The Best 6 Trucking Accounting Software Options in 2024
Trucking businesses are an important part of the transportation industry. This information is critical in making business decisions such as which loads to accept and which trucks and drivers are the most profitable. However, accrual basis accounting can be more complicated than cash basis accounting, which only records transactions when cash changes hands.
If you’ve ever gone for a business loan to buy equipment, the banker probably asked for it. By clicking ‘Get Started’, I agree to Bench’s Terms & Privacy Policy. Sign up to receive more well-researched truckers bookkeeping small business articles and topics in your inbox, personalized for you. We checked the availability of different customer support options, including phone support, email, and live chat.
How to start with accounting for your trucking businesses?
As long as you use this education to improve your skills in your current line of work or it’s required for your job, you can deduct the cost. Phones, tablets, and laptops you use exclusively for work are 100% deductible, so you can claim the full cost of the device and your monthly data or internet plan. If you use the device for both business and personal purposes, you can only deduct the business percentage of your expenses.
With this information, we can provide you with your quarterly estimated tax payments and prepare tax returns for you at the end of the year. Quickbooks Online is not an accounting solution that was not designed strictly for any one industry and certainly not for trucking businesses. However, those in the trucking industry, specifically the truckers themselves, can use Quickbooks’s accounting tools for the business needs of trucking management. This best trucking accounting software review gets the full under-the-hood analysis so you know what each piece of software is suitable for. Some of these apps are dedicated to the trucking industry, while others are just good small business accounting software which can be used by truck drivers or companies. FreshBooks is a simple and affordable option for small trucking businesses.
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There are also very decent expense tracking tools for trucking, as well as fleet maintenance software. Every month, your dedicated bookkeeper categorizes your trucking business transactions and prepares financial reports. If they require any additional information from you, they’ll make contact. Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform.
It has no trucking-specific features, but when you add RLS, it becomes a powerful solution for trucking management and accounting. The trucking management software can also help with other aspects of trucking accounting, such as invoicing, accounts receivable, accounts payable, and payroll. 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. Tax season is already stressful, but the right accounting software can make it a seamless process.
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With QuickBooks, small trucking businesses can easily manage their finances and stay on top of their cash flow. Xero is another user-friendly and affordable accounting software option that offers trucking-specific features. These features include trip tracking, fuel tracking, and load tracking, making it an excellent option for small trucking businesses looking for more specialized accounting software.
This is where we recommend premium software like Q7 or even an integration between QuickBooks Online and RAMA Logistics Software. Zoho Books is a complete bookkeeping solution—explaining the perfect mark in the accounting category. It also aced pricing because of its free plan for trucking companies that make $50,000 or less in annual revenue. It excelled in customer support, but we deducted a few points because its network of Zoho Advisors is not that extensive, especially when compared to QuickBooks Online’s network.