Buyers Guide for Trucking Accounting Program
Trucking software tends to offer a combined way to manage the records in terms of dispatch, tracking drivers, pay or receive invoices, managing accounts, and monitor IFTA- International Fuel Tax Agreements reports. The right software can be used by a sole operator, or even by the company managing a fleet of trucks or carriers.
The best trucking bookkeeping software also helps your transportation industry to make more profits by effectively monitoring the incomes and expenses along with helping to save the fuel costs through the precise mileage reports and more. The program does not always include the back-office functionalities like managing finance, simply because most of the developers tend to focus their efforts on the industry-specific features such as accounting, IFTA management, Route, and others.
The trucking accounting software is also known as transportation accounting software. It is also used by various fleet management companies so as to integrate various accounting as well as transportation-related processes, that includes the following:
- Systematizing core accounting
- Tracking & reporting on the expenses
- Helping with the tax compliance
- Monitoring and managing fuel prices
- Managing the depreciation for equipment
- Managing payroll
Here, we have created this guide to help you to evaluate various accounting programs available in the market and select the best solutions for your business.
What is a Trucking Software?
Many trucking companies tend to have some specific requirements when it comes to their accounting. You not only need software to manage your books, invoice, expenses, fleets, and equipment, but you also need to get the software to keep a track of inventory, extensive travel, and driver management.
So, apart from offering these conventional accounting features such as ledgers, bill payable, receivables, the inventory, reservations, heavy machinery, and other tracking challenges.
The Benefits of Trucking Software
Automatic Data Collection
The transport accounting program is digitally connected with your fleet to fetch all the details like data, travel destination, driver’s behavior, and other real-time information. It also includes the data in case of any explosive material along with the material safety data sheets that you are transporting. However, this data is further used in terms of the automatic selection of the vehicle depending on the delivery needs and the task assigned.
Integration of Trucks Along With Logistic Chains
The software helps in adding trucks with the logistics chain by preparing a vehicle with real-time data. This also includes information based on shipping requirements, arrival times, along with external information in terms of departure timings, warehouses, and customers. The right software also makes sure that everything is transparent with the timely execution of deliveries.
Saving in Fuel
The right trucking software is capable of finding the loopholes and initiates the dynamic routing more efficiently. Its advanced routing algorithm tends to help in the planning process of identifying the more accurate routes that not only help in saving fuel but manages the extra servicing charges for the trucks.
Typical features of trucking software
- Dispatch management: Trucking software effectively coordinates with the dispatchers as well as the drivers by assigning the new orders in real-time without any third party involvement. It also provides you with the right planning tools that help you to optimize and manage the most efficient route to the drivers in order to manage long-term maintenance prices and enhance customer satisfaction.
- Core Accounting: The solution developers understand that accounting is the process that keeps fueling your engines all the way. So, the right software helps you to move your resources in the right pathway keeping your workforce along with clients satisfied. But errors in bookkeeping keeping the core-accounting in mind. A dedicated accounting system as part of your trucking software for the hassle-free working of the business.
- Fixed Assets: Fixed assets tend to include machinery and other facilities owned by your business and in operation for more than a year. The system also helps to manage inventory, tax compliances, and track deprecation for the trucks, fleet equipment, and more.
- Expense management: It also allows the drivers to capture business-related expenses due to travel that includes mileage, food, lodging, and more. To create the expense reports as well as submit claims to management in terms of reimbursement. You can also create work-related orders related to preventative and predictive maintenance. Accurate trucking helps you to maintain a record of all the maintenance and repair history on vehicles in your overall fleet management.
- Payroll: A software provides you with an integrated payroll module that can help you to track the expenses added up by the driver, wages, and expenses. It also helps you streamline the payment process so that the employees are paid accordingly.
- Fleet maintenance: Factors like re-routing, slip driver system, fluctuating fleet management, and other changes due to external requirements- a software helps you manage it all. But to compensate with the requirements, you need to have a real-time fleet management system through which you can take up the crucial measures
- Reservations, Routing and Dispatch: Reliable Trucking accounting application is developed keeping the transportation-related requirements in mind. This generally includes dispatching requirements that allow you to integrate the plan routes, manage or optimize trips, estimate the prices involved, and more. Additionally, the features like flight tracking also provide you with an estimated timeframe from the delivery and benefits you from a reservation system that can effectively manage customer profiles, send email confirmations, and other online requests.
- Mobile Solutions: This is the most important yet effective feature that establishes communication between the drivers as well as the corporate office. Such features also involve notifications from the dispatcher including an informational update in terms of orders, pickup, and delivery, and GPS trackers. You can easily track the freight status from a smartphone within a few seconds- this simplifies the process more than you expected it to be.
Considerations When Purchasing Trucking Software
Look for optimization and execution features
The features related to features like automatic carrier selection, live mile tracking along with location alerts help you to run your business smoothly. Here, having an integrated electronic data interchange fastens up the speed of the data exchange process between the businesses. It also helps the business owners in auditing and offers a robust yet integrated payment module which is quite effective.
The solution must also provide you with the required tools so as to handle the fuel tax and reporting by also verifying that the driver also meets the hours of service compliance and related requirements. Lastly, it also generates automatic violation letters when a certain compliance need is not met by the driver or a fleet.