Another advantage of Zoho Books is its provision for additional users at an affordable rate. This feature and its scalable plan options ensure owner-operators can adjust their Zoho Books subscription as their business evolves. The trucking industry has experienced significant changes over the past few years that have produced both obstacles and opportunities for logistics businesses. Challenges such as interstate registration, multi-state tax, financial solvency, merger and acquisition, and labor shortages can impede business growth. On the other hand, the unprecedented growth of e-commerce has led to an increase in transport demand, boosting opportunities to generate more business revenue.

Key Features to Look for in Trucking Accounting Software

We first learned about Trucker CFO during our orientation with Forward Air. We had just made the transition to become owner-operators, and we knew that we needed someone we could trust to handle our business needs. The Trucker CFO team is always very responsive, especially when we have questions. Time and time again, Trucker CFO has been there for us whenever we have needed them.

Rigbooks: Most Affordable & Easy-to-Use Trucking Management Solution for Small Fleets

Let me know below if you need additional assistance running a report as an alternative to creating a statement for your driver. I can help you how to run a report as an alternative to creating a statement for your driver in QuickBooks Online (QBO). Without the proper supporting documents, an audit might not result in your favor. You can be audited your total costs for health care for nearly a decade after submitting your tax forms, so the general rule of thumb is to keep a copy of your documents for about seven years. Partnerships are taxed as pass-through entities, and the partners individually file their losses. The most visible form of a small business is a limited liability corporation, better known as an LLC.

TruckLogics‍‍‍ Great for Owner Operators & Small Fleets

Other QuickBooks trucking integrations require complicated setups and third-party connectors. Users report the system is easy to use and can efficiently replace the admin time of several staff members. While it offers a lot, TruckLogics there are online complaints that the system does not always deliver and effective customer service can be hard to find. Axon’s customer support is well-regarded and can be accessed by phone or email. Executing proper transportation accounting procedures requires as much training and expertise as the transporting itself.

Accounting software makes bookkeeping easier by letting you scan receipts or enter data in one place so that it’s readily available when needed. As a result, many truck drivers handle a significant portion of their bookkeeping without much assistance. For example, it’s usually best for a driver to keep track of their miles, fuel purchases, and meal expenses while on the road. We offer a multitude of services to streamline your trucking business’s finances.

Pay what’s required but not a dime more.

The right accounting platform will help leverage your company’s success. You can learn more about our recommendation through our guide on the top trucking accounting software. Managing your trucking company’s books is one of the most essential activities that can be used to leverage its success. Trucking accounting software simplifies fleet financial management by handling key activities like tracking expenses and identifying cost-saving opportunities.

Ideally, this would address unique payroll scenarios and fulfill trucking-specific requirements while also simplifying salary calculations from the back end. Depending on the size and needs of your business, you may be suited better with software that provides the basics or one with trucking management features. Whether it’s a problem with the numbers or the software, there may be times when you need help from a professional. Some trucker accounting software will offer live support options, so you can talk to a professional accountant or tech support to help you manage your finances. Tax season is already stressful, but the right accounting software can make it a seamless process.

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes a study detailing the costs, schemes,… 91.5% of trucking carriers in the U.S. operate with six or fewer trucks. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.

But as you focus on day-to-day operations, keeping finances up-to-date is a challenge. Over time, this causes issues with cash flow, wasted spending, and inability to invest in upgrades. Having the up-to-date financial records and analysis you need to make data-informed decisions puts you back on the road to success.

Invoicing your customers promptly is a key factor in maintaining cash flow for your business because it ensures that you receive payment for your services as soon as possible. This will provide you with the necessary funds to pay for expenses such as fuel, maintenance, and wages. Waiting to invoice can result in payment delays and potential disputes over billing issues, which could strain the relationship with your customers and potentially result in loss of business. Timely invoicing also helps with maintaining accurate financial records and regulatory compliance. This will also make preparing accurate income tax returns more efficient.

It’s an affordable option for small trucking companies needing to track costs per mile and understand which of their loads are the most profitable. Tailwind TMS aced our trucking category and achieved slightly above-average scores for the other categories. Along with QuickBooks, transportation management systems (TMS) are a popular alternative for standalone software. TMS helps transportation companies handle all their accounting needs, including invoice reconciliation and other general accounting tasks, in addition to freight billing and auditing. For instance, an owner operator could track miles, fuel purchases, and meal expenses this way.

Rigbooks is a great option for small companies who don’t have much accounting manpower but want to keep their accounting in-house. Overall, there’s no single accounting or trucking management software that can cover all the various needs of truck drivers and fleet managers. To determine the right fit for your company, you have to assess your budget and needs and determine what particular features you require. The best trucking accounting software should be able to manage and track dispatches, orders, fuel and mileage, driver settlements, and IFTA reporting.

What’s more, we didn’t find any integrations that could solve this weakness, unlike QuickBooks, which integrates with trucking software like RLS. Also, we deducted a few points for ease of use because the dashboard is not that organized, with some 10 top free bookkeeping excel templates wps office academy features concealed within each other, making it a bit difficult to navigate. QuickBooks Online offers a free meeting with a QuickBooks ProAdvisor to help new users set up their accounts and provide guidance on getting the most out of the software.

1. You have two options for deducting the cost of meals and lodging—either by how many days and nights you were on the road or with your receipts.
2. Accounting software for trucking companies aids in adhering to industry-specific regulations, such as tracking miles for the International Fuel Tax Agreement (IFTA).
3. The program provides advanced features, such as real-time tracking, which allows trucking businesses to track their vehicle locations and driver activities efficiently.
4. Their exceptional professionalism has been instrumental in our successful collaboration.
5. The expert you hire does not have to work full-time but can be on call to help with specialized services and questions, keeping down on the total cost.
6. A limited liability company (LLC) or a corporation are better suited for a transportation business.

The clearer you are about mileage and fuel purchases, the harder it will be for customers to debate the cost. Bookkeeping refers broadly how to calculate the effective interest rate for discounted bonds to maintaining a business’s financial records. These include day-to-day records like fuel receipts and payment transactions.

Selecting suitable software is essential as trucking involves substantial data management. While general accounting platforms like QuickBooks, Xero, or FreshBooks are effective, trucking-specific software that incorporates the unique aspects of trucking finances is ideal. A cash flow statement shows how much actual cash the company has on hand. This is an important statement for small businesses and entrepreneurs because it shows a company’s day-to-day financial health.