5 Best Accounting Software Solutions for Trucking Companies
The accounting needs of trucking companies are varied and complex, and there’s no better way to manage your finances than by adopting accounting software that can help you manage payroll, invoicing, expense tracking, and so much more.
Learn more about the importance of accounting software for trucking companies of all sizes and the top five accounting software solutions to help you make an informed decision about which option is best for your business.
Understanding Trucking Accounting Software
Trucking accounting software encompasses a wide range of technological solutions you can use to maintain your trucking business’s finances. It provides tools and functions that are tailored to the specific financial and accounting needs of your business and manage its overall financial health. By utilizing a trucking software solution, you can simplify financial management processes, save time, and gain greater insights into all financial aspects of your business.
The best accounting software for trucking companies helps you streamline your business operations by simplifying and consolidating a wide variety of tasks and processes, such as:
- Financial reporting
- Invoice management
- Equipment and inventory tracking
- Payment processing
- Load and dispatch management
- Expense tracking
- Cash flow management
How to Choose the Right Trucking Accounting Software
With so many options for trucking accounting software solutions out there, it’s essential that you thoroughly investigate several possibilities before committing to a particular solution. Each option offers different features, strengths, and weaknesses, so consider each to choose the best solution for your business.
Here are the top four factors to consider when you’re choosing trucking accounting software for your company.
- Cost vs. value. When selecting accounting software, you have to carefully consider and balance your budget considerations with the return on investment. Paying for the cheapest option might be easier on your bottom line, but if it doesn’t perform the functions you need, it’s not doing you any favors.
However, an option that helps actively provide solutions to your financial management challenges and streamlines your operations but is more expensive could be worth the splurge. Be sure to account for the time it takes you or your team to use it and if that would be better spent focusing on getting more trucks on the road.
- Features and integrations. No two accounting software solutions are the same. It’s imperative that the software you choose has the must-have tools and services necessary to support your business effectively and is compatible with your other systems. Software that can’t sync and integrate with your existing processes might lead to information falling through the cracks or not being managed properly.
- User-friendliness. Adapting to any new technology is going to have some level of a learning curve, but the best accounting software for your company will be easy to learn. This will allow your team to adapt quickly and start seeing the benefits sooner.
- Scalability. Maybe you’re just starting out and only have a handful of trucks in your fleet, but what about a few years down the road when you’ve expanded your business? You want accounting software that can grow with you.
Why You Need Accounting Software for Your Trucking Business
Trucking companies juggle many moving parts and have unique financial needs that can’t always be met by more generic accounting software, which is why it’s essential for your business that you choose a solution that is built specifically with you in mind.
Take a look at some of the ways that accounting software designed for trucking companies can help you better manage your operations:
- Streamlined financial management. Trucking companies have a wide range of financial tasks from payroll management to expense tracking to financial reporting. Accounting software can automate and manage these tasks to increase efficiency and reduce errors.
- Accurate invoicing. Your company likely has to manage invoices from multiple clients, some of which can include complicated aspects like fuel surcharges, freight charges, and accessorial fees. Trucking accounting software allows you to automatically generate correct invoices on time to ensure you’re always on track.
- Tax and regulatory compliance. Trucking companies are required to adhere to a variety of regulations, and mishandling these requirements can have serious consequences. A good software solution will assist you in tasks like mileage tracking and International Fuel Tax Agreement (IFTA) reporting.
Top 5 Accounting Software Solutions for Trucking Companies
There are many options for accounting software for your trucking company, and it can be overwhelming to decide which is right for you. We’ve compiled a list of the top five options to consider.
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. This is an enhanced version of standard accounting software that is easy to customize to fit your needs, and though it has no trucking-specific features, it can be easily integrated with TruckingOffice to enhance its accounting features and meet your company’s needs.
Best for: All-round choice and integrations
- More affordable than many other options
- Integrates with TruckingOffice
- Strong accounting features
- Track mileage from your phone
- Requires a separate subscription to trucking management software
- Cannot call customer service directly
- Users may have a steeper learning curve when adapting to the integrated system
QuickBooks Online has several plans to choose from:
- Simple Start: $30 per month for one user
- Essentials: $55 per month for three users
- Plus: $85 per month for five users
- Advanced: $200 per month for 25 users
Q7 is a great option for an all-inclusive software that fully integrates with other industry tools. It includes general accounting functions such as payroll, accounts payable, and accounts receivable and also has trucking-specific features, such as truckload, brokerage, less than truckload (LTL) dispatch, freight billing, and fuel and mileage tracking.
Best for: Standalone full-suite of accounting and trucking-specific features
- Full-fledged bookkeeping solution
- Has a desktop or cloud-based program
- Built-in trucking payroll management system
- Has an expansive list of trucking-specific features
- Many customization options
- Includes training and technical support
- No upfront pricing
- Desktop version is not compatible with Mac systems
- System requires extensive training for adoption
- Doesn’t offer a free trial
Pricing: Q7 does not provide pricing information publicly; you must contact the company directly to receive a customized quote
If you’re looking for a software solution that can track and manage orders, trips, expenditures, and fuel mileage with ease, Rigbooks might be the right option for you. It allows drivers to enter expenses and upload photos of receipts while on the road, making it easy for you to keep expenses up-to-date. While it can be pricey for companies with a large number of trucks, it is a budget-friendly option for smaller companies and owner-operators.
Best for: Small fleets, owner-operators, ease of use, affordability, and custom invoicing
- Unlimited users
- Offers a free 30-day trial
- Very affordable for smaller fleets
- Tracks miles for easy IFTA reporting
- Simple user interface
- Expensive for businesses with large fleets
- Doesn’t offer a complete bookkeeping system
- Some plans do not include invoicing
Rigbooks offers four plans.
- Basic Entry: $19 per month; $19 per additional truck
- Leased O/O: $29 per month; $24 per additional truck
- Independent O/O: $49 per month; $29 per additional truck
- Small Fleet: $149 per month for up to five trucks; $29 per additional truck
Axon is an all-inclusive, fully integrated accounting software for trucking companies. It is easily customizable to meet your needs and can interface with a variety of systems. Its full integration eliminates administrative headaches by removing the need to enter data multiple times across platforms. Features of this software include payroll, fleet management, trucking dispatch, and IFTA tax calculation.
Best for: Midsize and larger operations and real-time reporting tools
- Real-time integration for accounting, fleet management, and dispatch
- Automatic IFTA tax calculations
- Regularly updates its software
- No upfront pricing information
- Doesn’t offer a free trial
- Has a learning curve for some users
Pricing: Axon does not provide pricing information publicly; you must contact the company directly to receive a customized quote.
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.
Best for: Mobile accounting, online payments, and overall accounting and taxing
- Mobile app is packed with features
- Convenient customer service
- Has many accounting features
- Reports are user-friendly
- Has no trucking-specific features
- Doesn’t integrate with trucking management software
- Maximum capacity of 15 users without extra fees
Zoho Books has six available plans:
- Free: $0 for businesses that make $50,00
- Standard: $12 per month; up to 3 users
- Professional: $24 per month; up to 5 users
- Premium: $36 per month; up to 10 users
- Elite: $129 per month; up to 10 users
- Ultimate: $249 per month; up to 15 users
Best Practices for Bookkeeping
Even the most powerful accounting software solution won’t be as effective if your bookkeeping habits aren’t up to snuff.
Here are a few tips to help you keep your books balanced and healthy.
- Save your receipts and take pictures for easy access and storage
- Open a separate checking account for your business
- Use a dedicated credit card for business expenses
- Save all of your logbooks
- Store and organize your records
- Update your books daily
- Review your expenses and balances frequently
Keep Your Business Strong with Accounting Software
Adopting accounting software can give your business a huge boost by automating processes, reducing errors, and integrating data across systems. Don’t just go with the first option presented to you—it’s worth your time to consider multiple options and invest in the software that best suits your needs.
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