Truckers Bookkeeping Service – Taking A Look At Our Favorite Bookkeepers For Truckers
Many industries may make standard accounting software work for their requirements, yet some industries, such as the trucking industry, benefit from more unique solutions. In this trucking bookkeeping post, we will assess your best truckers bookkeeping service and trucking accounting software choices.
Discovering great trucking accounting software might be challenging. You want something that will fit your organization’s needs that is still convenient for your team to use and learn.
Besides the time your team will spend figuring out a specialized option, industry-specific software oftentimes requires a sizable financial investment—therefore, you want to select properly the first time.
Most small trucking businesses still use spreadsheets, ledgers, and file drawers while managing their financials. If your business falls within that category, there are simple methods of accounting without all the paperwork. Internet accounting software permits you to track and update your financials in real time for as low as $10 per month.
Today, there are several accounting software products on the market which have the goal of helping small businesses. There even are software platforms that have technology customized to be a truckers bookkeeping service.
Highly sought-after software products such as Xero and QuickBooks are cloud-based, which means it’s possible to access your accounting information any time from a laptop, smartphone, tablet, or computer. Most of those products include phone applications which you may download from Apple’s App Store or Google Play.
The benefit of using general accounting software such as Xero, QuickBooks, or FreshBooks is that the accounting functionalities are more user-friendly and advanced. The benefit of using accounting software made for trucking businesses is the capability of performing fleet-specific functions such as IFTA tax reporting, settlements, and load tracking.
What are the top selections for trucking accounting software? These are the top nine picks for 2019 truckers bookkeeping service and trucking accounting software.
Some of the following options are all-inclusive and perfect for bigger companies. Other ones are made for smaller trucking businesses or owner/operators and provide either extremely basic accounting functionalities or integrate with QuickBooks, instead of attempting to deal with all the accounting functions as a portion of the logistics software. We also included a segment for some applications which may assist owner/operators and company drivers in keeping track of vital individual data.
Top Related: Best Accounting Software For Ecommerce
2019’s Top 9 Trucking Accounting Software
It’s an all-inclusive trucking software option, including a trucking accounting software. Besides dealing with all your trucking company’s logistics, which includes order management and dispatch, Q7 provides an onboard, full accounting package, including accounts payable, payroll, general ledger, and accounts receivable. Constructed from the ground up, every module has the same feel and look, and there’s even a cloud-based edition of the software obtainble for a monthly subscription charge.
Are you concerned with your staff’s capability of quickly getting up to speed? All Q7 sales involve technical support and training. Depending upon the employee’s job, they might need between four to eight hours of time to train.
Similar to Q7, Axon is a full truckers bookkeeping service. Real-time integration is an important advantage of this robust software. Unlike a few solutions in the marketplace, Axon requires that you enter data into the system one time, which makes it a very effective trucking accounting software option.
For instance, with some non-integrated software options, you must manually enter an invoice for the fuel bill in as many as four separate locations. With this trucking accounting software, that information just has to be entered once, in one place, and it’ll flow through to all of the necessary systems. It saves you operation hours of unneeded administrative time every month, not to mention assisting in avoiding expensive mistakes.
TruckBytes provides both paid and free trucking accounting software options made to simplify all your record keeping. TruckBytes doesn’t yet support payroll, yet many additional basic accounting functions are obtainable, which includes trip reports, invoicing, as well as profit-and-loss statements. If you are bootstrapping your trucking company or are an owner/operator, TruckBytes might be your best bet.
Their standard software is free. Upgrading to the package which includes IFTA services, as well as analysis of every truck’s performance costs as low as $15 per month, per truck.
It’s ideal for the smaller trucking businesses. Reasonably priced as a month-to-month subscription, RAMA allows users to enter their logistics details into a no-frills interface that pushes those details to QuickBooks Online for convenient accounting. RAMA Logistics Software supports weight, calculation by miles, flat rate, or piece, providing you real flexibility as you support various kinds of customers and expand your trucking business.
Support is obtainable through an email or webform.
Like RAMA Logistics Software, LogiPoint integrates along with QuickBooks Online, which makes collaboration with the accountant painless. Besides the reports it’s possible to generate after integrating LogiPoint w/ QuickBooks, the solution additionally boasts a comprehensive report library. That interface is extremely appealing, with its color-coded Load Board making at-a-glance assessment of your loads easy breezy.
Support through remote connection is free of charge for the first 30 days, and continuous operational support is free of charge through email, fax, or phone. One-on-one assistance and urgent support are obtainable at an extra cost.
The software offered by ProTransport was made with over-the-road, as well as less-than-truckload businesses in mind. Besides accounting functions, ProTransport assists in managing dispatch, tracking equipment and vehicles, and features updates of the latest Department of Transportation regulatory needs.
Price: On its website, this truckers bookkeeping service doesn’t share pricing details; however, it does provide a complimentary software demonstration.
This trucking management software online aids in coordinating the business aspect of running a truck business. TruckingOffice products cover cash flow and accounting, as well as keep records for IFTA taxes, maintenance costs, and much more. This technology is cloud-based and permits you to develop as many user accounts as your business needs.
Price: TruckingOffice provides a 30-day free trial of its software. Its “Basic” package that is geared toward full truckload businesses is priced as low as $20 a month for a company that has one to two trucks. Its “Pro” software, providing more flexible workflow for truckload as well as less-than-truckload businesses, costs as low as $30 a month.
RigBooks is available in four different packages that are geared toward businesses which operate between one to five trucks. Their basic package covers costs and profits without specifics on vendors, customers, or loads. Their more sophisticated, “Small Fleet” software permits businesses to perform track loads, perform invoicing, get IFTA taxes ready, and coordinate several trucks. RigBooks is internet software, which means it may be used on a smartphone, tablet, or computer.
Price: RigBooks doesn’t share pricing details on its site; however, it offers a 30-day free trial.
LoadMaster Dispatch product by McLeod Software is a fully integrated dispatch system combining accounting with the management of dispatch operations. Customers may customize LoadMaster to their special business needs, taking full advantage of abilities which include safety compliance, freight billing, fuel tax reporting, payroll, and much more.
Price: McLeod Software doesn’t share pricing details on its site.
Assistance for Fleet Drivers, Owner-Operators, and Independent Drivers
Do you have a hard time getting receipts and additional critical data from your drivers? Are the expense reports of your drivers always late?
Or maybe you are an owner/operator or independent driver, and you must streamline all processes to ensure you’re paid on time.
Most of the applications which business owners utilize for additional industries also can assist truck drivers in staying organized when on the road. The following are the top three choices for all small business owners—truck company owners might find them advantageous in addition to their truck accounting software, and independent drivers probably will find that they cannot live without them.
- MileIQ. Do your drivers oftentimes discover themselves attempting to recreate their logbooks? Instead of leaving the actual mileage to guesswork or chance, just ask them to install MileIQ on their phones. MileIQ automatically tracks your drivers’ mileage within the background on their smartphones, without them remembering to turn it on. As a driver gets to their next rest stop, they may update their logbooks with the details captured by MileIQ. The application records the overall mileage and the starting point and end destination of every leg of the drive. Drivers even can enter dollar amounts for tolls, which makes expense reporting convenient. MileIQ will email summary reports every month for convenient auditing and record-keeping, a must for owner/operators and independent drivers!
- Hubdoc or ReceiptBank. Paper receipts easily are misplaced and may be ruined by moisture or extreme temperatures. Hubdoc and ReceiptBank are two options which eliminate those risks. By installing an application and using their smartphone’s camera, your drivers may eliminate receipt management stress. They simply can open the application, capture a photograph of the receipt, and it’s synced up to a cloud-based repository for later review and classification. As the receipt is captured, the driver may toss out the original because digital receipts are accepted by the Internal Revenue Service for verification of expenses. Hubdoc and ReceiptBank alike integrate with QuickBooks Online, and numerous additional accounting solutions, assisting you in streamlining your accounting processes.
- Expensify. Irrespective of the industry, expense reports aren’t any fun. The last thing any truck driver wants to do after a lengthy haul is to take time away from family members to perform their expense reports, yet they know the importance of submitting them in a timely manner. Expensify will make submitting expense reports convenient. As with Hubdoc, ReceiptBank, and MileIQ, Expensify is simple for your drivers to install and utilize on their phones; however, they also can use it on their computers. Reimbursements may be processed right through Expensify, as well, which simplifies the process even further.
Top Related: Bookkeeping Software For Mac
Whether you opt for an all-inclusive trucking accounting software option, something which integrates with QuickBooks or additional accounting software, or a standalone application that assists your drivers in staying organized, correct use of the solution is key to generating reliable records and reports. Resist the temptation to attempt to save money and time by skipping training on whichever solution you implement.
Take some time to inform all members of your trucking enterprise about the importance of accurate recordkeeping, as well as use of the software, in order for you to ensure that you receive the most out of your recordkeeping and accounting solutions.
The Basics of Truckers Bookkeeping Service
Trucking bookkeeping is among the most crucial tasks of successful owner/operators. The records and receipts kept are utilized in some aspects of your business – income tax minimization and reporting, warranty problems, monthly profitability, and maintenance information, just to name a few.
The more organized it’s possible to be in gathering receipts, the better, whether you use a business services provider or not. It’s possible to simplify the bookkeeping process by following six easy practices which translate to greater profit with less hassle:
Save all receipts, no matter how small.
Why “tip” your taxman? Deduct as many legitimate costs as you can. Put an envelope inside the truck for gathering your receipts or utilize the dedicated folders on your laptop or in the cloud for e-receipts. Utilize them for your month-to-month profit-and-loss statement and quarterly tax estimates.
Scanned photos of receipts are accepted, yet keep the original paper copy for all big-ticket items for warranty reasons.
Open up a different checking account for your company.
If you’re the sole owner of the business, open up an extra personal account, then save yourself the additional fees which are related to business accounts. Deposit all settlement checks into that account, then pay yourself for driving from that money. Pay all business costs from that account. Having a different account also will provide you convenient accessibility to necessary information in case you’re audited.
Use a different credit card for business costs.
Locate a credit card that does not have an annual fee, that has a low-interest rate, and a generous rewards plan. Every month pay the balance in full.
Save all log books.
Your electronic log records and/or logbook are your best evidence of entitlement to per diem costs, mostly meal expenses. If you rely solely upon your ELD, be certain you can access and save your history.
Invest in a notebook to carry with the receipt envelope.
Use the notebook or document on your smartphone/computer to record these costs for which you can’t get a receipt, like when you wash the truck at a coin-operated center or business usage of your personal car. Give a month-to-month record to your accountant or business services provider in conjunction with your additional receipts.
You have to track the location, date, amount, as well as reason for every expense so you can meet regulations set forth by the IRS.
Save all records.
You have to keep all records which were utilized to prepare your return for three years from the date you filed your return. Additional records to keep involve estimated tax payments, IRS quarterly, month-to-month profit-and-loss statements, insurance paperwork, warranty information (which ought to be immediately available to keep the truck on the road), maintenance records, registration details, bank statements and settlement statements, canceled checks, and business credit card statements.
Simplifying Trucking Recordkeeping and Bookkeeping
Business services assist a good deal with the organization as well as reporting of your expenses, income, taxes, and profit-and-loss reports. However, for owner/operators able to manage the business on their own, a system is necessary to keep recordkeeping as easy as possible.
Here’s one example of a basic trucking bookkeeping recordkeeping process for an owner/operator:
- At an office supply store, purchase an expanding folder along with a desktop calculator that has a register tape and a stapler. Fill the pocket labels out with numerous categories of incomes and expenses, like fuel, maintenance, entertainment and meals, settlements, office supplies, and equipment.
- As you get a settlement statement or receipt, drop it inside the corresponding pocket.
- At month’s end, add together all receipts in every pocket. Staple your calculator’s register tape to every corresponding pile of receipts, then drop them back inside the same slot. Since they’re stapled together, they will not become mixed up with new receipts that are coming in.
- Supplement the system by noting the odometer reading on the first of each month, permitting you to keep track of your real cost per mile for every month.
- Utilizing online software, like the mygauges.com software made by Kevin Rutherford, a trucking radio host, or additional programs, make a month-to-month entry for every category, then enter your settlement information. Utilize the software to make your reports as well as manage your business.
Importance of Accurate Recordkeeping for Truckers
Accurate record keeping is a basic key to “Operating Smart”. Whether small or large, successful business owners understand that accurate recordkeeping is important. Just because accurate recordkeeping is a lawful requirement, does not mean it cannot be utilized as a tool to benefit you and your company in several ways.
Value of accurate recordkeeping:
- Well-kept records assist in audit circumstances. If your records aren’t complete and an auditor can’t determine your expenses and income to support your claims, they might be disallowed, thereby costing you more tax dollars.
- Proper records may result in tax savings. Proper records serve as a reminder of the costs you’re permitted to deduct. In tracking all permittable credits and deductions, you’re maximizing your tax savings, which results in more cash in your wallet.
- Proper records assist with tax planning, financial projections, and budgeting. You’ll be better educated on the financial stance of your business as you keep accurate records and books. Proper records assist you in establishing a business profit-and-loss statement. These details also can help you observe what’s happening with your company and why. Proper records will help to set up trends, allow you to compare performances in various years, and help you prepare forecasts and budgets as needed.
- Proper financial statements, records, and books help to receive financing from creditors. Before the lender will offer you financing for equipment, she/he will want to see updated financial statements on your company’s performance. You cannot provide those details if you do not keep organized records. Plus, proper records and correct financial statements show possible lenders that you know what’s going on with your company and staying in control and on top of things.
- The correct record-keeping system will promote an organized lifestyle and will help to reduce stress. Not understanding how your company is doing may be extremely stressful. With a simplistic routine and accurate record keeping system, it’s possible to keep on top of all business affairs.
- Legal requirement – All companies must keep a suitable set of records and books. They have to be kept in the U.S. and be available as requested by the IRS. Your records and books have to support all claims that are made on tax returns and additional government paperwork.
In recent research performed in the United States, owner/operators who have an excellent record keeping system, observe their costs, and take advantage of financial statements earn on average $6,000.00 more than the ones who do not.
A successful business utilizes financial statements to observe costs, alert them to trends, forecast and budget, and for tax savings. We enjoy using the analogy that a company’s financial statements are like that of a scoreboard. Would you go to a baseball, football, or hockey game which did not have a scoreboard?
You would not because you need to know what’s going on all throughout the game. The same ought to be true for your company.
Some tips for accurate record keeping:
- Always separate personal and business costs.
- Use a different checking account (with monthly statements and return checks) for your company.
- Deposit 100% of all business income into the business bank account. Make transfers and withdrawals afterwards.
- Be certain that you have proper receipts and records that supports all expenses and income claimed.
- Use different credit cards for your personal and business expenses. If there’s cross over, make sure that you emphasize all business costs on the credit card statement. Keep in mind to attach every signed copy of the credit card receipts to corresponding statements. It’s critical to support your claims and receive all GST/HST refunds that are available.
- Keep all your personal income tax details (RRSP’s, donations, T-slips, government correspondence, etc.) inside a different folder. In addition, keep a different folder for all your corporate income tax details if applicable.
- Keep any government correspondence and registration numbers inside a separate folder.
- Keep a special file for all finance agreements, bills of sale, warranties, leases, etc. for equipment.
- Maintain a maintenance file for your equipment that contains all warranty work and repair bills.
- For your service vehicle, have a business usage mileage log and use it. All mileage that is claimed for business use upon your personal vehicle(s) must be supported.
- Stay away from cash purchases which don’t generate a valid receipt.
- Write upon the back of receipts which aren’t obvious as to what the purchase is.
- Each month reconcile your bank statement.
- Each month reconcile your credit card statement(s).
- Emphasize all long-distance business calls upon your personal phone bill.
- Jot down the check number and date paid on all invoices and bills of sale as you pay by check.
- Separate all U.S. and Canadian receipts.
- If you’re going to do payroll on your own, we recommend that you purchase a “Dean” payroll ledger book from the business supply store in your area. The ledger book simplifies and records what’s needed for payroll for your staff members.
- Run all home office and service vehicle costs through your business checking account (gas, pre-authorized payments for leases, etc.). It’ll ensure that none of those costs are missed for business reasons.
- Get valid United States exchange receipts either by buying things on your business credit card or getting an exchange receipt from the bank.
- Obtain a receipt for everything!! If you aren’t certain as to whether it’s a business cost, obtain a receipt anyway. The general rule: if the cost was incurred for business reasons or in the course of generating business income, it’s tax deductible.
- Keep all receipts and records inside a safe place for use in the future. Documents utilized to support income tax returns have to be kept for about six years from the last tax year’s end to which they’ll relate. If they are filed late, records have to be kept for six years from the date the tax return was filed. For GST/HST/QST, records have to be kept for six years from the end of the year to which they relate.
We love to think of correct quarterly accounting and record keeping not as a mandatory task, yet instead as a benefit to your business.
Of course, one of the main benefits of quarterly accounting is the GST/HST refund. Keep in mind that record keeping and accounting are needed for the success of your business. Try to imagine it in positive terms and utilize it to your benefit. Record keeping and accounting ought to be done for the savings of tax and not the payment of tax.
Mistakes You Should Avoid When Selecting Accounting Software
The success and growth of a business depends on concentrating on your core competencies as you pay attention to the management of your accounts, as well as overall finances and keeping track of your expenses and income. Selecting the proper truckers bookkeeping service might be the difference between conveniently managing your finances and manually tracking all costs.
Below we list a couple of mistakes the majority of businesses make when selecting accounting software.
Not Determining Needs
The majority of companies invest in accounting software without knowing the precise reason or special need for buying this type of system. Discovering the proper software requires that you know the reason for buying an accounting system. Your main reason for making this type of a purchase includes keeping track of all finances.
Do you have plans to keep track of payroll taxes? Or are you just wanting to keep track of the profit and income produced from sales? If you know what precisely you want to do with the software, it’s possible to compare the solutions and shortlist the correct product.
Not Assessing Processes
There are several critical considerations to make before you buy an accounting solution. Process improvement sometimes is needed from the point of view of an organization, whereas other times, process change results from using improved functionality. Get teams together to discover how process improvements might be made.
Not Involving the Correct People
As it’ll come to picking accounting software, not involving the proper people might be a huge mistake. Your accounting software produces data for the whole business. Therefore, it’s vital to involve the proper people in selecting the best software, instead of delegating the chore to one department. Participation around functional groups, like system managers, system users, representatives from information systems, and system customers, will assist you in selecting the best probable financial software option.
Not Assessing Challenges
Today, what are the challenges that face your accounting department? Is your business suffering with inaccuracies in accounting?
Some companies just jump into selecting an accounting option without reviewing the challenges that are faced by their accounting staff. Make a review of which manual tasks are going to benefit from automation. Be certain the accounting software is flexible enough to adjust itself to the needs of your business.
Not Reviewing Application Performance
The majority of businesses don’t assess certain software applications before they make a purchasing decision. Since there are significant differences in the functioning of various programs, it’s important to know the software’s functioning as well as its advantages to your accounting functions. Consider various factors like components, ease of use, multicurrency conversion options, and functionality while selecting accounting software.
Not Checking System for Flexibility
As you choose a truckers bookkeeping service, it’s vital that you determine whether it’s flexible as far as data sharing is concerned. Figure out how convenient it is to email, fax, or export any report. You also might want to test how easy or hard it is to use various tools, like MS Query, to extract information out of the accounting software.
Not Checking for Scalability
A handful of companies don’t pay attention to testing the accounting software’s scalability before they make a buying decision. They oftentimes discover themselves having trouble later on as they experience business expansion. The accounting software chosen ought to be scalable enough to accommodate the rising needs of your company. Imagine what might happen if your company doubled or tripled in size tomorrow?
Not Checking Online Support/Help System
As you look for accounting software for your company, you need a system which is able to make things more convenient for you. You don’t want a system which becomes increasingly complex, with a few updates making the system harder and more complicated to use. Before you make the buying decision, ensure that the service provider has enough online support that immediately answers your questions and facilitates the software’s use.
Not Complying with Industry Standard
It’s important that the software chosen complies with industry standard to make sure of your investment’s long-term protection. It’ll determine whether a system is flexible, as well as difficult or easy to integrate with your additional business application systems and processes. Consult with a staff of skilled software engineers to ascertain the level to which an accounting system is going to comply with the industry standard.
Not Checking System for Source Code
A few businesses don’t pay attention to the code where the software is written. That means they do not have the ability to reap the long-range advantages from the system. As you make a purchasing decision, you don’t want to invest in a system that is written in an obsolete or obscure programming language.
It’s important to select accounting software which includes source code. Doing it will assist in providing you with improved long-range security over the investment.
Record keeping may not be an enjoyable experience, yet it is an important responsibility for truck drivers.
Typical job-associated issues like incorrect pay statements, tax audits, and warranty factors require written paperwork that proves the wrongs and rights of the situation at hand. Having organized files permits you to have access to the data needed when needed the most. It is times like these when you will be glad that you placed the effort into record keeping, irritating as it may be.