Trucking services are crucial for the working of various industries as they keep the supply chain moving across land routes. Hence, trucking companies are necessary for any country’s economy.
One of the major challenges for trucking companies is the management of accounting tasks like payment of drivers, tracking of expenses, filing taxes, etc. Maintaining accuracy with these tasks is necessary for the success of trucking service in the long run.
This article discusses some of the best software solutions that are specifically designed to do accounting for the trucking business.
Accounting software for trucking companies that includes trucking specific features along with core accounting capabilities. Standard accounting features like accounts payable, accounts receivable, and general ledger enable trucking companies to streamline their accounting processes.
Additional features like fuel data importing, per mile pricing, GPS tracking, etc., allow them to simplify their connected tasks. Some of the major benefits of trucking accounting software are:
Trucking accounting software automates and streamlines all the accounting tasks that were earlier done manually. The work gets done faster without the need for many employees. Some trucking accounting software do not require advanced knowledge of accounting either.
Trucking companies are required to ensure compliance and avoid regulatory penalties. Trucking accounting tools ensure that all records are maintained in accordance with the local rules and regulations.
Truck companies can keep track of all business aspects via reports for expenses, daily profits, and the like. The reports come in different forms of graphical representations to ensure easier understanding and faster decision making.
Accounting software for trucking companies can easily integrate with existing e-filing, banking, and other systems to ensure smooth financial processes. Such solutions can be easily integrated with payroll systems to ensure easy payment calculations.
Suggested Read: List of Best 30+ Accounting Software for Small Businesses (Features and Ratings)
Some of the best options of accounting software for trucking companies and business are as follows:
Q7 trucking software solution provides a single customizable platform for accounting, dispatch, fleet management, billing and other such functionalities.
It takes care of accounts payable and receivable by enabling the creation of purchase orders, tracking vendors and customer invoices, etc. It also offers bank reconciliation, payroll management tools, and other banking functions.
Q7 Trucking Business Software Pricing: Pricing plans of this accounting and trucking management software are available on request with us. You can opt for a cloud-based accounting software subscription or site licensing.
QuickBooks is highly popular among trucking companies and other small businesses. It enables them to track income and expenses, create invoices, pay drivers, generate GST reports, keep up to date balance sheets, and more.
By connecting banks and other accounts, it records all your transactions automatically. Further, with dashboards and customizable reports, you can track your business performance easily.
QuickBooks Online Pricing: New users can get a 30-day free trial. QuickBooks accounting software that can be used by any small business starts at INR 529.50/month.
Pricing for QuickBooks Payroll service for the trucking industry that comes with an optional accounting solution starts at INR 1681.55(+ 934.19) per month.
Tailwind TMS allows small to mid-size freight brokerages and trucking companies to manage accounting and other operations. You can access information related to invoices, dispatches, and payments from one location.
This accounting software for the transport business also helps with mileage calculations, equipment maintenance tracking, sales commission management, GPS confirmed event/ shipment tracking, etc.
Tailwind TMS Pricing: The cloud-based trucking and freight broker software is available for a free trial. You can choose from Pro, Enterprise, and Unlimited plans. Annual pricing starts at INR 7392.75 per user per month.
Suggested Read: Best Free and Open Source Accounting Software
TruckingOffice software helps businesses in invoice generation, mileage calculation, expense tracking, fleet maintenance tracking, driver payments at individual pay rates, IFTA tracking/ reporting, and more. It can be used by the staff at trucking companies even without any advanced accounting knowledge.
TruckingOffice Pricing: You can opt for a 30-day free trial. It has basic and pro plans in owner/operator, mid-size, fleet, and broker (only basic) categories. Pricing starts at INR 1493.12 per month. The routing/mileage calculation feature is available as an add-on.
ProTransport is a customizable solution that offers accounting, safety, dispatch, and maintenance functions for fleets of any size. With its accounting module, you can track loads with pending invoices, manage deposits, reconcile bank accounts, calculate taxes, generate financial reports, and more.
Apart from accounting for the trucking business, it also helps with automatic mile calculation, GPS tracking, etc.
ProTransport Pricing: Pricing is available on request with us.
Axon trucking management and accounting solution helps in eliminating errors and streamlining regular processes for trucking companies. Once you enter trips and orders, driver payment and invoicing get updates automatically.
You can get reports that offer insights on equipment revenue, miles-per-gallon and other parameters to increase profitability. With payroll integration, you can manage complex pay calculations and government forms easily.
Axon Trucking Software Pricing: You can contact their sales team to get a quote.
TruckBytes accounting software is one of the best software for small trucking company. It enables trucking companies to generate invoices, enter expenses, track loads, verify payments, create trip reports, and so on.
You can track payment history and enter even partial payments. It automatically sums up fuel purchases and miles travelled for easier tax filing. The reports created are pre-formatted and fully compliant.
TruckBytes Pricing: It is a free trucking accounting software. You can pay for an additional IFTA (International Fuel Tax Agreement) service.
Suggested Read: Offline Vs Online Accounting Software – A Quick Comparison
Conclusion
Any trucking company, regardless of its size, can benefit from industry-specific accounting software. Not only does it simplify accounting tasks, but it also offers integration with other features like logistics management.
Choose the software that has all the features you need and is within your budget to get the maximum return on your investment. For more details, contact our team at techjockey.com.
FAQs
Trucking companies use accounting software solutions to keep up to date records, know metrics like cost per mile, and perform other complex bookkeeping operations.
An accounting software solution like TruckingOffice or QuickBooks can be used to keep track of trucking expenses.
TruckingOffice, TruckBytes and RigBooks are some of the best trucking accounting software for owner-operators.
TruckBytes is a free accounting software solution that is highly suitable for those in the transport business. Other options like Tailwind TMS and QuickBooks offer a free trial.
The best accounting software for transportation companies is the one that offers features like vehicle-wise fuel expense management, trip management, reimbursement management, and so on. Some of the best options in the market are TruckingOffice, QuickBooks, and TruckBytes.
QuickBooks is a versatile accounting software and can be used for trucking companies in several ways. You can use it to manage your expenses, invoicing, fuel management, trip management, reimbursement, payroll processing, etc.
The best business entity for a trucking company will be a sole proprietorship if the business is into plying, hiring, or leasing goods carriages with less than 10 vehicles.
This will provide presumptive taxation options under Income-tax Act section 44AE. Otherwise, a partnership firm or a company would be the best choice according to your needs.
There is not one accounting software that is best fit for all trucking companies as each business has its unique preferences and accounting needs. However, some of the most popular accounting software solutions that trucking companies use are QuickBooks, Tailwind TMS, and Truck Accounting software.
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