Q: What can I do to better organize my taxes? Every year, the filing date creeps up on me and I have to scramble.

A: If you’re like a lot of owner-operators, you’re on the road trucking so much that it’s hard to find the time to deal with the business part of your operation. What little free time you do have you probably want to spend on yourself or with your family.

Getting your taxes together really should be part of a bigger plan to organize all of the receipts and paperwork you need in order to manage your business more effectively. It takes some discipline, but you can do it. To get you started, here are some common-sense systems that are easy to use, convenient, and take up very little of your time:

o Look for ways to organize your receipts and paperwork that you can use inside your truck.

For example, we’re accountants that specialize in serving truckers, and keeping receipts in order is important so you don’t miss out on any tax-deductible expenses. We give our clients two custom-made, expandable files (the file folder itself looks like an accordion, and you can find something similar to what we use at a business supply store). As you collect your receipts, simply put them into the appropriate slots in the filing kit.

Ask your accountant to help you develop categories that make the most sense-one place for meal receipts, for example, another for fuel. (We have our clients put their receipts-still in the folder-into a big envelope and mail it to us every three months. We pay the postage.)

o Insist on quarterly financial statements from your accountant so you know where your business stands every three months.

Presenting your accountant with a pile of receipts once a year leaves no time for tax planning. Quarterly accounting also allows for quarterly GST/HST reporting-and that’s especially beneficial if you’re always in a refund position.

Finally, don’t forget that quarterly financial statements are also helpful when you need to present up-to-date financial records-in order to obtain the best financing for new equipment, for example.

o One of the best ways to cut down on your once-a-year scramble is to know where you stand tax-wise is to pay your income taxes in quarterly installments.

Quarterly tax installments make budgeting easier, since you’ll be more prone to thinking of taxes as a regular “expense item,” like your truck payments, insurance, or fuel. Of course, paying in smaller increments has its advantages, too.

o Shop for financing as intently as you’d shop for equipment. Some owner-operators base their decision on a financing package solely on the interest rate or monthly payment. That isn’t always the best deal!

Take your financing package to several lenders and do an apples-to-apples comparison: consider the down payment, monthly payment, rate, term, residual at the end, documentation fees, the overall cost over the life of the financing, prepayment penalties, balances owing at critical trade years, etc. Take your time, ask questions, run amortization schedules, and always consult your accountant regarding the tax implications for any new equipment acquisitions. By shopping your financing, you could save thousands of dollars over the life of your loan or find a more flexible financing package that suits you better.

Remember, the best way to improve your bottom line is through the middle. If you know where you stand every three months through quarterly accounting, and you take the time to obtain and analyze detailed financial statements, you’ll be able to see where your expenses are going throughout the year and how you can improve. Insist on comparative financial statements, especially if you’ve obtained new equipment. This will help you to determine whether you have improved on some significant expenses such as fuel.

Above all, you work hard, so why not reward yourself by using your free time for yourself and not on your paperwork? I hope some of these common-sense systems can help you with this, and also help relieve the stresses associated with not knowing how your business is doing.