That’s why we put together this accounting software comparison for trucking companies so you can decide which options will best meet your needs and budget.
What to look for in trucking accounting software
When choosing the right accounting solution for your trucking business, several factors can help you save time and effort while delivering accurate financial data. Let’s look at a few of those factors.
Automated bookkeeping
Automated bookkeeping can help trucking companies save time and effort by connecting with your bank account to automatically track and classify financial transactions. When your accounting software automates much of your bookkeeping tasks, you can free up resources that would otherwise be used on manual processes. Automating bookkeeping also helps to prevent common errors, ensuring your financial data is reliable.
Integration capabilities
As your trucking business grows, you may need various applications beyond your accounting solution, such as payroll, invoicing, payment acceptance, and marketing.
Using an accounting solution that can integrate with other apps allows you to streamline your processes, eliminate manual data entry tasks and reduce errors.
Real-time reconciliation
Real-time reconciliation is an essential feature of any accounting solution. Bench is pleased to offer its customers access to real-time data so busy business owners can stay up-to-date on their balance sheet at all times. [Insert screenshot of this in action] This feature ensures your financial records are always up-to-date and accurate, eliminating the possibility of inaccurate records or incorrect data entry. You’ll always have an up-to-date view of your business’s financial health, ensuring you can make sound decisions based on reliable data.
On-demand human support
No matter how well your accounting solution operates, there will be times when you have questions or things just don’t work like you need them to. That’s why access to on-demand support from humans is crucial. Getting timely expert help can ensure you resolve any issues quickly. Here’s a look at our on-demand support team helped a Bench client solve a bookkeeping issue: (Insert screenshot)
Pricing
Finally, affordable pricing plans are an essential consideration, as many trucking companies have limited budgets.
Why do truckers need an online accounting service?
There are plenty of do-it-yourself bookkeeping options, from Bench’s Excel Income Statement Template to free accounting software to full-fledged trucking management systems with built-in invoicing and expense-tracking features.
But do you really want to handle your bookkeeping on your own?
According to the National Association of Small Trucking Companies (NASTC), only 15 per cent of newly formed trucking companies make it to their second year of operation. Common pitfalls include mismanaged data, lack of team support, and cash flow problems.
Getting professional bookkeeping and tax support from an outsourced bookkeeping company like Bench can help you avoid all three.
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.
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.
Without this level of support, it’s common for trucking businesses to incur hefty fines for failure to comply with laws and regulations. They may also overpay taxes by missing out on valuable tax deductions.
The best trucking accounting companies in 2023
If you’re looking for bookkeeping software specifically tailored to the needs of trucking companies, here are some other options to consider.
- Bench Accounting. Bench is an online bookkeeping automation service that caters specifically to small business owners. In addition to importing your bank statements and compiling all your business transactions for you, Bench uses proprietary software and human bookkeepers to take care of your monthly bookkeeping needs—including finding all the tax deductions you’re eligible for, ensuring you don’t overpay in quarterly taxes. Bench offers real-time data, generates monthly financial statements and will deliver a Year End Financial Package of tax-ready financials to make filing your taxes quick and easy. Bench can even file your taxes for you! If you’re curious about Bench, Bench will do one prior month of your bookkeeping in one business day, and prepare a set of financial statements for you to keep, all free of charge!
- QuickBooks Online. QuickBooks isn’t a trucking-specific accounting software program, but it integrates with TruckingOffice. Using the two together combines your trucking management system and do-it-yourself accounting software, allowing you to export invoices and expenses, so you don’t have to spend time manually entering the data in both systems. Keep in mind you’ll need two separate subscriptions.
- Tailwind. Tailwind isn’t a complete bookkeeping system, but it does offer invoicing, bill payment, accounts payable, and accounts receivable features in addition to its trucking management features.
- Axon.** Axon provides a complete trucking management and accounting software solution for trucking companies, including payroll, fleet management, dispatch and fuel tax features. Unfortunately, Axon is not cloud-based—it’s only available in a desktop version, which makes it tough to handle your accounting and bookkeeping on the go or collaborate with your accountant or tax preparer.
- Xero.** Xero is another do-it-yourself accounting solution designed for small business owners. It’s not designed for trucking companies. However, it integrates with MyTrucking transportation management software to push all invoices to the accounting software. You’ll need subscriptions to both platforms to benefit from the integration.
How to choose accounting software for your trucking company
Whether you’re a solo owner-operator or own a fleet of trucks, choosing the right accounting software for your trucking business is an important decision that can help your business run smoothly. With so many options on the market, it’s crucial to weigh all of your options to determine which accounting software best meets your needs. Here are some tips for choosing an accounting solution for your trucking company to make the selection process easier.
- Start by considering your budget and needs. What features are most important to you? Do you prefer to do most of the work yourself? Or do you need a solution that offers detailed accounting capabilities and integrations to help streamline your business?
- Look for user reviews and recommendations from other trucking business owners. There are many online forums and communities dedicated to the trucking industry; look here for discussions about different accounting software options.
- Consider usability as you grow. How many employees will need to access your accounting software? Do you prefer a cloud-based app you can access from anywhere that allows you to collaborate with your accountant or tax preparer? Or will desktop software suffice?
Ultimately, your accounting solution should do more than simply facilitate sending invoices and paying bills. It should help you make informed decisions, improve operational efficiency, and maximize profitability.
If you’d like to see if Bench is the right fit for your trucking company, try us for free. We’ll do one month of bookkeeping in one business day and prepare a set of financial statements for you to keep.
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