Your fleet is growing and opportunities are expanding. But your accounting is feeling a bit … tangled up. As you expand, your accounting processes need to evolve and mature. It might be time to look into a more robust solution. In this article, we’re covering how a scalable trucking accounting solution can simplify your operations and actually nourish even more growth.
The Challenges of Growth in an Outdated or Starter System
Building a thriving trucking business isn’t easy. As you grow, you expect things to get smoother, right? But what often happens is your accounting system starts to feel like a rusty gear in an otherwise well-oiled machine. Many established businesses feel the following challenges as they grow.
INCREASED TRANSACTION VOLUME
More trucks, more loads, more drivers. All of this adds up. Suddenly, you’re dealing with invoices, expenses, and data entries coming out of your ears. What used to be manageable in QuickBooks, in a spreadsheet, or starter or outdated software (or all 3!) quickly becomes overwhelming. You find yourself spending more time on juggling products and dealing with miscommunications among your team than running your business.
DATA INCONSISTENCIES & MANUAL PROCESSES
If you’re juggling multiple software programs or products (one for dispatch, another for accounting, maybe another for IFTA), you’re bound to run into data inconsistencies. Errors creep in, information is being duplicated, and you end up spending valuable time trying to reconcile everything. Don’t forget that time savings is a factor when considering the ROI when you’re looking for software for your trucking business. Manual processes are time consuming, prone to errors, and just plain tedious. But with outdated systems, you’re often stuck with manual processes. We like Excel, but we’ll include Excel as an “outdated” system, since it shouldn’t be used to run a maturing or established business. Manual processes in these environments includes invoicing, reporting, and even IFTA calculations. This doesn’t only slow you down. It increases the risk of costly mistakes.
LIMITED REPORTING CAPABILITIES
Reports are the fruits of all your efforts when it comes to trucking software. As your business grows, you need more than just basic financial reports. You need detailed, real-time insights into your performance as a trucking company. At all times, you should know where your money is going, which routes are most profitable (and which aren’t), and how your trucks are performing. With an outdated or starter system, you’re often left with limited reporting reports. As a result, you’re slowed down and you risk the increase of costly mistakes when you try to put them together yourself.
LACK OF TRUCKING SPECIFIC FEATURES
Generic accounting software just doesn’t cut it for trucking. Features that are tailored to your industry like IFTA automation, fuel tracking, and maintenance cost analysis are a must-have. Not to mention all of the complex pay or rating structures that you might need to set up. Without these features, you’re looking at relying on workarounds and manual processes. This ultimately leads to inefficiencies and errors.
Benefits of Scalable Trucking Accounting Software
Having a scalable trucking accounting solution on your team is all about control and clarity. Essentially, it takes the financial guesswork out of running your business, while still leaving you feeling confident that your finances are in good hands.
UNIFIED DATA AND AUTOMATED TASKS
Imagine all of your critical data in one place. Those tedious tasks (IFTA, invoicing, pay settlements) are all handled with near or total automation. This means less manual work, a clearer view of your financials, and less errors. All good things!
REAL-TIME FINANCIAL INSIGHTS
As a serious trucking business owner, you need to know where your business stands at all times. With scalable trucking accounting in enterprise software, you’re able to get instant financial reporting. Keep in mind that these reports are in the same system as your dispatch and fleet maintenance. This means that everything is tied together so you have actionable insights in real-time.
TRUCKING SPECIFIC TOOLS AND COMPLIANCE
When you’re using enterprise software that’s made for the trucking industry, you’re not required to track things in multiple places. Think of it like like an all-purpose toolbox. Features like fuel, maintenance, and safety are built-in with the accounting automatically occurring behind the scenes.
What Does Scalable Trucking Software Look Like?
You might be wondering what this kind of system actually looks like. We can break down some of the key features for you, and how they can make a difference in your business.
FLEXIBLE DATA CONTROL
Enterprise products provide you with more control over your own data. For example, Frontline Q7 can be hosted on your own network, or you can use the same product on the Cloud. The Cloud is hosted on data servers managed by us, so you know that your data isn’t in unscrupulous hands.
INTEGRATED DISPATCH & ACCOUNTING
When a load is booked and dispatched, the financial details are automatically captured. The same record doubles as an invoice downstream after paperwork has been scanned, imported, or electronically transferred. No more double entry or mismatched data between these two pillars of any trucking business. Connect dots and eliminate time-consuming manual steps and multiple programs.
CAN STAND THE TEST OF TIME
This means that the software will carry your business far, far into the future. Frontline Q7 has been in the trucking business since 1992 and holds their ground as a leading provider. Not only does enterprise trucking software allow you to store a limitless amount of data, but you know it’s in good hands. As a result, you have a partner, not just a payable. Over the course of the time you run your trucking business, you may end up delivering to thousands of unique locations. You want a product that can scale with data and time.
REPORTING
Not only does enterprise software have all of the classic financial reports, you’ll find trucking specific reports, too. Have a specific need or want to see your data combined in a certain way? Customizable reporting is a must have in any trucking software product. Comparisons between time periods also help you make smarter business decisions, which brings us back to the scalability factor. You need your software to be able to grow with your business, not bog you down.
Transitioning to a Scalable Solution
Maybe we’ve convinced you that scalable trucking accounting software is the way to go. Now what? Making the switch might seem daunting, but it doesn’t have to be.
ASSESS YOUR CURRENT NEEDS
First things first, take a good hard look at your current accounting set up. What about it is working? What are your pain points? When you understand your specific needs and must-have features, you can choose a solution that’s the right fit for your business. Don’t forget questions you have about data security or online accessibility.
PLAN FOR A DATA MIGRATION
Switching to a new system means moving your data. This can seem like a big task, but with the right planning, it can be done seamlessly. To ensure your data is moved securely and accurately, work with the software provider to develop a data migration plan. As an example, when you move to a new house, you make sure all of your belongings arrive safely. Same concept here. Don’t try to cut corners on the data migration plan.
TRAINING AND SUPPORT
Learning a mature trucking software program that is scalable for growing fleets can take some time. You won’t have to do it alone if you choose a provider that includes training and support. Ask them about resources like online tutorials so you can practice on your own. Frontline Q7 has a dedicated and local support and training team with decades of experience under our belts. There is no challenge we won’t accept and solve. We aren’t just looking for customers – we’re looking for long-term partners. That means that we want you to get the most out of your new system, which means co-piloting you through the transition.
IMPLEMENTATION TIMELINE
Switching to a new accounting system doesn’t happen overnight. It’s important to have a realistic implementation timeline in mind. Work with your software provider to develop a plan that minimizes disruption and allows for a smooth transition. It’s like planning a road trip. You map out your route and allow for unexpected detours.
LONG-TERM BENEFITS
Remember that transitioning to a scalable trucking accounting system is an investment in the future of your business. It might seem like a big change now, but the long-term benefits we’ve covered in this article are well worth the effort. Picture upgrading your truck to a newer model. It might cost more upfront, but it will save you money and headaches in the long run.
Your accounting needs to keep pace with your growing trucking business. If you’re ready to ditch the spreadsheets, multiple programs, or starter software, we invite you to learn more about Frontline Q7. This integrated platform is designed to handle the complexities of growing fleets. Accounting is expertly baked into features like IFTA reporting, customizable dashboards, and a seamless dispatch integration. Don’t let your accounting hold you back. Schedule a free demonstration today and see how Frontline Q7 can help you take your trucking business to the next level.
