The Best Accounting Software for Owner-Operators:  TruckingOffice or QuickBooks?

accounting for truck drivers

Although there are other QuickBooks trucking integrations available, RLS stands out due to its direct integration with QuickBooks. This means the platform can be purchased directly from the QuickBooks App Store, and you can launch it from your QuickBooks account. Other QuickBooks trucking integrations require complicated setup and third-party connectors. The software offers a range of pricing plans, including a starter plan for individuals and a standard plan for small businesses. Xero also offers a free trial, allowing small businesses to test the software before committing to a subscription. Remember, it can be surprisingly hard to catch up on trucking records once you’ve fallen behind.

  • Rigbooks helps truckers parse out things like load size, distance, and accounts receivable to know which trucking job will earn them the most profits.
  • Get a step-by-step guide on how to set up an accounting system for your trucking business.
  • In order for your fleet to make money, you need to get paid on time and in full.
  • The most common deductions are for fuel, tolls, parking and vehicle maintenance.
  • For instance, they can capture receipts, record expenses related to fuel, tolls, maintenance, and other business costs, and then categorize them for reporting and tax purposes.
  • You’ll incur penalties and interest if you don’t meet your federal and state liabilities.
  • The ever-expanding capabilities of modern software have made many aspects of business ownership significantly easier.

Before you start, we’re here to make sure you’re up to date on some of the significant changes that have happened over the past year that could affect your tax return. Click below for our list of a few things that have changed and a few things that are carrying over from the previous tax season. In this 21st century, there’s software to manage many aspects of a trucking business. With our secure client portal, you’re able to view all of this information at any time. Accounting is the process of recording, measuring, and communicating information about the financial transactions taking place in a business. Accounting often helps determine the financial position, results of operations, and cash flows of a business.

Trucking Accounting Software: Your Top Choices

More often, there is more at stake regarding the accounting aspect of running a trucking company. Trucking companies might best thrive when this aspect of the business is outsourced to someone knowledgeable. A step-by-step approach to accounting in the trucking industry will make the process go off without a hitch.

You can also monitor key performance indicators, such as revenue per mile, cost per mile, and profit margins, to ensure that your business is operating efficiently.. Because the IRS sees semi-trucks as qualified nonpersonal use vehicles, you must deduct your actual auto costs instead of using the standard truckers bookkeeping service mileage method. Keep records of each purchase’s amount, date, location, and business purpose. Truckers must choose between the two fundamental methods of accounting, the cash and accrual bases. They impact your tax return significantly, so consider consulting an accountant before choosing one.

You’re our first priority.Every time.

Whether you choose to complete all of your tasks weekly or monthly, make sure you give yourself enough time to log your transactions accurately in a timely fashion. Leaving such tasks for last minute will cause mistakes, headaches, and misrepresented information. Trucking accounting, like any portion of running a business, is time and energy consuming. Keeping up with some best practices will help make that aspect of running a business a little easier.

accounting for truck drivers

That’s why trucking management solutions exist – because we need software specific to our business. Do you have difficulty getting receipts and other important information from your drivers? Or perhaps you’re an independent driver or an owner-operator, and you need to streamline your processes to make sure you get paid on time. RAMA Logistics Software is perfect for the smaller trucking enterprise.

Step 1: Creating a Primary Dataset for Bookkeeping

With this information, we can provide you with your quarterly estimated tax payments and prepare tax returns for you at the end of the year. Xero is another user-friendly and affordable accounting software option that offers trucking-specific features. These features include trip tracking, fuel tracking, and load tracking, making it an excellent option for small trucking businesses looking for more specialized accounting software. In addition to these features, Xero also offers standard accounting features such as invoicing, payroll management, and financial reporting. QuickBooks is one of the most popular accounting software options for small businesses and offers a range of features that can benefit trucking businesses. In addition to its customizable invoicing templates and robust payroll management capabilities, QuickBooks also offers features such as expense tracking, inventory management, and financial reporting.

With our platform, truck drivers can automate data inputs from most major providers, helping to eliminate common errors. We collaborate with key players like Gusto, Stripe, Shopify, and Square—ensuring your financial records are always meticulously accurate. Truckers can use FreshBooks to track expenses and be prepared for tax season. It’s easy to connect your bank account and credit cards for seamless payments.

Proudly designed and donated by