Stress-Free Accounting for Trucking Companies

An accountant at workMany trucking companies still associate accounting with tons of paperwork because they manage their financials using ledgers, tax forms, printed receipts, and file drawers. Even with the use of digital spreadsheets, accounting can present many challenges when it comes to keeping data consistent across departments.

Having multiple users who have access to a single file raises the risk of misplaced dates and broken formulas. Accounting for truck drivers is challenging enough. Add to that the task of fixing mistakes, and you might just find that it’s taking time away from other aspects of the trucking business.

To avoid worrying about this, consider different accounting solutions to allow for an easier delegation of financial management and related tasks. To take the stress out of accounting, you can opt to track and update your financials in two ways.

1. Outsourcing accounting services

Many trucking companies have reported positive results from using third-party accounting services. By having an experienced professional do the number crunching for you, you avoid committing costly mistakes.

You could also do this for your trucking company’s financial functions, such as billing, payroll, and accounts payable. When you outsource accounting services, you will be able to focus on the other aspects of your business. That includes scheduling vehicle maintenance and expanding your network.

2. Using accounting software

There are many kinds of accounting software for trucking companies. These programs allow drivers and owner-operators to perform fleet-specific functions such as IFTA tax reporting and load tracking.

There are also cloud-based software products that let you access your accounting data from any device with an internet connection, allowing you to have a better overview of your trucking company’s finances.

Most of these software products are also downloadable in the App Store or Google Play, so you can use your tablet or mobile phone to send invoices, record receipts, and create expense claims.

Another advantage of online accounting is that it helps you analyze your company’s performance from different angles. When choosing an accounting software for your trucking business, consider the following factors:

  • Usability – Determine how many users need access to the software and which type of software they prefer. You can choose a software that has a mobile app to facilitate an easier driver communication process.
  • Price – Accounting software products differ in price and features. Depending on your allotted budget for accounting, you have the choice of using inexpensive software or investing in a product that costs more but comes with several extra features.
  • Features – Identify the specific features you are looking for in an accounting software. These include the type of reports you need the software to generate, as well your company’s needs for accounts receivable and accounts payable tools.

Accounting for your trucking business can be tedious, but it’s not impossible to make it less stressful by taking advantage of accounting services and programs.