6 Best Trucking Accounting Software

Tailwind TMS provides a full range of invoicing and bill payment features. It’s an ideal solution for businesses needing a comprehensive trucking management system. It does not include payroll or bank reconciliation but can integrate with Quickbooks to give a complete accounting service. While trucking accounting software typically refers to a standalone product, some trucking accounting solutions are just one component of a comprehensive trucking management system. Trucking management software typically automates tasks like dispatching, fleet management, and maintenance scheduling. However, some trucking companies and owner operators may find general accounting software sufficient if they have separate solutions for trucking-specific needs.

What is Trucking Accounting Software?

This gives rejection letter for grant request​ the option to manually fill out a report when you need to save on admin costs or you can use the automatic report feature when you’d prefer to save on time. One of the most useful features of TruckLogic is its integration with other trucking industry tools. These include Motive, DAT, ProMiles, Quickbooks, ExpressTruckTax, and ExpressIFTA.

Accurate and Automated Inventory Management

This includes finding work on load boards, driver and maintenance management, invoicing, and expense tracking. Small businesses can also start with Quickbooks and then later pair it with a trucking management system that integrates with Quickbooks. All business owners must make quarterly estimated tax payments to cover their income and self-employment taxes, and truck drivers are no exception. You’ll incur penalties and interest if you don’t meet your federal and state liabilities.

1. These include Quickbooks for accounting and Motive for service hour tracking.
2. Additional options include an electronic data interchange (EDI) and a fuel card interface.
3. Streamline your IFTA reporting by using software to automate the process each fiscal quarter so that you can focus on other elements of fleet management.
4. For example, if you place your truck into service in July, the due date is August 31.
5. The all-new Accounting Software from FreshBooks helps you take control of your trucking business accounting with ease, without the stress.

What is a profit and loss statement?

While the company boasts a varied cargo portfolio, it primarily operates at an interstate level, ensuring the safe and efficient transport of goods across state lines. Cape Cod Express is known for handling specialized shipments, including hazardous materials and intermodal containers, making it a versatile carrier. The company also boasts capabilities in transporting large machinery, paper products, and US mail, demonstrating their broad range of services to cater to various logistical needs. They specialize in transporting a wide range of cargo, including chemicals, general freight, intermodal containers, machinery, large objects, and oilfield equipment. Notably, they handle hazardous materials, showcasing their expertise and commitment to safety. The FreshBooks software easily connects your devices with its cloud-based capabilities.

An efficient software will not only ensure your accounts are accurate and up to date but also help lessen the workload of your accountants. You can save considerably more on software just by operating a small fleet, though some plans offer discounts for enterprise-level trucking operations. Others online invoicing portal require a minimum number of qualified motor vehicles (QMV) per fleet. To comply with IFTA, you must report your trips and fuel purchases quarterly.

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. IFTA applies to you if you drive a vehicle across multiple states or provinces that weighs more than 26,000 pounds or has at least three axles.

TruckingOffice also offers an optional electronic logging device (ELD) that what is the journal entry to record a gain contingency in the financial statements can sync with your mobile app automatically. Axon also handles payroll with trucking-specific pay calculations and expense tracking. It also manages employee and contractor paperwork like W-2 and 1099 forms. Truckers report liking the user-friendly system and find the software has all the basic tools to run their business. The driver settlements function lets you calculate driver pay by the mile, load percent, or a flat rate per trip.

For example, by keeping track of fuel expenses and comparing them to industry averages, trucking companies can identify ways to reduce their fuel costs and increase their profitability. Trucking accounting involves keeping track of income, expenses, taxes, and compliance with various regulations. Proper accounting can help you optimize your business operations, identify financial trends and avoid cash flow problems. Additionally, accounting can provide insights into ways of cutting costs and improving overall efficiency. TruckLogics streamlines bookkeeping by limiting manual record entry and delivering one-click financial reports.

There may be separate types of user accounts to differentiate between back-end workers and drivers on the road. Other factors to consider when selecting the right accounting software include the software’s features, ease of use, support, and pricing. You should also consider whether the software is cloud-based or installed on your computer. Cloud-based software can be accessed from anywhere with an internet connection, while installed software can only be accessed from the computer it is installed on. Tracking your income and expenses regularly is essential to stay on top of your business’s performance, identify financial trends, and avoid surprises.