Are you wondering what type of trucking software is best for tracking expenses? If YES, here are 10 best trucking software to track expenses. The trucking industry keeps the United States’ economy flowing. Note that without truck drivers moving resources on the road, a great number of industries would come to a stand-still.
Around 71% of the United State’s freight is moved by trucks. This works out to nearly 11 billion tons of freight. With numbers like these, it’s no secret that this industry is so vital to the country.
However, not every trucking business is being run as efficiently as it could be. Just as trucking is very crucial to the country, tracking records is necessary to trucking business owners. There are many things that can be done to run your business more efficiently, such as understanding your expenses or using trucking management software.
Note that by knowing your business expenses, you can prevent your company from going under. By tracking expenses such as salaries, fuel, truck, and trailer finance payments, office expenses, truck maintenance, and repairs, you will better understand how much it will cost to run your business. And by understanding how much money you are investing in your business, you will be able to find out if your business is profiting you or not.
Have it in mind that many trucking business owners keep track of their expenses through a spreadsheet on Excel, while others prefer using pen and paper to input data. TMS, otherwise known as Trucking Management Software, however, is the most efficient way of keeping track of expenses and other data.
Transportation Management Software is known to manage four key processes of transportation management including Planning and decision making, Transportation Execution, Transport follow-up and Measurement. TMS will state out the most efficient transport schemes according to given parameters, which have a lower or higher importance according to the user policy.
Also note that a good Transportation Management Software will allow for the execution of the transportation plan such as carrier rate acceptance, carrier dispatching, EDI. TMS will allow following any physical or administrative operation regarding transportation: traceability of transport event by event, editing of reception, custom clearance, invoicing and booking documents, sending of transport alerts such as delay, accident, non-forecast stop. TMS has or needs to have a logistics key performance indicator (KPI) reporting function for transport.
Additional functions of a Transportation Management Software includes Planning and optimizing of terrestrial transport rounds, Inbound and outbound transportation mode and transportation provider selection, Management of motor carrier, rail, air, and maritime transport, Real time transportation tracking, Service quality control in the form of KPI’s, Vehicle Load and Route optimization, Transport costs and scheme simulation, Shipment batching of orders and Freight Audit.
The Best tracking software for your trucking business should make it easy to manage loads, expenses, and receivables. The software must provide the ability to run detailed reports for billing customers, paying drivers, and filing International Fuel Tax Agreement (IFTA) reports. Nonetheless, here are the top expenses tracking software for trucking businesses.
10 Best Trucking Software to Track Expenses
This is an all-inclusive trucking management system from Frontline Software Technology. Note that with Q7, you can easily manage dispatch, fuel, inventory, mileage, employees, and vehicle information all in one interface. The Q7 software was created as one program from the ground up so that you get a robust accounting experience that seamlessly integrates with the other operational functions of the software package instead of having several different modules that you have to log in and out of to perform different tasks in the software.
Regardless of the industry, expense reports are no fun. The last thing a driver wants to do after a long haul is take time away from their family to complete their expense reports, but they understand the importance of submitting these in a timely manner.
Expensify makes submitting expense reports easy. Expensify is easy for your drivers to install and use on their smart phones, but they can also use it on their laptop computers. Reimbursements can be processed directly through Expensify too, simplifying the process further.
This is versatile accounting software used by many businesses worldwide. With its extensive app marketplace, you can create a solution that works for your trucking business without the hassle of using multiple software packages. Also, note that you can cover dispatching with apps like Breezeworks and integrate with trucking industry tools like PortPro and RAMA Logistics Software.
Most apps in the Intuit Marketplace are subscription-based and come with an additional fee. Therefore, you should include the cost of any apps you want to use when deciding what fits in your bookkeeping software budget.
ReceiptBank or Hubdoc
Indeed, Paper receipts are easily misplaced and can be ruined by extreme temperatures or moisture. ReceiptBank and Hubdoc are two solutions that limit these risks. Note that by installing an app on the driver’s Smartphone and using their phone’s camera, your drivers can eliminate the stress of receipt management. They can more or less open the app, take a photo of the receipt, and it is synced up to a cloud-based repository for later classification and review.
Immediately the receipt has been captured, your driver can throw away the original, because digital receipts are accepted by the IRS for expense verification. Both ReceiptBank and Hubdoc integrate with QuickBooks Online, as well as a number of other accounting solutions, helping you streamline your accounting processes.
Note that this is a great choice for a midsized or growing trucking operation. It is all-inclusive and comes with easy to use payroll tools for paying employees, owner-operators, carriers, and reimbursing expenses. Axon’s accounting features also features order management, invoicing, bank reconciliations, and in-depth reports, to name a few. Financial reporting offers profit and loss, income, and balance sheet reports as well as detailed transaction information.
MileIQ tracks your drivers’ mileage in the background on their phones automatically, without them having to remember to turn it on. When the driver reaches their next rest stop, they can update their logbooks with the information captured by MileIQ.
Also, note that the app records the total mileage as well as the starting point and final destination of each leg of the drive. Drivers can even enter dollar amounts for tolls, making expense reporting easy. MileIQ emails summary reports each month for easy record-keeping and auditing, a must-have for independent drivers and owner operators!
Trucking Office’s Truck Management Software (TMS)
This is a wonderful way to track all the details of your trucking business. It is a cloud-based solution, so you can access it from anywhere with any internet-ready device. The TMS package is quite concentrated on tracking all the information you need for extremely accurate IFTA tax filing. You can pull basic financial reports from the software, but don’t expect a profit and loss, income statement, or balance sheet from this software package.
LogiPoint Web by TransTech Industrial Software
LogiPoint integrates with QuickBooks Online, making collaboration with your accountant painless. Coupled with the reports you can produce after integrating LogiPoint with QuickBooks, this solution also boasts a comprehensive report library.
The interface is very attractive, with the color-coded Load Board making at-a-glance analysis of your loads a breeze. Support via remote connection is free for the first 30 days, and ongoing operational support is free via phone, fax, or email. Urgent support and one-on-one assistance is available at an additional cost.
TruckBytes offers both free and paid trucking accounting software solutions designed to simplify all your record-keeping. TruckBytes does not yet support payroll, but many other basic accounting functions are available, including invoicing, trip reports, and profit and loss statements. If you are an owner-operator or are bootstrapping your trucking company, TruckBytes may be the perfect solution for you.
RAMA Logistics Software
RAMA Logistics Software is ideal for the smaller trucking enterprise. Affordably priced as a monthly subscription, RAMA allows users to enter their logistics information into a no-frills interface and then push that information to QuickBooks Online for easy accounting. RAMA supports calculation by miles, weight, piece, or flat rate, giving you true flexibility as you support different types of customers and grow your trucking company. Support is available via a web form or email.
Truck drivers and fleet managers encounter accounting and reporting needs that are specific to the trucking industry. Some of these solutions are all-inclusive and ideal for larger enterprises. Others are designed for smaller trucking companies or owner-operators and offer either very basic accounting functions or integrate with QuickBooks, rather than trying to handle all the accounting functions as part of the logistics software.