This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. About Bloomberg Tax & AccountingBloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions. Small-scale businesses are, however, advised to stick to essential software. While these platforms might not be loaded with cutting-edge features, they incorporate crucial elements that make bookkeeping easier.

• PwC Ukraine is a member of the PwC network of firms in 158 countries with 236,000 people.
• That limits your ability to make informed decisions, operate effectively and position your company for future growth.
• For example, their IFTA mileage tracker auto-records toll and non-toll mileage to automatically create IFTA tax reports.
• Financial success also involves preparing for unforeseen circumstances, such as accidents or natural disasters.
• If you choose to do it yourself, these tips will help you maintain a healthy profit margin and make effective decisions that benefit your company in the long run.
• Hence, to avoid undocumented transactions, business owners should always take note of the trade in a journal or any similar medium.

Regular vehicle maintenance is crucial for ensuring the safety and efficiency of your fleet. Remote Books Online can help you establish and maintain maintenance schedules for each truck, reducing unexpected breakdowns and repair costs. At tax time, we’ll send you a package with everything you need to file your tax returns. Or you can select our Premium plan to get year-round tax support and professional tax filing.

Make managing your taxes a breeze

There are many options for accounting software for your trucking company, and it can be overwhelming to decide which is right for you. 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. Fuel cards can automatically track, organize, and display the information you need to fill out your IFTA expense reports.

• To stay in compliance, file Form 2290 with the IRS and pay any applicable taxes by the last day of the month after the month you first used the vehicle on public highways.
• With the trucking software program from TruckingOffice.com you can keep up with invoices that are coming due and receive alerts if any payments are past due.
• Your financial information is protected through state-of-the-art encryption and security measures, ensuring your sensitive data remains confidential.
• ATBS is the largest tax, consulting and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors.
• Meanwhile, the HVUT is an annual fee that truckers must pay if they drive a vehicle that’s at least 55,000 pounds for more than 5,000 miles on public highways.

While it takes the work out of many calculations, it does not offer many of the automatic entry and reporting functions provided by other software. These include Quickbooks for accounting and Motive for service hour tracking. One of the most useful features of TruckLogic is its integration with other trucking industry tools. These include Motive, DAT, ProMiles, Quickbooks, ExpressTruckTax, and ExpressIFTA. For example, their IFTA mileage tracker auto-records toll and non-toll mileage to automatically create IFTA tax reports. Using software for accounting can help you manage the different components you need to determine the financial well-being of your company.

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. The income statement shows how money flows through the company over a period of time. Unlike the balance sheet, the income statement covers a certain time period (usually a month, a quarter, or a year). IFTA compliance is one of the additional accounting responsibilities unique to trucking companies. Fortunately, it doesn’t have to take up too much time or energy if you plan ahead. The IFTA is a way to redistribute the fuel taxes truck drivers pay in the lower 48 states and the 10 Canadian provinces.

Real-time reconciliation

While not designed with trucking businesses in mind, Zoho Books offers an end-to-end accounting solution that benefits truckers. It automates processes, such as accounts payable, accounts receivable, payroll, transaction management, and more. Its powerful mobile app is great for tracking receipts and expenses or creating invoices on the go, making it convenient to store your financial information securely in one place. To help narrow down your search, we reviewed 9 of the most popular software solutions for owner operators and trucking companies. These options range from standalone accounting software to comprehensive trucking management systems that also handle dispatching, fleet maintenance, and other functions. As a trucking business owner, you have to juggle many moving parts to make your business thrive.

Remote Accessibility and Security

Enterprise pricing can be based on a set amount per truck or per software user. Accounting comes in when you need to analyze your business based on financial data. This can include tax planning, developing financial statements, and analyzing cash flow. Software can make this analysis simpler by automatically completing calculations and filling out tax forms.

Business Technology

When you work with Bench, you get a dedicated bookkeeper who will get to know your business. Each month, your bookkeeper will organize your business transactions and prepare financial statements and other financial reports. You’ll also have access to an intuitive app that helps you understand your financial position and cash flow at a glance and monitor trends in real time. TruckLogics streamlines bookkeeping by limiting manual record entry and delivering one-click financial reports. This includes finding work on load boards, driver and maintenance management, invoicing, and expense tracking. Any trucking company, regardless of its size, can benefit from industry-specific accounting software.

If you fail to make estimated tax payments, submit your IFTA reports, or file Form 2290 on time, you’ll face penalties and interest. For example, transportation management software, also known simply as trucking software, is a must-have for owner-operators. It serves as a digital hub and tax center from which you can manage all of your paperwork and filing responsibilities. In addition to keeping records of your expenses, you should have documents that prove their validity, such as receipts, trip logs, and account statements.

TruckingOffice offers standard bookkeeping features and allows for invoicing on variable fees, such as flat, per ton, per mile, or by weight. IFTA tax reports are also gross pay vs net pay generated automatically, with options to choose which trucks to include in the report. A cash flow statement shows how much actual cash the company has on hand.

Keep track of fixed expenses

While it offers a lot, TruckLogics there are online complaints that the system does not always deliver and effective customer service can be hard to find. If you owed taxes in the previous year but not the current one, you must file Form 2290 to report the change and suspend your responsibilities. Another decision every small business owner has to make is what type of legal entity they want to use.

QuickBooks Online is a web-based accounting software that manages the financial aspects of your business. There are no installations or downloads necessary to use this software, and it can be accessed from any web browser. Bookkeeping incorporates the processes involved in maintaining the financial records of a trucking business’s daily transactions using a general ledger. QuickBooks is highly popular among trucking companies and other small businesses. It enables them to track income and expenses, create invoices, pay drivers, generate GST reports, keep up to date balance sheets, and more.

Expense Management

Optional extras include premium routing software that can calculate mileage and optimal routing. TruckingOffice also offers an optional electronic logging device (ELD) that can sync with your mobile app automatically. Truckers report liking the user-friendly system and find the software has all the basic tools to run their business.

With our expertise, you can confidently steer your trucking enterprise toward a future filled with fiscal accomplishments. Together, we’ll navigate the twists and turns of the industry, keeping your trucking business firmly on the path to success. Reach out to Remote Books Online today to embark on this transformative journey. Discover first-hand how our specialized bookkeeping services can not only benefit your trucking company but also serve as the driving force behind your financial aspirations.