The first thing you should look for is a bookkeeping service that will scan and archive all of your business receipts and important files. The bookkeeper should be able to archive all of your important paperwork in their secure database. Providing your documents should be as easy as sending in pictures, scanning and emailing them, or mailing them to the bookkeeper.

TBS will process your MC#/USDOT Number and BOC-3 for free (both are required to activate your authority), with no annual membership fee or application processing fee. Your out-of-pocket cost will be the $300 Federal Motor Carrier Safety Administration (FMCSA) registration fee and the $50 BOC-3 registration fee which covers the lower 48 states. Divide your monthly expenses by the miles you traveled to determine the cost per mile. For instance, if you spent $7,000 and traveled 20,000 miles, then the cost per mile would be $0.35. Similarly, if you calculate the miles per dollar, you can do this by dividing the miles traveled by the dollars spent.

Best standalone bookkeeping software with trucking-specific features

However, it offers limited customization for invoices, such as adding a company logo or changing the color scheme. There are many trucking accounting software programs specifically designed for trucking businesses, so there’s no excuse for not using one. Bookkeeping and accounting make many small business owners cringe in distaste. Worrying about the less fun aspects of running a business, such as tracking business expenses and income, generating financial statements, tax preparation, and more, can seem daunting. Open a dedicated business bank account and credit card for your trucking business.

Cloud-Based Tools for Drivers on the Go

The default structure of small businesses is a sole proprietorship, which means owner operators will immediately fall into this category without even filing paperwork. Keep your receipts organized by category (fuel, repairs, insurance, etc.) to make it easier during tax season. Accurate bookkeeping is one of the most important parts of running a trucking company. If you’re an owner/operator of a trucking company, chances are you have very little free time. While recording business transactions and payments from customers as a part of your financial recording is a no-brainer, many forget to track other trucking-related costs too. It ensures the smooth running of your business and is crucial when filing taxes, applying for loans, and conducting business deals with other companies.

Outsourcing Bookkeeping Services

• General accounting software is typically the cheapest, followed by trucking-specific accounting software.
• Enterprise pricing can be based on a set amount per truck or per software user.
• Many such software work as a web based platform, making access easy from anywhere be it a phone, tablet, or computer.
• As the deadline for submitting the report approaches, the system will send you a reminder.

A profit and loss statement is an accounting tool used to calculate net income. It lists all revenue and expenses for a set period of time (usually quarterly or annually). A profit and loss statement can also be used to calculate cost-per-mile, helping you choose loads that will maximize your business income. ProTransport modules cover all of the major accounting needs, as well as dispatching and maintenance management. Fleet management offerings are also robust with features like live GPS tracking, two-way messaging, and maintenance reminder alerts. TruckingOffice offers standard bookkeeping features and allows for invoicing on variable fees, such as flat, per ton, per mile, or by weight.

The data your software collects from your bills, invoices, and receipts can all be used to help find and prove eligibility for your deductibles. If you’re experienced in bookkeeping and are managing a small or medium-sized trucking company, consider Q7. This cloud-based truck management software allows you to track fuel mileage, expenses, trips, and orders. While it’s not as well-rounded as the other options on this list, its most popular feature can help improve your bottom line.

There are many software programs available that can help with trucking management and accounting, but it can be hard to decide whether to do it yourself or outsource it to a professional. When it comes to running a trucking job, bookkeeping is an essential part of keeping track of expenses and income. In addition to bookkeeping, truck drivers also need to keep track of their hours of service and log their driving activity. We use cloud-based accounting tools that let you upload receipts, review reports, or check your financials from your phone—whether you’re at a truck stop or the office.

When you log in to the portal to review your data, you should also look for a bookkeeper that will allow you to call and ask questions without charging extra fees. ATBS just recently launched the new ATBS Hub, which makes working with us even easier! With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps. The billing module also supports single or batch invoicing based on your schedule. That way, you can create every bill when multiple loads are completed simultaneously.

Turn business receipts into data & deductibles

• For any bills that don’t have an option to go digital, you can use Shoeboxed to scan your paper copies and save them to the cloud.
• IFTA compliance is a unique business accounting feature for trucking companies.
• Many a truck driver has underestimated their tax obligations, resulting in them failing to set aside funds which lead to penalties or a reliance on loans to cover taxes.

Zoho Books is an affordable option for trucking companies, starting at $15 monthly for three users and up to 5,000 invoices. We found its pricing structure flexible, including a free tier for businesses with annual revenue below $50,000. For carriers that exceed this revenue threshold, Zoho Books still offers competitive pricing with a range of plans for various business sizes and needs.

Optimize your payroll with trucking accounting software that accounts for mile-by-mile expenses, loads, and other driver settlements. Invoicing can be daunting, but trucking companies must receive payment from their clients. With an online bookkeeping service, you can create, send, and keep track of invoices to manage your cash flow. You can also use trucking bookkeeping services for following up on account receivables to avoid chasing down clients for late payments. Created by a professional accounting firm in Atlanta, Georgia, TranspoCFO provides quality bookkeeping services to trucking businesses.

Small to medium-sized trucking businesses may find bookkeeping software sufficient, but larger operations may require the expertise of a professional. Without good bookkeeping, it’s impossible to know whether your trucking business is making a profit. Keeping accurate records helps you evaluate your revenue against your expenses, bookkeeping for truck drivers providing insights that allow you to make informed decisions to increase your bottom line.

Its freight billing system stands out, letting you produce professional customer invoices easily without jumping between software. All invoices are tied to dispatch, so they’re only initiated once they’re complete. Plus, it automatically enters all the existing information, so you don’t have to build it from scratch. At the end of each month, TruckLogics will generate an IFTA report that outlines the fuel tax owed to each jurisdiction.

Streamline your IFTA reporting by using software to automate the process each fiscal quarter so that you can focus on other elements of fleet management. Tracking fuel expenses across multiple vehicles and routes is complex and time-consuming. We tested and ranked the best software for owner-operators, trucking companies, and freight carriers with expense tracking, driver management, and compliance features. This is one of the most well-known accounting apps for trucking management software for a reason. It’s a simple-to-use, all-in-one accounting platform that includes many useful features such as income and expense tracking, mileage tracking, and invoicing. Quickbooks Online is not an accounting solution that was not designed strictly for any one industry and certainly not for trucking businesses.

Rigbooks can be billed on a per-mile basis, and this kind of mileage tracking is exactly what’s lacking from systems like Quickbooks. Be sure to keep each receipt, a log of all your trips, and any other paper that is relevant to your career. We recommend an expandable filing case where you can easily place each transaction where it belongs.

The line between bookkeeping and accounting is somewhat blurred, with the two functions similar, though distinct from one another. For instance, though a bookkeeper wouldn’t perform the functions of an accountant, an accountant can perform the functions of a bookkeeper. You must consult with a tax professional before filing your taxes to ensure you have accurately reported and recorded everything.