Trucking accounting software is essential for companies that want to keep their finances on track. The right tool will manage all the basics, like income, expenses, and reports while handling more complex tasks like quarterly tax payments.
A good trucking accounting software will integrate with other information systems to eliminate manual data entry. This will avoid swapping programs whenever you want to change something.
Automated Invoicing
If you’re using spreadsheets, handwritten receipts, or a trucking management system without accounting features, it’s time to consider investing in an automated bookkeeping solution. The best trucking accounting software can connect with your bank account and import statements, eliminating the need for manual data entry while allowing you to reconcile your funds quickly.
The right trucking software will help you create a chart of accounts unique to your company, separating income and expenses. You can then simplify tax filings and easily prepare IFTA reports.
Trucking bookkeeping apps and software make it easy to digitize important documents, such as proof of delivery (POD). You can then search and view those records anytime, anywhere. Keeping these receipts in an organized manner will not only save you time but also money. You could lose hundreds or thousands of dollars yearly if you claim only some eligible deductible.
Another way you can streamline your financial processes is by automating your invoice approval process. The software can check for a two-way match between an invoice and a purchase order or delivery record, then automatically approve or route to the appropriate person. This makes it easier for the accounting team to keep track of invoices, preventing cash flow delays.
Expense Tracking
Accounting is one of the most important departments for trucking companies, especially if you’re trying to grow your business. An efficient accounting system will help you retain customers and make financial decisions based on reliable data. A trucking accounting software will also allow you to automate many processes, saving your team time and reducing errors.
Trucking accounting software can also provide you with tools for expense tracking. This will ensure that you’re keeping track of any costs related to your business and can claim deductions at tax time. It will also help you determine whether specific routes or loads are not profitable for your company. Trying out something like this demo of EZLease, can provide you with a glimpse into how lease accounting software can streamline your trucking business expenses. This accurate way of financial reporting can ensure you stay compliant with accounting standards, allow for budget plans and forecasting expenses, as well as access and review leasees and review terms or renewal dates.
A trucking accounting software will also allow you to manage your fleet’s fixed assets. This will help calculate the depreciation of your trucks and track their maintenance. It will also help you stay on top of your fuel expenses by allowing you to track mileage, which is an integral part of your IFTA report.
Accounting trucking software is the best way to streamline bookkeeping and ensure accurate numbers. Choose a program that offers features like professional invoicing, payment reminders, customer management, and cloud storage. With a cloud-based program, you can access your data anywhere, anytime. You can also set up automatic payments, connect your business bank account and credit card to import expenses like fuel and automatically generate profit and loss reports.
Reporting
A robust accounting department is vital to any trucking company. Without one, you’ll be subject to hefty fines for non-compliance with government regulations and may overpay taxes by missing out on valuable tax deductions.
With trucking software, you can streamline your bookkeeping and accounting processes with a single-entry system. This means data enter once and flows through to other systems, including your dispatch, billing, payroll, and IFTA fuel tax management. This saves you and your team valuable time and helps avoid costly errors.
The best trucking accounting software provides tools for generating detailed profit and loss reports based on your current financial information. This lets you quickly identify areas where your business is losing money and make necessary adjustments to improve profitability.
For example, if you’re an owner-operator and want to determine the most profitable loads, the right trucking accounting software will let you see your profit per mile in real-time. This makes choosing the most profitable loads easier and reduces your overhead. With features like this, you’ll be on the road to financial success in no time if you’re ready to take control of your finances, trucking, and transportation accounting software. With a fast and secure cloud-based platform, you can invoice clients on the go, manage expenses, track payment status, and collaborate with drivers from any device. Plus, unlimited award-winning email and phone support are included with any plan.
Payroll
Bookkeeping software is a tool that helps trucking companies manage their financial records more effectively. It allows you to easily create and track invoices, record expenses, and generate reports. It also offers tools like bank reconciliation, enabling you to import transaction data into your accounts from a bank feed. These features save time and money by streamlining manual processes.
With trucking accounting software, you can calculate fuel tax amounts automatically and keep track of inventory, IFTA reports, and more. The right software will also provide a centralized place for recording and accessing important company information, which can help you make better business decisions.
For example, some trucking management systems integrate with a full-service payroll service. You can run unlimited payrolls for employees and contractors and send paychecks via next- or same-day direct deposit. It will also file your payroll taxes and year-end forms, such as W-2s and 1099s. Additionally, it has a robust TMS integration and works with services for employee health benefits and Mineral for expert HR support.
Other trucking accounting software includes a mobile app for creating expense reports. It makes documenting over-the-road costs easier, especially for drivers on the road for extended periods away from home and family.
