Independent Trucking Company Services

It excelled in customer support, but we deducted a few points because its network of Zoho Advisors is not that extensive, especially when compared to QuickBooks Online’s network. While QuickBooks Online handles all your accounting processes, RLS helps you accomplish trucking-related tasks. For instance, you can use RLS to manage your loads, dispatch orders, and track delivery status. You can then transfer the load information to QuickBooks to create invoices, track expenses, and generate reports. Tracking your income and expenses regularly is essential to stay on top of your business’s performance, identify financial trends, and avoid surprises. Keeping detailed records can be helpful in making informed decisions about the future of the business.

We believe that better banking products can make the whole financial system more inclusive. Setting clear expectations for deadlines and output is also important when working with a trucking accountant. Make sure that you both understand what is expected in terms of deliverables and timelines so that you can work together effectively to achieve your financial goals.

How a Portable AC Unit Saves Truck Driver’s Thousands of Dollars per Year

Remote Books Online can help digitize and organize your paperwork, making it easier to access important documents when needed, such as invoices, receipts, and driver logs. One of the best ways to streamline your IFTA reporting is by using a dedicated fuel card. These work much like any other credit card, except they’re tied to a unique driver number and provide fuel discounts. Accounting is one of the least exciting aspects of small business ownership for many owner-operators.

For example, if you place your truck into service in July, the due date is August 31. The accrual basis of accounting requires that you recognize revenues when you earn them and expenses when you incur them, regardless of when funds enter or leave your accounts. It takes more work, but it also documents your profitability more accurately. Many business owners learn too late that mingling your personal and business funds makes it hard to identify which transactions belong in which category. AXON’s payroll system handles various compensation models, including mileage-based pay for drivers, hourly wages for office staff, and salary-based compensation for management.

Maintain a notebook in your truck.

However, a free solution might not be enough if you have complex trucking management needs. This is where we recommend premium software like Q7 or even an integration between QuickBooks Online and RAMA Logistics Software. Ideally, you should be able to manage unusual payroll issues and meet trucking-specific standards while also simplifying compensation calculations. Depending on the size and demands of your company, you may be better off with basic software or with transportation management tools. Whether you’re an owner-operator or operate a small trucking company, the correct accounting software can help you maximize your company’s performance.

• Just like QuickBooks Online, Zoho Books isn’t custom-tailored for trucking businesses.
• Accounting is more sophisticated and analytical than bookkeeping, and there’s often more at stake.
• Technology has grown rapidly and drastically impacted different aspects of society by streamlining various complex processes.
• For example, you should be able to manage loads and dispatches and generate data that will help you file your IFTA reports, which is one of the trucking accounting best practices already mentioned.
• Trucking bookkeeping is easier if you use consistent accounting systems and practices.
• For example, you may realize certain routes or loads are not as profitable as they should be and make adjustments to increase your bottom line.

You can deduct the greater of 80% of the per diem rate for each day or deduct 80% of the total expenses for the receipts you have collected throughout your trip. It’s also essential to keep truckers bookkeeping proper documentation on hand in case you’re ever audited by the IRS. Per diems are tax deductions that cover meals at a standard amount vs having to track and deduct actual costs for meals.