Whether you use general accounting software or one specifically designed for trucking companies, these programs can help your fleet improve profitability. They simplify bank reconciliation and offer tools for expense reporting, profit and loss statements, and driver settlement calculations.
Expedite order-to-cash with streamlined billing processes. Itemized invoices clearly outline payment terms, extra fees, and more so your clients know what they’re paying for.
Trucking is a unique business that requires specialized invoicing software. With it, it can be easier to get paid on time. But when it’s integrated with your TMS, you can automatically create and send invoices for each shipment, which helps to ensure that customers pay on time.
Additionally, you can use transportation accounting tools to help control your expenses by tracking mileage and fuel purchases. Then you can generate detailed expense reports to help with budgeting and forecasting.
Finally, trucking accounting software makes it easier to file taxes by keeping an eye on your general ledger and calculating IFTA reports based on your base jurisdiction. This can help you avoid costly surprises come tax time.
Imagine what it would be like if all your programs could talk to each other—even ones not made specifically for trucking companies. You can do that with the best trucking accounting software. For example, a sales order processing in your transportation management system can be instantly transferred to your owner-operator account. And your IFTA report filing can be done with a button.
Integrate With Your TMS
Regarding trucking accounting, you want a program that integrates with your TMS system. This reduces manual data entry across multiple areas and eliminates errors. It also eliminates duplicating information, resulting in time and cost savings. Look for a program that can scale with your fleet so you can easily add trucks as your business grows.
Integrated trucking accounting software allows you to monitor real-time profit and loss reports to catch any discrepancies. You can then adjust your routes and loads to ensure you get the most out of each run.
A good trucking accounting program also includes tools for importing and matching bank feeds. You can create custom criteria and bank rules to categorize and match incoming statements, then instantly download them into your accounting system. This automatically updates your accounts payable system, owner/operator files, and company equipment statements. It also updates your fuel tax report systems and IFTA filings to prepare you for tax season. It’s also a great way to keep track of expenses, allowing your drivers to scan and upload receipts from their mobile devices.
When operating trucks, a lot of expenses can add up. While regular accounting software might be okay for smaller companies, trucking solutions are more streamlined to make tracking costs easier, calculating fuel mileage, and preparing IFTA reports.
For instance, a company is built for your trucking business to give you a clear view of profit and loss with cost-per-mile reporting. It also allows you to bill by mile, item, or lump sum and keeps receipts organized and accessible with a simple scanning app.
Other trucking accounting software has a mobile app that helps you keep up with your finances from the road. Its features include:
- A fast, secure cloud-based platform.
- Unlimited award-winning support.
- Budget-friendly plans start at $15 per month.
It makes it easy to create invoices and generate expense reports from any computer, anywhere – all you need is a stable internet connection. Look for a solution that offers bank reconciliation so that incoming statements can be automatically matched using custom criteria and rules.
If you’re an owner-operator or fleet manager, trucking accounting software will save you time and money in the long run. The right accounting software makes it easy to manage your accounts, from customer invoices and trucking expenses to fuel and vehicle maintenance expenses. You can even collect your profit and loss statements and year-end taxes.
You can quickly and accurately complete complex government forms and reports using the best trucking accounting software. Plus, you can expedite your entire order-to-cash process with one wholly integrated system. It’s also easier to keep your trucking business running smoothly with detailed profit and loss reports, load profitability analysis, and streamlined payment processing, including ACH direct deposit.
If you’re ready to take your business to the next level, look for a software solution with 24/7 support from real, live human beings. This way, you can ask questions and get advice and help from somebody who understands your unique needs. This will make your journey much less stressful, and you’ll be able to achieve success in the trucking industry.
When your accounting and payroll systems are fully integrated, they save you tons of time and effort. Rather than manually entering the same data into multiple areas of your business (and risking errors), your trucking accounting software does it all for you. This makes tax reporting, IFTA compliance, and other trucking accounting tasks much more straightforward.
Integrated payroll means everything is done straightforwardly when it’s time to pay your driver staff, owner-operators, and carriers. Then, your financial statements, accounts payable system, owner/operator files, and fuel tax system are instantly updated. And if you’ve included cash advances on your fuel invoices, the driver pay information sent to payroll will automatically reflect those amounts too.
Investing in trucking accounting software can make a big difference in the success of your fleet. When choosing a system, consider your specific needs — such as mileage and IFTA tracking — and compare features, pricing, and customer support options to find the right solution for your company. Then, choose a program that can grow with your fleet to avoid expensive switching costs in the future.