Trucking services are essential to the operation of several industries because they maintain the supply chain flowing along land routes. Therefore, trucking companies are essential to any nation’s economy. According to a report by Statista, trucking accounted for the majority of overland freight transit in the United States in 2020. The management of accounting tasks, such as payment of drivers, expense tracking, tax filing, etc., is one of the biggest obstacles for trucking companies. The long-term success of a trucking service is contingent upon maintaining accuracy with these tasks. This article discusses the most effective accounting software solutions for trucking businesses.
Accounting Software For Trucking Companies Benefits
Accounting software for trucking companies with trucking-specific features and fundamental accounting functionality. Trucking companies can expedite their accounting processes with standard accounting features such as accounts payable, accounts receivable, and general ledger. In addition, they can facilitate their connected tasks with additional features like fuel data importation, per-mile pricing, GPS tracking, etc. Among the primary advantages of trucking accounting software are the following.
It Saves Time & Avoids Paperwork
All accounting tasks that were previously performed manually are automated and streamlined by Trucking Accounting Software. As a result, the operation is completed more quickly without needing a large workforce. In addition, some accounting software for trucking does not require sophisticated accounting knowledge.
Helps Maintain Compliance
Trucking companies must guarantee compliance to avoid regulatory fines. Therefore, trucking accounting tools ensure all records comply with local rules and regulations.
Through reports for expenses, daily profits, and the like, trucking companies can keep track of all business aspects. In addition, the reports include various graphical representations to facilitate comprehension and expedite decision-making.
Integration With Other Systems
Accounting software for trucking companies can readily integrate with an existing e-filing, banking, and other systems to facilitate efficient financial operations. In addition, these solutions can be incorporated with payroll systems to facilitate straightforward payment calculations.
Best 7 Trucking Accounting Software
The following are some of the finest accounting software options for trucking companies and businesses.
1. Q7 Trucking Business Software
The Q7 trucking software solution offers a single, adjustable platform for accounting, dispatch, fleet management, invoicing, and similar features. It handles accounts payable and receivable by allowing the creation of purchase orders, tracking invoices from vendors and customers, etc. In addition, it provides bank reconciliation, tools for payroll management, and other banking functions.
- Warnings for safety concerns.
- ELD (electronic logging device) integration with providers like Omnitracs and Samsara.
- Department wise reporting.
- Requires instruction assistance.
- Not compatible with Mac computers.
Truck Bytes accounting software is the finest for a small trucking company. It allows trucking companies to create invoices, input expenses, track loads, verify payments, generate voyage reports, etc. You can even record partial payments and track payment history. In addition, it automatically totals petroleum purchases and kilometers driven to facilitate tax preparation. The generated reports are pre-formatted and compliant.
- Free Quarterly IFTA Reports on Fuel Taxes.
- Mobile version.
- Free technical support via email.
- The free version is inadequate for large fleets because it needs features like load optimization.
3. Tailwind TMS
Small to mid-sized freight brokerages and trucking companies can manage accounting and other operations with Tailwind TMS. One location provides access to information regarding invoices, shipments, and payments. This accounting software for the transportation business also helps with mileage calculations, sales commission calculations, equipment maintenance tracking, GPS confirmed event/shipment tracking, etc.
- Branches with user-specific authorization levels.
- MS Azure auto data storage.
- Mobile app for iOS & Android.
- Bank reconciliation requires a subscription to QuickBooks Online.
4. QuickBooks Online
Trucking companies and other small businesses widely use QuickBooks. It allows them to track income and expenditures, generate invoices, pay transporters, generate GST reports, maintain accurate balance sheets, and more. By integrating banks and other accounts, it automatically records all transactions. Moreover, with dashboards and customizable reports, you can easily track the performance of your business.
- Invoices and receipts can be managed using a mobile app.
- One login for all customers and tasks.
- Standardized security protocols for document sharing and other forms of communication.
- Not equipped with an automatic per-mile calculation of operating costs.
- Should have more default expense categories specific to trucking.
TruckingOffice software helps businesses with invoice creation, mileage calculation, fleet maintenance tracking, expense tracking, driver payments at individual pay rates, IFTA tracking and reporting, and more. In addition, staff members at trucking companies can use it even without sophisticated accounting knowledge.
- Automatic replication of records for content security.
- There is no maximum quantity of users.
- Secure authentication for authorized access.
- It should have more support options like live messaging.
6. Axon Trucking Software
The Axon trucking management and accounting solution help trucking companies eliminate errors and streamline routine processes. After entering journeys and orders, driver payment and invoicing are automatically updated. You can obtain reports that provide insights on equipment revenue, miles-per-gallon, and other profitability-enhancing metrics. With payroll integration, complex pay calculations and government forms can be readily managed.
- Highly configurable.
- Updates automatically each form field associated with an entry.
- In-the-moment financial analysis.
- A severe learning curve exists.
ProTransport is an adaptable solution that provides accounting, safety, dispatch, and maintenance capabilities for fleets of any size. With its accounting module, you can track cargo with outstanding invoices, manage deposits, reconcile bank accounts, calculate taxes, generate financial reports, and more. In addition to accounting for the trucking business, it helps with automatic mile calculation, GPS tracking, and other functions.
- Automated petroleum data importing.
- There is a QuickBooks integration.
- The mobile app is available.
- Larger fleets should receive additional features.
What Kind Of Bookkeeping Do Trucking Companies Perform?
Trucking companies use accounting software solutions to maintain up-to-date records, understand metrics like cost per mile, and perform other complex accountancy tasks.
How To Track Trucking Expenses?
Use accounting software like TruckingOffice or QuickBooks to keep track of trucking expenses.
What’s The Best Trucking Accounting Software For Owner-operators?
TruckingOffice, TruckBytes, and RigBooks are among the finest accounting software for owner-operators in the transportation industry.
What’s The Best Free Accounting Software For Transport Business?
TruckBytes is an excellent free accounting software solution for those in the trucking business. In addition, complimentary trials are available for other options, like Tailwind TMS and QuickBooks.
What’s The Best Accounting Software For Transportation Companies?
The best accounting software for trucking companies offers features like vehicle-specific petroleum expense management, travel management, and reimbursement management, among others. TruckingOffice, QuickBooks, and TruckBytes are among the most effective options available.
How Should A Trucking Company Use QuickBooks?
QuickBooks is a flexible accounting software that trucking companies can use in various ways. For example, you can use it to manage your expenses, invoicing, fuel management, travel management, reimbursement, payroll processing, etc.
What’s The Best Entity For A Trucking Company?
A sole proprietorship is the ideal business entity for a trucking company with fewer than ten vehicles engaged in plying, hiring, or leasing goods carriages. This will provide options for presumptive taxation under section 44AE of the Income Tax Act. Otherwise, a partnership or company would be the best option for your requirements.
Which Accounting Software Is Used In Trucking Companies?
No single accounting software is ideal for all trucking companies because each business has its own preferences and accounting requirements. Nevertheless, QuickBooks, Tailwind TMS, and Truck Accounting software are some of the most prominent accounting software solutions used by trucking companies.
The Bottom Line:
Accounting software tailored to the transportation industry is advantageous for any size of the trucking company. Not just does it simplify accounting tasks, but it provides integration with other features like logistics management. Obtain the highest return on your investment by selecting the software with all the required features within your budget.