5 Best Trucking Accounting Software for 2024

If you are a self-employed truck driver, this bookkeeping tip is most relevant for you. As the sole owner of your business, you’re going to have to establish yourself and think of devising a chart of accounts. Bookkeeping is an essential first step towards staying organized in the trucking business. Apart from the daily tasks of running a trucking business, the back-office duties need your attention just as much.

Since little training is required for small businesses to perform this function successfully, many truck drivers complete this alone. While in-office personnel can be paid in person regularly, truckers might be on the road when payday rolls around. Manage your payroll with trucking accounting software to address the often complex process of paying drivers. For instance, you can implement direct deposit so your drivers get paid on time no matter where they are. Filing International Fuel Tax Agreement (IFTA) reports for interstate or international trucking jobs can take time.

Separate Business and Personal Expenses

Remote Books Online offers robust data backup and recovery solutions to ensure your records are safe in the event of data loss or a cyberattack. However, you can deduct the interest portion of your truck payment plus depreciation on the cost of your truck. Label the calculator’s register tape with the month and year, staple the printout to each corresponding stack of receipts, then drop the bundle back into the corresponding slot. Since they are stapled together, they won’t get mixed up with new receipts coming in. You’ll have everything you need already sorted correctly for the end of each quarter or at the end of each year.

You’ll also have an easier time tracking and documenting your spending, as most accounting software can integrate with your bank account. One of your most powerful trucking bookkeeping resources comes in the form of a tiny slip of paper—receipts! Without them, you run the risk of losing hundreds, even thousands, in taxes. That’s why we’ve put together a few truckers’ bookkeeping tips to simplify your bookkeeping process.

Do a month-end close.

The system allows for batch payroll processing and customizable reporting, which includes summaries, tax audits, and W-2 printing for year-end. The software can also generate profit truckers bookkeeping and loss reports, offering insights into the company’s fiscal performance. Additionally, TruckLogics integrates with popular accounting software like QuickBooks to synchronize data.

• A prevalent method truck owner-operators employ for bookkeeping is tracking all costs, including fuel purchases and meal expenses, and keeping track of distance traveled.
• At Bench Accounting, we aim to make managing your finances easier and stress-free, so you can focus on your work without worrying about the state of your books.
• The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility.
• Customer retention rates are approximately 91%, largely reflecting the downsizing of fleets and to a lesser extent account losses.
• Here are the best tips for managing the bookkeeping for a trucking business.
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Trucking accounting differs from regular business accounting in several ways. If you have employees, you must also be able to manage payroll for different types of pay and have flexible payment options. 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.