Running a successful trucking company is all about the numbers. Owner-operators are constantly running the numbers to determine how their business is doing. These calculations are what ultimately drive the business decisions they make to enhance their company’s efficiency, reduce costs and increase profits. In order to determine the profitability of your trucking business, there are some critical expenses you must track. Expenses such as taxes, fuel, payroll, and truck maintenance must be tracked. Using trucking management software (TMS) to track these expenses and keep your trucks in good working order can help immensely. The following is a complete guide to managing flow with TMS trucking software.
Tracking Expenses and Maintenance with TMS
The key to running a successful trucking business is tracking your expenses. This way you know exactly where your money is going. With the right TMS, you can take command of your trucking business. It will improve your profitability and control costs without sacrificing service quality. Trucking management software provides owner-operators with accurate, up-to-date information about virtually every aspect of their business. Therefore, they can make good business decisions, improve workflow and avoid potential problems that could affect their cash flow. The following are just some of the helpful trucking expense and maintenance features you can count on with TMS.
Calculate and pay fuel taxes with TMS.
Understanding fuel taxes and IFTA (International Fuel Tax Agreement) requirements can be a huge headache for owner-operators. Unfortunately, even a slight miscalculation in fuel taxes or late payments can cost you dearly. This can lead to fines or audits. If trying to figure out how much you owe and when to pay seems like more of a hassle than it’s worth, you may want to invest in trucking management software that can do all the complicated figuring for you.
Truck maintenance planning and tracking
If you don’t keep up with the maintenance of your company trucks, you could be in for a huge repair bill down the road. This may also lead to liability issues or unhappy clients. TMS trucking software will alert you to any necessary service or preventative maintenance. This way you can maintain your trucks for the long haul and avoid unexpected repairs or late deliveries that can end up costing you money. You can also track maintenance records and warranty claims so you know exactly when each truck was repaired, what type of repair was performed and whether that specific part was under warranty.
Manage driver pay records with TMS
One surefire way to keep your drivers happy and productive is to avoid issues with payroll. With trucking management software, you can track miles and loads and ensure accurate accounting for driver pay. This will improve your company’s driver satisfaction and retention rates.
Creating, sending and tracking invoices
One simple way you can avoid a major cash flow problem in your trucking business is to make sure you are paid in full and on time. TMS allows you to calculate and deliver accurate invoices to clients in a timely manner so you can stay on top of any potential billing issues and maintain steady cash flow.
Tracking fixed and variable expenses
Accurately tracking expenses is critical to the success of any trucking business. Using expense and maintenance software that is specific to the trucking industry can save owner-operators a great deal of time, money and aggravation. With TMS, you can eliminate manual data entry and count on precise expense reports that can help you pinpoint any potential problems and give you a clear look at your company’s growth and overall financial fitness.
For more information on implementing TMS in your trucking business, contact TruckingOffice today.