Trucking Company Accounting
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How Payroll Software Can Help Streamline Trucking Company Accounting

Posted on |Business and Finance|, | 0
Trucking Company Accounting

If you’re running a trucking company, you know that time is money, and you must get everything done promptly. Fortunately, many great payroll solutions available for your business can help make the process easier. By setting clear deadlines, utilizing time tracking, and reporting on IFTA, you can ensure that all of your employees are paid promptly. Whether you run a small trucking business or a large freight company, you’ll have to use payroll software to handle your employees’ pay. Choosing the right one for you can be a tough choice.

Time tracking

If you’re looking to automate payroll for your trucking business, choosing the right payroll software for trucking companies is essential. Fortunately, there are many options to choose from. It’s a good idea to list the features you need before investing in a solution. You can choose between cloud-based and on-premise time-tracking solutions. Both have advantages and disadvantages. Cloud-based systems are beneficial for small businesses. This means you won’t need an IT team to install or update the system. Time-tracking solutions can help you analyze your employees’ performance. They can also help you avoid errors. Some solutions allow you to generate reports, including billable hours, and export them to a payroll processor. These reports can be filtered by employee or project type. Another advantage of time tracking is that it can help you plan your schedule. Project managers can then create more accurate deadline estimates. In addition, they can track the time for each task. Several of the time-tracking solutions we reviewed can be downloaded for free. However, some of them may charge a monthly fee. Depending on the service, it may also cost extra for services like multistate payroll runs.

IFTA reporting

The International Fuel Tax Agreement (IFTA) was created to simplify reporting fuel taxes among its member states. It has saved millions of dollars in administrative costs. Before IFTA, each state had its regulations for fuel tax reporting. Consequently, truckers had to purchase decals for each jurisdiction. Aside from the hassle of acquiring these stickers, the process also involved burning fuel en route to the purchasing center, causing an extra burden on drivers. In IFTA, member states share revenues based on how much fuel is used. As such, it’s a good idea to ensure you have an accurate report before submitting your quarterly IFTA taxes. Fortunately, there are IFTA reporting software solutions that can help you. This software integrates with your fuel transactions to calculate a more accurate IFTA report. With this solution, you can even track vehicle mileage, driver activity, and temperature fluctuations to ensure you comply. The right IFTA reporting software can make the process simpler and less time-consuming. Some software solutions also offer a streamlined way to manage your IFTA taxes.

The International Fuel Tax Agreement was created to make it easier for motor carriers to report fuel taxes collectively. However, it also requires a lot of effort from drivers and fleet managers. Using IFTA reporting software can streamline the process by eliminating manual tracking and logging. Moreover, it can help you avoid paying more than you have to. One of the most valuable features of a software solution is the ability to calculate the total fuel cost and identify the exact number of miles driven in each jurisdiction. Another is to report accurate GPS location data. These tools can also assist you in identifying potential issues with your vehicles. Paper records can be challenging to maintain, and a lack of paperwork can result in late filings, audits, and overpayments. Even if you don’t have a reporting software solution, you should use a spreadsheet to keep track of your fuel purchases and mileage. You should also keep an account of the receipts you receive for purchases.

Streamline payroll processing

If you own a trucking company, you need to streamline payroll processing to reduce the number of headaches you’re dealing with. A poor payroll process can affect your business’s bottom line. Fortunately, there are a few trucking payroll software solutions available that can help. Choosing one can take a lot of the hassle of running a business. There are a few factors to consider before deciding which trucking payroll software is right for your company. Ensure the software can streamline fuel management, settle driver settlements, and automatically manage IFTA tracking. Also, consider the cost of payroll tax support. While Axis is an excellent choice for larger trucking companies, it needs more flexibility to cover the needs of small to mid-sized businesses. The software is best suited for single or enterprise-sized fleets.

Lauren Author

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