Things may become complicated when it comes to the business side of trucking, especially for small trucking companies and owner-operators. The trucking industry still runs on paper, despite all of the mobile and cloud technologies (accounting software).
With today’s technology, however, there are more resources available to assist small businesses and sole proprietors in keeping their finances and accounts in line.
REMEMBER: The following are just suggestions. Always seek the advice of a financial and tax expert.
Trucking Accounting Software
Are you in charge of a small trucking company or planning to start one? Here’s a list of accounting software that can benefit your trucking company.
There are three editions of this program, with the cheapest bundle starting at $79. Payroll, vehicle maintenance logs, trip planners, and a variety of other unique features are all available to you. All of this is available for a one-time payment! Many additional programs require payments on a monthly or quarterly basis.
QuickBooks: This is well-known software in accounting for truckers and it is the industry leader in North America. It has been made easier to use on a smartphone or tablet thanks to a new update, making it ideal for individuals on the go. You can also sync all of your financial and account information across devices, including real-time payables, receivables, and cash flow monitoring. QuickBooks will also prepare your data for tax season. There is a one-month free trial available. Small firms can subscribe for $10 per month, while individual contractors can subscribe for $5 per month.
RigBooks is a wonderful solution for businesses with one to five trucks. RigBooks comes in four separate packages, each of which includes capabilities for billing, load tracking, and tax preparation.
Truck Bytes: Many truckers believe that this program is appropriate for novices to the field or long-term truckers without workers. Truck Bytes is a free program for accounting for truckers that lets you manage truckloads, customers, payments, and expense reports, among other things. They have a subscription plan as well, but you may get started with the free version to see how it works.
If you own and run a fleet of five or more trucks, ProTransport is a great solution. This software makes it simple to handle several drivers and trucks, and it includes a large number of financial and productivity metrics. This program can also work with QuickBooks.
We hope that one or more of the tools listed above might assist you in getting your bookkeeping in order. Here are a few solid places to start if you’re feeling overwhelmed by all of your options. Try incorporating these tactics into your business if you want to get your accounting in order:
Create a second company checking account.
Every receipt should be saved.
All of your logbooks should be saved.
For business costs, use a different credit card.
All of your records should be saved (and organised).
We hope you’ll remember these pointers in the future so you can take care of your finances while staying focused on the road. Check out the rest of our blog for more useful articles. You may connect with M7 Tax and start benefiting right now.