7 Best Trucking Software of 2024

accounting for trucking business

I’m Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality. Further, Rigbooks’ customer support is on par with that of Tailwind TMS, offering phone and email support. However, it lacks email support, and since it’s not as popular as QuickBooks Online, it might be difficult to find professional bookkeeping support if needed. The Pro and Enterprise plans have a 30-day free trial available with no credit card required.

What is trucking software?

Setting clear expectations for deadlines and output is also important when working with a trucking accountant. Make sure that you both understand what is expected in terms of deliverables taxpayer identification number tin and timelines so that you can work together effectively to achieve your financial goals. Communication and collaboration skills are also important when choosing a trucking accountant.

accounting for trucking business

Essential Tips for Effective Trucking Accounting

The advantage of using general accounting software like QuickBooks, Xero or FreshBooks is that the accounting functions are more advanced and user-friendly. The advantage of using accounting software designed for trucking companies is the ability to perform fleet-specific functions like load tracking, settlements and IFTA tax reporting. Odoo is an open-source accounting software that includes features such as invoicing, expense tracking, and inventory management. It is primarily aimed at small businesses and includes various other business tools.

accounting for trucking business

Ensuring Compliance with Industry Regulations

They have the experience and expertise within the trucking industry that makes a difference for small businesses in trucking. When it comes to accounting and your taxes, you need to be able to have trust in your provider right off the bat. McLeod Software’s LoadMaster Dispatch product is a fully integrated dispatch system that combines accounting https://www.online-accounting.net/what-is-an-audit/ with dispatch operations management. Customers can tailor LoadMaster to their unique business needs, taking advantage of capabilities that include freight billing, safety compliance, payroll, fuel tax reporting and more. Many small trucking companies still use ledgers, spreadsheets and file drawers when managing their financials.

How DMJ’s Trucking Accountants Boost Profitability

ProTransport also offers integration with popular dispatch and fleet management systems, making it an excellent option for businesses looking to streamline their invoicing and billing process. QuickBooks is one of the most popular accounting software options for small businesses and offers a range of features that can benefit trucking businesses. With QuickBooks, small trucking businesses can easily manage their finances and stay on top of their cash flow. Xero is another user-friendly and affordable accounting software option that offers trucking-specific features. These features include trip tracking, fuel tracking, and load tracking, making it an excellent option for small trucking businesses looking for more specialized accounting software.

  1. With integrated systems, you can also gain access to real-time data that can help you make better business decisions.
  2. Meanwhile, the HVUT is an annual fee that truckers must pay if they drive a vehicle that’s at least 55,000 pounds for more than 5,000 miles on public highways.
  3. Trucking management software that targets large trucking companies often creates pricing plans around the company’s needs but these typically range from $99 up to $500+ per month.

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To determine the right fit for your company, you have to assess your budget and needs and determine what particular features you require. Axon is a trucking management system that handles everything from invoicing to dispatching and tax reporting. The software targets larger trucking businesses that want to minimize their office staffing. Managing payroll and driver settlements can be a complex and time-consuming task.

These include focused tools for freight haulers, freight brokers, and oilfield trucking. The software offers a range of pricing plans, including a self-employed plan for individuals and a small business plan for up to 25 users. QuickBooks also offers a free trial, allowing small businesses to test the software before committing to a subscription. Using invoicing tools can help you create and send invoices to clients quickly and easily. Make sure to follow up quickly on overdue payments to maintain your business’s financial health.

Outsourced accounting lets you select only the specialized accounting services you need, keeping your costs down. The IFTA is a way to redistribute the fuel taxes truck drivers pay in the lower 48 states and the 10 Canadian provinces. It ensures your funds go to the areas where you used your fuel instead of the ones where you purchased it.

Tailwind TMS provides tools to ensure records are uploaded as quickly as possible. For example, the mobile app lets drivers capture signed bills of lading with https://www.business-accounting.net/ their mobile phones on delivery. Tailwind TMS can be pricey for very small trucking company software, but it has a lot to offer mid-size and larger companies.

Trucking software handles transportation management, including dispatch operations, load planning, driver management, billing, and tracking. Using our advanced review methodology, our team has carefully evaluated top trucking software to find the best options for truckload carriers, private fleets, and more. The cloud-based version of QuickBooks was redesigned in 2013 to make it easier to use on a smartphone or tablet.

It does not include payroll or bank reconciliation but can integrate with Quickbooks to give a complete accounting service. Before delving deeper into trucking accounting, it’s important to familiarize yourself with some key financial terms and concepts. Gross revenue is the total amount of money generated by the business before accounting for expenses.

This is where we recommend premium software like Q7 or even an integration between QuickBooks Online and RAMA Logistics Software. For instance, an owner operator could track miles, fuel purchases, and meal expenses this way. However, this approach is very time-consuming and does not help with more complicated accounting. TruckingOffice offers standard bookkeeping features and allows for invoicing on variable fees, such as flat, per ton, per mile, or by weight. IFTA tax reports are also generated automatically, with options to choose which trucks to include in the report.

Trucking software is a digital tool designed to handle route planning, fleet management, load scheduling, and delivery tracking. It provides a unified way to manage dispatch records, pay invoices, and monitor interstate fuel tax agreement (IFTA) reports. Trucking software can be used by single owner/operators, or by a company managing a fleet of drivers or carriers.

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