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.
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. 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 doesn’t tell 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.