All companies must manage their books, and trucking is no exception. A comprehensive transportation and accounting software solution helps you streamline processes, improve efficiency and save time.
Some popular general accounting tools have features for trucking, including an IFTA tax calculator. But if you want top-grade financial reporting and trucking-specific tools, look for a full-service accounting software solution.
Automated Billing
A fully automated billing system will streamline and simplify your accounting processes by automatically creating invoices, accepting payments, and sending customer statements. This system will allow you to eliminate manual spreadsheets and increase productivity while reducing errors.
Choosing flexible and comprehensive trucking accounting software that accommodates different business models and pricing structures is important. A well-automated billing system will be easily configurable to align with your specific revenue recognition processes and recognize multiple pricing models.
Most automated billing systems come with a customer-facing online payment portal that lets your customers log in and pay their bills. This portal can be customized to include your company name, logo, auto payment information, and contact details, making it easier for customers to manage their accounts.
Most systems will also allow you to set up recurring billing so that your clients and customers are billed regularly (e.g., weekly, monthly, yearly). Automated recurring billing can help your customers avoid paying more than they should and reduce the late payments you receive.
Mileage Tracking
Mileage tracking is crucial for any business that relies on vehicular transportation. Companies must be able to track the distance traveled and prove it with solid data to take advantage of tax deductions and get reimbursed for expenses.
This is why mileage tracking software is ideal for businesses relying on employee vehicles to transport products and services. It eliminates needing physical logbooks and allows easier, faster data entry. It also helps to avoid mistakes that can result in costly IRS penalties.
Depending on the software chosen, mileage tracking apps typically offer a range of features to meet the needs of different users. These include automated tracking of trips, the ability to customize rates, and a dashboard that displays statistics and reports.
Customer Relationship Management (CRM)
Whether you own and operate your fleet or are simply brokering client shipments, trucking accounting software helps streamline complex transportation industry processes. The best packages allow you to focus on growth and eliminate costly errors, delays, and frustration from using paper systems.
You’ll also be able to track load profits, mileage, and fuel costs and gain visibility into your overall financial status with comprehensive reporting. Many programs also have truck-specific features like DOT compliance reports and truck equipment maintenance records.
Some of the best trucking software offers mobile apps for easy accessibility, while others are compatible with other popular cloud-based applications like payroll software and mileage trackers. Look for an affordable option with a no-commitment trial and easily accessible support to get your business up and running.
Time Tracking
Keep track of your time on the road with a trucking accounting software package that integrates with other apps like mileage tracker and receipt app. This makes it easier for truck drivers to submit expense reports for reimbursement.
A trucking accounting system can help you manage your fleet and optimize payroll based on load miles and expenses. Some systems can also help you track and report IFTA fuel tax payments based on your relevant financial data.
Integrated reporting: Look for trucking accounting programs that have built-in specialized trucking features like order and dispatch management, freight billing, service dispatch, and fleet maintenance management. This way, you can input information in one area, and it will automatically update all areas of the program that require it.
Inventory Management
Managing inventory for trucking companies requires the right software to track stock and expenses like fuel, maintenance, and drivers. Some software packages help businesses manage this process easier by allowing them to create professional invoices with custom payment terms and extra fees.
Some trucking accounting software also offers a driver’s app that facilitates communication between dispatchers and drivers, allows the sharing of documents, tracks vehicles, and equipment, and ensures compliance with Department of Transportation regulations. This kind of system can be particularly helpful for over-the-road and less-than-truckload businesses that are often on the go.
There is a full double-entry accounting solution with built-in specialized trucking features, including order and dispatch management, fleet tracking, and freight billing. It also includes a powerful maintenance program, simplified IFTA fuel tax reporting, and strong business intelligence. It also enables users to manage their payroll and reconcile bank accounts.
Expense Tracking
One of the most important aspects of running a trucking business is ensuring that expenses and income are accurately tracked. Trucking accounting software can reduce bookkeeping errors and eliminate tedious manual data entry. A good accounting solution also helps you manage your finances and makes calculating your fuel tax easier.
Whether you’re an owner-operator or have a small fleet of trucks, choosing the best trucking accounting software is critical to your success. The best trucking accounting software has features that make managing every aspect of your business, including invoicing and payroll, easy. There are many options on the market, but it’s important to consider your needs and budget before purchasing.
Some trucking accounting software is geared toward small businesses, while others specialize in the transportation industry.
