Why would you want to know?
TruckingOffice introduced a new Profit and Loss Report (P&L) this month. This is a standard accounting report that takes all in the income and subtracts all the expenses and gives you a number than shows if you’re making money – or not.
It’s a report that any bank or lending institution will require if you want a loan to expand your fleet or cover an expensive repair.
But it’s not the best way to discover what’s going on in your business.
What is making you a profit?
When your expenses are less than what your income, then you’re making a profit. That’s basic. But how do you find out what’s making that profit?
A month with a big repair will show a loss – but did you really lose money that month?
Much more effective is knowing your cost per mile.
What is Considered a Loss?
Running a successful trucking company depends on your knowledge of the business, the revenue you make compared to your costs, and what your accounts receivable reports look like. Of course, if your expenses are greater than your income, it may indicate a loss for the year. However, there’s more to it than that. What looks like a loss could merely mean you’ve misinterpreted the figures. That’s why you need trucking management software.
You may have heard that an owner/operator makes less than company drivers. It all comes down to knowing where the money is going and planning for unexpected expenses. Trucking software is designed to help you see exactly how to manage your costs and revenue. Knowing the daily cost of operations and your break-even point will help you determine what’s working and what’s not.
With our trucking software, you’ll have an accurate, detailed account of how your business is doing. We want you to succeed because Americans rely on drivers and the trucking industry as a whole to deliver almost everything we need. So, try our TruckingOffice TMS package and see why thousands of truckers are reaping the benefits of knowing exactly how their business is doing.
This more complicated report doesn’t just look at the money – it looks at how you make money. You’ve already put in a dispatch with your mileage and your billing – we simply take that data and put it to better use. How TruckingOffice Reports Can Help You
Using this report, you can discover what the price of doing business is – and how never to bid for a load that won’t make you money. You’ll see when you’re making the highest profit and how much of a hit you take by hauling an empty trailer.
The profit and loss report tells owner-operators what they need to know. A fleet manager can learn even more – which trucks are making a profit – and which are not. With time and experience, a manager will be able to pinpoint the loads that need to adjust their costs.
If you’re working on a spreadsheet, you have to do a lot of programming to get this level of analysis – a lot of cut and paste or copying data and hope you don’t have a numeric typo that would change the report’s findings. TruckingOffice doesn’t require you to retype anything. It uses the same dispatch information again.
When you’re ready to discover how you can make more money with your truck as an owner-operator or as a fleet manager, we’re here. We’ll even give you a 30 day free trial. Put in last month’s data to see how you’re doing, and this month’s data to see how much better you can do with the knowledge the Company Overview report can give you.