Every trucking company runs on massive volumes of paperwork. But not all trucking companies manage their businesses—or handle their paperwork—the same way. Most small trucking companies or owner-operators track jobs with a journal and stow and save receipts. But many trucking companies collect, process, store, and access their digital data and use QuickBooks for trucking to run their businesses, too.
Careful accounting and bookkeeping practices aren’t fascinating by any stretch of the imagination. But they’re essential for owner-operators, helping to determine operational effectiveness, the amount owner-operators spent on business expenses, and tax-deductible items.
Furthermore, sound accounting practices (and the right technology) ensure your payment as soon as possible. Timely payment means you maintain strong cash flow and avoid complicated driver payment issues due to delayed payments.
Here are a few steps you can take to get yourself squared away with your accounting practices:
Your drivers keep your freight flowing. They work hard and want to get paid well for it. But their pay structures are often complex: Pay plus accessorial fees plus company bonuses; pay-per-hour; revenue share; or even pay per mile are just a few. There are many more pressing reasons to keep track of drivers’ hours:
Technology can help by creating rate plans for drivers that incorporate base pay, accessorial fees, surcharges, and bonuses. Trucks equipped with ELDs send trip data into the settlement solution that combines the driver’s rate plan to calculate pay.
For example, QuickBooks Integration offers LoadOps customers the ability to integrate their QuickBooks for trucking online accounts to streamline customer invoice creation process, speed invoice data entry, and reduce manual entry errors. Carriers can easily map LoadOps invoice categories to QuickBooks for trucking invoice categories. They can also sync customer records, create new customers, and send invoice details from LoadOps to QuickBooks for trucking with one click to efficiently process invoices, payroll, taxes, and accessorial charges.
Rather than manually tracking expenses, invoices, and mileage on paper, Quickbooks for trucking offers effective accounting software used by various businesses worldwide. Small trucking companies and owner-operators like QuickBooks for trucking integrate with the LoadOps, the intelligent TMS, allowing them to access accounting documents to pay invoices and generate payroll as quickly as possible.