Trucking companies have particular requirements when it comes to accounting. They not only manage their bills, books, invoice clients, and manage equipment depreciation but also need to keep track of their inventory, extensive travel, and heavy equipment for drivers.
Apart from standard accounting features, this truck driver accounting software has freight, transportation-specific pricing and will support drivers and vehicle reservations, tracking, and dispatch solutions to facilitate driver-dispatch communication.
Important Trucking Accounting Software Features
Some essential features of such accounting software are:
Core accounting
This is a term that encompasses the basic accounting functions that are needed to run a business. This consists of accounts receivable, general ledger, and bank reconciliation.
Fixed assets
This includes any facilities or machinery that are owned by a business and have been in operation for more than a year. Systems aid to manage tax compliance, inventory, track deprecation for tracks, insurance costs, and other fleet equipment.
Expense management
This allows drivers to capture business expenses due to travel and lodging. This truck driver scheduling software can create expense reports and submit claims to management for compensation.
Financial reporting
This software automates the process of running financial reports, including expense reports, profit/loss statements, and balance sheets. It enhances transparency into financial records and leads to more accurate data tracking.
Payroll
When there is an integrated payroll module, it can help to track driver expenses, benefits, wages and ease tax preparation. Features like direct deposit can help streamline the payment process so that employees are paid fast, and the wages are available for use immediately.
Safety and compliance
Between different surcharges, fuel taxes, and fewer driver hours, this software can help to improve compliance in this regulated industry. This also includes drug screens, physicals, driver qualifications, and flags to the dispatcher for drivers who do not follow the rules.
Fleet maintenance
The transportation department and the business as well need every accident and maintenance detail to be reported. Fleet management modules make it easy to process claims, report accidents, routine maintenance, schedule repairs, track taxes’ value, and other financial needs.
Tasks Performed by This Software.
Trucking accounting software, also known as transportation accounting software, is used by fleet management firms to integrate different accounting and transportation-specific tasks. Some of them are:
- Automatic core accounting
- Help with tax compliance
- To track and report on different expenses of drivers
- To monitor fuel costs
- To organize payroll
- To manage depreciation for fleet equipment
Final Words
If you are a transportation company, you need the help of technology for tracking equipment, tracking expenses of drivers, and organizing payroll. A truck driver accounting software can help you do all that while also ensuring safety and compliance for your company in this heavily-regulated industry.
Robert Simmons is the author of this article. For more details about Fleet Management System Software please visit our website: axonsoftware.com