Accounting For Trucking Companies in US

The software places a top focus on translating costs into per-mile calculations. This focus is intended to make it easier to calculate load values and stay on top of receipts for tax filing. While available for businesses of all sizes, Rigbooks is designed for owner operators and small fleets. Small businesses can also start with Quickbooks and then later pair it with a trucking management system that integrates with Quickbooks. An accounting solution is also essential for most small businesses, including trucking companies. If you link your trucking accounting software to your business bank account and credit card, it should track your every invoice and expense automatically.

IFTA reporting is also easy thanks to Rigbooks importing the latest fuel tax rates for all jurisdictions automatically. Accounting comes in when you need to analyze your business based on financial data. This can include tax planning, developing financial statements, and analyzing cash flow. Software can make this analysis simpler by automatically completing calculations and filling out tax forms.

How DMJ’s Trucking Accountants Boost Profitability

Because working in the trucking industry involves taking on significant risk, you’re often better off taking the time to form a limited liability company (LLC) or a corporation. The first thing every business owner should do to simplify their accounting is to separate their business activities from their personal ones. The easiest way is to open up a new checking account and credit card and reserve them for business use only.

  • This can be especially important for smaller trucking businesses that may not have the resources to hire a full-time accountant.
  • The trucking industry has experienced significant changes over the past few years that have produced both obstacles and opportunities for logistics businesses.
  • RigBook’s more sophisticated, “Small Fleet” software allows companies to perform invoicing, track loads, prepare IFTA taxes and coordinate multiple trucks.
  • They’ll monitor your accounts, process your expenses, pay your bills and give you reports to track your profits and business growth.

With the mobile app, you can record billable hours on your device or smart phone. You can also snap a photo of a receipt with your phone, and it will be added to your company’s expenses. As a comprehensive accounting platform, Q7 will cover your fleet’s financial needs.

While Tailwind TMS isn’t a complete bookkeeping solution, it’s great for invoicing and bill payment, which are two major needs of a trucking company. It has comprehensive A/P and A/R features that let you track bills and payments from different personnel involved in your operations, such as vendors, employees, carriers, and customers. The Invoice List and Bill Posting modules are intuitive and comprehensive, and they help you review and track bills and invoices easily.

Get the personalized accounting services you need by DHJJ, your CPA redefined. There are several accounting software options available for trucking businesses. QuickBooks is a popular choice, offering a range of features such as invoicing, expense tracking, and tax preparation. Xero is another popular option, offering similar features to QuickBooks, but with a more user-friendly interface. FreshBooks is a cloud-based accounting software that is designed specifically for small businesses and freelancers.

Bookkeeping Vs. Accounting for Trucking

Costs include operating expenses like fuel, repairs, insurance, and taxes. Technically not a software solution but an alternative, TruckBytes provides free pre-made spreadsheets what is withholding and what does it mean to streamline invoicing, trip reports, and IFTA filing. TruckLogics streamlines bookkeeping by limiting manual record entry and delivering one-click financial reports.

IFTA Reporting

With a deep understanding of the transportation industry, they offer tailored solutions to ensure efficient financial management, regulatory compliance, and cost optimization. This online trucking management software helps coordinate the business side of operating a truck company. TruckingOffice products cover accounting and cash flow, as well as maintain records for IFTA taxes, maintenance expenses and more. The technology is cloud-based and allows you to create as many user accounts as your company needs. There is a separate Trucking module, available at an additional cost, which includes tools for owner-operators and carriers. However, without this extra module, QuickBooks lacks the industry-specific functionality of standalone trucking accounting solutions.

Choosing the Right Accounting Software for Your Trucking Company.

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Online accounting software allows you to update and track your financials in real-time for as little as $10 a month. Many companies use trucking accounting software to make managing their finances easier and more efficient. Tax season is already stressful, but the right accounting software can make it a seamless process.

TruckBytes requires manual entry of invoice, mileage, and expense data into the spreadsheets. While it takes the work out of many calculations, it does not offer many of the automatic entry and reporting functions provided by other software. These include Quickbooks for accounting and Motive for service hour tracking.

Trucking is a unique industry, so it has some unique taxes it needs to file. For example, trucking companies must pay the Heavy Highway Vehicle Use Tax or Form 2290. You’ll also have to pay income taxes, employment taxes and a fuel tax to the International Fuel Tax Association or IFTA. 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. Before you choose a trucking accounting software, get quotes from a couple of different platforms and compare their features, user-friendliness and any hidden fees lurking.

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