—these 5 accounting tips will help truckers finish Q3 strong and stay ready for what's next.

Stephanie Mayrose