Use the folders for your monthly profit-and-loss statements and accurate quarterly tax estimates. Here are our top picks for accounting software for trucking companies. Trucking companies have unique bookkeeping needs rarely met by traditional small-business accounting software like QuickBooks.

• However, trucking is an ever changing industry and you need a service that offers current year, timely, tax estimates based on how you are performing now, not what happened last year.
• Bookkeepers help trucking companies keep track of financial statements and give them a better idea of how their businesses are performing.
• As a result, many truck drivers handle a significant portion of their bookkeeping without much assistance.
• Here are our top picks for accounting software for trucking companies.
• With an online bookkeeping service, you can create, send, and keep track of invoices to manage your cash flow.

The most common reasons truckers use QuickBooks is that “everyone uses it” or that their accountant recommended it. Comparing your data to other owner-operators allows you to see the areas where your business is performing better than your peers, as well as the areas where you can improve. A good bookkeeper will be able to use this information to help you figure out where to make adjustments in your business to both earn and keep more money. With a secure portal, you can log in to your personal account at any time and know that your information is safely password-protected.

Bookkeeper360: Best overall bookkeeping service

The IFTA office in your home state will allocate your payments to the proper jurisdictions and determine whether you owe more or deserve a refund. Another decision every small business owner has to make https://www.bookstime.com/ is what type of legal entity they want to use. Sole proprietors are the default structure, so owner-operators who start doing business without filing any paperwork will fall into that category.

Simply enter data in one area and it’s instantly updated across all relevant areas. The full-service software includes payroll, fleet management, trucking dispatch and IFTA tax calculator, among other things. It’s essential to keep track of purchases throughout the year in preparation for tax season.

Review your money frequently.

As a sole proprietor, you and your trucking business are a single entity. Many business owners learn too late that mingling your personal and business funds makes it hard to identify which transactions belong in which category. 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.

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.

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If not, you will be happy you took the time to keep your records in order. One out of every 25 owner-operators gets audited by the IRS for taxes each year. You want to avoid that happening to you, but you want assurances that you’ve done everything right if it does.

Kelly is an SMB Editor specializing in starting and marketing new ventures. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. The Forbes Advisor Small Business team is committed to bringing you unbiased rankings and information with full editorial independence. We use product data, strategic methodologies and expert insights to inform all of our content and guide you in making the best decisions for your business journey. Tell us more about your business and an advisor will reach out with a list of software recommendations customized for your specific needs.

Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors. He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship.

PorteBrown also draws on 75 years of industry experience and state-of-the-art accounting technology to ensure their accounting services’ accuracy. Another thing you should look for when deciding on a trucker’s bookkeeping service is a company that has industry-specific benchmarking. Ideally, you’ll want to look for a company that works with other truck drivers so you can compare your numbers to similar sized businesses in the trucking industry.

A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data. Online bookkeeping services can save business owners both time and money. With hundreds of options, however, it can be daunting to sort through them all and find the best service for your business.

You’ll get a dedicated accountant, year-round tax advice, tax prep, bookkeeping and financial reports. QuickBooks Live is our top pick for online bookkeeping services because it offers cleanup bookkeeping services that vary based on your company’s needs for your first month. This service is ideal for business owners who want to get their bookkeeping in order but don’t have the time or resources to do it themselves.

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. While they’re theoretically distinct, the line between them is somewhat blurred. According to the National Association of Small Trucking Companies (NASTC), truckers bookkeeping service 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. 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.

• Another decision every small business owner has to make is what type of legal entity they want to use.
• It can track and categorize your expenses automatically, though you may need to keep some supplemental records.
• You can find services for as little as $20 per month while others run thousands per month.
• To comply with IFTA, you must report your trips and fuel purchases quarterly.
• While Q7 does offer a free demo, there is no free trial period so you’re all in once you commit.
• Sure all businesses share some basic needs like keeping track of revenue and expenses, and QB can handle that well, but your trucking company has specific needs to make you successful.
• Bookkeeper360 integrates with third-party tools, such as Bill, Gusto, Stripe, Shopify, Xero, Brex, Square, Divvy and ADP.