Trucking accounting software is a specialized financial management tool designed to handle the unique accounting and business needs of owner-operators and freight carriers. Here’s a rundown of our top picks based on our internal review process and user reviews.
- TruckLogics: Best Overall
- Sage Intacct: Best Multi-Entity Support
- Zoho Books: Most Affordable Pick
- Q7 Trucking Software: Best End-to-End Solution
- Rigbooks: Best for Small Fleets
- AXON: Best Payroll Functionality
1 TruckLogics - Best Overall
Why we chose it: TruckLogics is our top overall pick, providing extensive financial management tools for the trucking industry. The software allows for quick and easy generation of invoices directly from dispatches, optimizing the billing process. Users can record and manage income and expense transactions within TruckLogics, providing a clear picture of the business’s financial health. It also includes the ability to upload fuel receipts and track other operational expenses, essential for financial planning.
The software can also generate profit and loss reports, offering insights into the company’s fiscal performance. Additionally, TruckLogics integrates with popular accounting software like QuickBooks to synchronize data. This integration ensures that trucking businesses can maintain financial records without manual data entry.
2 Sage Intacct - Best Multi-Entity Support
Why we chose it: Sage Intacct made our list for its multi-entity management capabilities. These allow trucking companies to easily manage financials across different divisions, locations, or separate business entities within a single system. This is useful for companies operating in various regions or with multiple subsidiaries, simplifying consolidation.
Sage Intacct automates inter-entity transactions, including transfers and eliminations. Freight carriers can create customizable reports and dashboards tailored to their specific needs, providing insights into the performance of each entity and the business overall. This feature allows for deep financial analysis and performance monitoring across different levels of large trucking companies.
3 Zoho Books - Most Affordable Pick
Why we chose it: Zoho Books is an affordable option for trucking companies. It starts at $15 monthly for three users and up to 5,000 invoices. We found its pricing structure flexible, including a free tier for businesses with annual revenue below $50,000. For carriers that exceed this revenue threshold, Zoho Books still offers competitive pricing with a range of plans for various business sizes and needs. This makes it an accessible choice for both small and growing trucking operations.
Zoho Books facilitates online payment acceptance through integration with over ten third-party payment gateways, such as Stripe and PayPal. This simplifies transactions for trucking companies dealing with numerous clients or vendors. Another advantage of Zoho Books is its provision for additional users at an affordable rate. This feature and its scalable plan options ensure owner-operators can adjust their Zoho Books subscription as their business evolves.
4 Q7 Trucking Software - Best End-to-End Solution
Why we chose it: Q7 Trucking Software is our best end-to-end solution, integrating trucking-specific features with accounting capabilities. Its strengths lie in its ability to streamline operations across multiple facets, from order and dispatch management to fleet maintenance and safety compliance, all while ensuring detailed financial tracking and reporting.
Q7 provides a full suite of accounting tools for trucking businesses, including payroll, general ledger, accounts receivable, and accounts payable. Its payroll features are notably comprehensive, handling tax-exempt deductions and employer contributions. Additionally, Q7 offers both direct deposit and customizable checks. The system allows for batch payroll processing and customizable reporting, which includes summaries, tax audits, and W-2 printing for year-end.
5 Rigbooks - Best for Small Fleets
Why we chose it: We found Rigbooks best for small trucking businesses due to its affordability, owner-operator accounting features, and ease of use. Rigbooks is noted for its straightforward UI, making it accessible for those who may not have extensive accounting or software experience. Rigbooks allows users to create and email invoices from existing trip records. However, it offers limited customization for invoices, such as adding a company logo or changing the color scheme.
The software enables manual expense logging with categorization options and the ability to set up recurring expenses. It tracks both fixed and variable costs but lacks the functionality to track the checking or credit card account used. Profit and loss reports are available and can be customized for multiple trucks, showing key financial metrics such as total loaded miles and revenue per truck. Rigbooks supports IFTA compliance by tracking mileage per jurisdiction and providing detailed information for tax reporting.
6 AXON - Best Payroll Functionality
Why we chose it: We picked AXON for its payroll functionality, tailored specifically to meet the complex needs of the trucking industry. The system helps simplify compensating drivers, office staff, and other personnel across different pay structures.
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. It also syncs with dispatch and operations modules. This integration automatically calculates driver pay based on completed trips, distance covered, or hours logged. Overall, AXON streamlines payroll operations, from timesheet verification to fund disbursement.
What is Trucking Accounting Software?
Trucking accounting software combines back-office bookkeeping functionality with industry-specific features necessary for fleet management. In particular, the accounting services cover invoice processing, receipt generation, and general expense management. With software, trucking companies can also balance accounts payables and receivables in a general ledger to ensure their financial statements add up.
Sometimes part of larger transportation management software (TMS), standalone trucking accounting systems are often more practical solutions for small fleets of Qualified Motor Vehicles (QMV). However, these business accounting systems can fulfill the specific needs of independent owner-operators, carriers, and fleets of all sizes.
Trucking Software Features
- Income and expense tracking: Gain visibility into the costs associated with each service or project by keeping records of when and how expenses were incurred
- Accounts payable (AP): Build a general ledger managing money owed by your trucking organization to creditors
- Accounts receivable (AR): Automate the cash flow and funds owed to your business for goods or services provided; handle various forms of payment, including credit card
- Invoice management: Generate accurate invoices to send to customers, then use various communication methods to perform follow-up when payment is due
- Payroll: Manage all elements of executing employee compensation, including wage calculation, check printing or direct deposit, and payroll tax management.
- Mileage tracking: Get real-time details on truck and vehicle mileage, by specific load or through each state
- Fuel purchase recording: Track fuel purchase and truck mileage to receive proper tax reimbursement or other compensation
- Bank reconciliation: Import your bank records to auto-match against accounting records
- Profit and loss statements: Make accurate reports detailing any profit or loss your company makes
- International Fuel Tax Agreement (IFTA) reports: Correctly file IFTA reports to meet tax compliance requirements
Best Trucking Accounting Software Benefits
Business owners utilizing trucking accounting software can streamline back-office operations and enjoy many more benefits:
Streamline Billing and Invoicing
For your fleet to make money, you need to get paid on time and in full. Yet many clients drag their feet and draw out the billing process as long as possible. With accounting software, you can ensure accuracy when sending itemized invoices to your customers, showing exactly what they owe and why. The clearer you are about mileage and fuel purchases, the harder it will be for customers to debate the cost.
Trucking accounting software also provides tools for expense reporting. Whatever costs your fleet encounters, you can keep track for potential reimbursement or repayment. By paying close attention to your profit and loss statements, you can find better ways to make money. 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.
Meet IFTA Compliance
Filing International Fuel Tax Agreement (IFTA) reports for interstate or international trucking jobs can take time. First, you must create the necessary fuel and mileage reports for your fleet. Throughout the entire process, you need to track receipts, manage mileage logs, and match fuel to taxes in each state or province. Streamline your IFTA reporting by using software to automate the process each fiscal quarter so that you can focus on other elements of fleet management.
Tax reporting gets more difficult if you have to figure out importing rules. Fortunately, trucking accounting software can automate most tax filing based on your relevant financial data and base jurisdiction. Maintaining a general ledger allows you to monitor all your profit and loss reports in real time to avoid expensive surprises during tax time. And mobile apps on iOS and Android devices can make it easier for you and drivers alike to hold onto receipts on the go.
Accurate Driver Pay
Paying trucking staff is not always easy. While in-office personnel can be paid in person regularly, truckers might be on the road when payday rolls around. Manage your payroll with trucking accounting software to address the often complex process of paying drivers. For instance, you can implement direct deposit so your drivers get paid on time no matter where they are.
Truck driver pay errors happen all the time, especially when you’re trying to balance different pay scales based on mileage and loads. Many drivers forget to include important reimbursement details on their trip reports. Too many mistakes can lead to high turnover and staff shortages. Optimize your payroll with trucking accounting software that accounts for mile-by-mile expenses, loads, and other driver settlements.
Can You Use QuickBooks for a Trucking Company
QuickBooks Online is a popular accounting software for all types of businesses, even with trucking companies, thanks to its low pricing and easy-to-use features for building financial reports and balance sheets. A separate trucking module is available at an additional cost, including tools for owner-operators and carriers. However, without this extra module, QuickBooks lacks the industry-specific functionality of standalone trucking accounting solutions.
Trucking Accounting Compared to TMS
Along with QuickBooks, transportation management systems (TMS) are a popular alternative for standalone software. TMS helps transportation companies handle all their accounting needs, including invoice reconciliation and other general accounting tasks, in addition to freight billing and auditing. Unlike trucking-specific software packages, TMS addresses the needs of the entire transportation industry, not just trucking, by offering customized functionality to help the supply chain move across land, sea, and sky.
In some circumstances, it may be better for your trucking business to invest in separate software for your TMS, trucking, and accounting systems. This will come down to what best fits your budget and operating needs.
Trucking Accounting Software Pricing
In general, SaaS prices range from $19 per month up to $235 per month. Some plans charge per user or include a set amount, anywhere from one to 25, limiting who can use the system at any given time. There may be separate types of user accounts to differentiate between back-end workers and drivers on the road.
Price differences will also depend on the size of your fleet. You can save considerably more on software just by operating a small fleet, though some plans offer discounts for enterprise-level trucking operations. Others require a minimum number of qualified motor vehicles (QMV) per fleet.
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