This can make it difficult to find an accounting solution that meets all of the needs of both trucking companies and truck drivers. Assuming you are operating your trucking business as owner-operators, your operating costs will include fuel costs, maintenance, and repairs for your truck, as well as any trailers you are using. Accounting for trucking firms is different from accounting for other types of transportation businesses because of the unique tax strategies that are available to trucking companies. Letting a professional company handle your accounting needs will let you focus more on running your business.

• The cash basis involves recognizing revenues when you receive payments and deducting expenses when you pay them.
• However, if you are looking for a way to save money on your trucking accounting services and taxes, outsourcing is the way to go, in addition to the right tucking accounting software.
• Our guide below covers everything you need to know about accounting software for trucking but first, here is a quick list of our top choices.
• These work much like any other credit card, except they’re tied to a unique driver number and provide fuel discounts.

The transportation industry has likely used many different accounting firms and can give you a good idea of which ones are the best. While most businesses are only required to file an annual tax return, truckers are often required to file quarterly tax returns. Hiring an in-house accountant may be a good idea if you have a complex business or if you are accidentally charged closed bank account not comfortable outsourcing your tax preparation and filing. In addition, the tax preparer can prepare your tax returns and file them electronically, which will save you time and money. If you’re not sure whether you need an accountant, ask yourself how well you understand the tax code and whether you have the time to stay up-to-date on tax law changes.

This includes paperwork for all your expenses like fuel, maintenance, toll, food, and so on. In this post, you’ll learn more about trucking accounting, how to make it easier, and what mistakes you should avoid. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software. Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business. Assets are everything that adds value to a business, including cash, property, trucks and other equipment.

TAX, ACCOUNTING, AND CONSULTING SERVICES SPECIFICALLY FOR TRUCKERS

A Top 300 INSIDE Public Accounting firm, we have decades of experience serving the finance and bookkeeping needs of the nation’s leading logistics businesses. The trucking management software can also help with other aspects of trucking accounting, such as invoicing, accounts receivable, accounts payable, and payroll. The trucking industry or trucking management software uses accounting for tracking business and truck drivers.

With ATBS’ bookkeeping and tax preparation services, you can streamline your back-office processes and invest in the future of your business, saving you both time and money. Keep reading to discover our picks for the best trucking accounting software. Additionally, Quickbooks integrates with multiple trucking management solutions so companies that start with Quickbooks can always add on additional trucking software down the line. While Quickbooks can be used for trucking companies, some trucking-specific features are missing such as cost-per-mile calculations and IFTA reporting.

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So, you only need to pay for the amount of time actual work is done. We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.You have to share your accounting software login details. Apart from all these services, we at Meru Accounting also take care that a business matches the industry benchmark.

In today’s fast-paced transportation industry, it is more important than ever to ensure that fleet accounts are managed as efficiently and effectively as possible. Streamlining these processes can lead to significant time and cost savings, allowing businesses to focus on their core operations and ultimately improve their bottom line. This can help automate many of the day-to-day tasks involved in managing fleet accounts, such as tracking fuel consumption, monitoring vehicle maintenance schedules, and allocating expenses. By automating these processes through a dedicated system, valuable time can be saved that would otherwise be spent manually inputting data or trying to make sense of complicated spreadsheets. You don’t need to be an accounting expert to know that healthy cash flow is fundamental to the health of any business.

intuit QuickBooks

An accounting solution is also essential for most small businesses, including trucking companies. If you link your trucking accounting software to your business bank account and credit card, it should track your every invoice and expense automatically. As such, it is imperative that you prioritize the management of your accounts and invest in premium trucking accounting software. Set your business up for success by choosing the best accounting software for trucking companies. TruckingOffice bills itself as “trucking management software,” but many of its functions are geared toward accounting for trucking companies.

Understanding Trucking Accounting Software

He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship. Are you looking for ways to expand your business or cover operating expenses? That’s another reason paying for tax services is essential for the transportation business. You don’t want to leave money on the table or risk triggering an audit. For example, most small business owners can only take 50% of meal expenses, but truckers are allowed to take 80% of either their actual costs or per diem allowances.

For example, if you make a delivery, be sure to note the address, the time, the amount of money you were paid, and any other relevant details. By knowing your cost per mile, you can ensure that you are making a profit and not losing money on your operations. When people think of accounting, they often think of personal finances and budgeting. Accounts receivable are money that is owed to the company by its customers.

You can document trucking costs manually, but connecting your business accounts to accounting software is much easier. It can track and categorize your expenses automatically, though you may need to keep some supplemental records. One of the most important elements of preparing taxes for trucking businesses is ensuring that all estimated tax payments are up to date. Fortunately, some accounting firms specialize in trucking businesses and truck drivers. However, if you have a large fleet of trucks and drivers, you’ll need a more robust accounting solution that can handle your payroll, and invoicing, and give you financial tips and tax compliance.

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Trucking companies often have a unique chart of accounts because revenue and expenses are quite different from other businesses. For example, trucking companies will likely include a gas surcharge income account and a gross trucking income account. As mentioned, not all accounting services are suitable for your business. You should only trust accounting professionals with experience in the trucking industry. You’ll get more value from trucking accounting experts than those who work in general industries. Another key aspect of effective logistics accounting lies in maintaining detailed records pertaining to every transaction within your organization.

An Overview of Our Trucking Accounting Services

One out of every 25 owner-operators gets audited by the IRS for taxes each year. You want to avoid that happening to you, but you want assurances that you’ve done everything right if it does. With an accrual system, you recognize revenue when it’s earned (before it’s paid) and bills when received (before they are paid). A balance sheet is a snapshot of your company’s financial standing at any given point in time.

Some all-in-one programs can handle dispatch and fleet management and payroll — although these solutions are usually pricey and more appropriate for larger businesses. While trucking accounting software typically refers to a standalone product, some trucking accounting solutions are just one component of a comprehensive trucking management system. Trucking management software typically automates tasks like dispatching, fleet management, and maintenance scheduling. Do you want to reduce operating costs and improve your company’s profit margins? A nationally-renowned accounting firm with more than 70 years of experience, our professional team can provide tailor-made solutions to solve your company’s unique challenges. Contact us now to schedule a free consultation and learn how our logistics accounting services can help your business thrive.