It totally amazes me how many Owner Operators get their income statements from the company and either believe it is true without challenging it or even worse don’t review it to make sure it is correct. This happens too often and the reason is because many Owner Operators don’t understand the deductions that are taken off or didn’t realize they were paying for such items. I have talked in past articles about creating your own invoicing system, every company has one and the Owner operator should be no different. The important thing is that you understand the statement you receive from the company and you match it to loads you have already pulled and track any expenses that need to be deducted as expenses.
If you accept the statement as gospel then that is the same as accepting a payment from a client and never reviewing it against the invoice. It could be short paid, not paid the tax, etc. As a business owner it is up to you to make sure you receive the money that you have earned to keep your company solvent. If not, the road to bankruptcy is just around the corner. Remember that income is king! Make sure you have all that is coming to you in your business or you will be out of business.
About the Author
Bruce Outridge is a business and leadership consultant in the transportation industry. He helps Owner Operators run successful businesses. More information can be found on his website at www.outridge.ca