How do I track fuel costs and mileage for my trucking business?
Fuel cards are the foundation for most trucking companies. Cards from Comdata, EFS, or other fleet fuel providers automatically capture every purchase with the date, location, gallons, price per gallon, and truck number. This data feeds directly into your accounting system without manual entry. If you’re paying cash at truck stops regularly, you’re creating tracking headaches and probably missing out on discounts that fuel cards typically offer.
For mileage, your ELD already captures what you need. Electronic logging devices track miles by truck and can break down mileage by state, which matters for IFTA reporting. If your ELD system doesn’t export clean mileage reports, GPS fleet tracking systems like Samsara or KeepTruckin provide detailed mileage data by vehicle. Some fuel card programs also estimate mileage based on fuel purchases and average MPG, though actual odometer or GPS data is more reliable.
Organize everything by unit number. Each truck should be trackable individually so you know your cost per mile for each vehicle. A truck averaging 6.2 MPG with $4.00 diesel costs you about $0.65 per mile in fuel alone. A truck averaging 5.8 MPG costs $0.69. Over 100,000 miles, that difference adds up to $4,000. You need this visibility to make decisions about route assignments, driver habits, and when to retire aging equipment.
IFTA quarterly reporting requires fuel purchases and miles driven by state. Your fuel card data gives you purchase locations. Your ELD or GPS gives you miles by jurisdiction. Keeping these records organized throughout the quarter makes IFTA filing straightforward instead of a last-minute scramble where you’re digging through receipts.
Reconcile fuel card statements to your books monthly. Match the statement total to what hit your bank account and make sure transactions are coded to the correct trucks. Discrepancies happen more than you’d expect: duplicate charges, purchases on the wrong unit number, personal purchases that slipped through. Catching them monthly keeps your cost-per-mile calculations accurate and prevents surprises.
For the occasional cash fuel purchase, photograph the receipt and log the truck number, gallons, and state immediately. Paper receipts from truck stops fade fast and get lost. A quick photo on your phone with notes preserves the documentation.
The goal is knowing your true fuel cost per mile by truck while maintaining clean records for IFTA and taxes. If your tracking has gotten behind or you’re not sure your current system is capturing everything correctly, small business bookkeepers in Santa Fe who understand trucking can help you build a process that works.
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