Tag Archive: trucking software reports

  1. Top 6 Trucking Company Financial Reports

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    Keeping up with your numbers isn’t exactly the fun part of running a trucking company, but trucking company financial reports are what keep you in business. The good news? You don’t have to spend hours crunching numbers to get a handle on your finances. The goal is to generate these reports automatically, so you always know where your money is going.

    Here are the top 6 trucking company financial reports that keep your business on track (and why they matter).

     

    1. Income Statement: The Profitability Snapshot

    If you only check one report regularly (not that we recommend that), make it this one. The income statement, also called a profit and loss statement (P&L), is one of the most important trucking company financial reports. It shows how much money is coming in, how much is going out, and what’s left over as profit. It breaks everything down into revenue and expenses, so you can see exactly where you’re making money and where you might be bleeding cash.

    WHY IT MATTERS
    • Shows whether your trucking business is actually profitable, or if it’s just working hard for nothing.
    • Helps you spot problem areas, like rising fuel costs or maintenance eating into profits.
    • Makes tax time easier because you already have all your numbers in one place.

    Manually putting together an income statement? No thanks. Trucking accounting software like Frontline Q7 automatically tracks revenue from loads and matches it against your expenses: fuel, repairs, payroll, and everything else. Instead of scrambling through receipts and spreadsheets, pull up your income statement in seconds using any date range you want.

    HOW TO USE IT
    • Check your income statement every month to catch profit dips early.
    • Use trucking software to track revenue and expenses in real-time. The ability to customize your general ledger accounts makes the income statement readable and familiar to you.
    • Adjust rates or cut costs based on what the numbers tell you. Because guessing is expensive.

     

    Frontline Q7 Trucking Software_Income Statement Financial Reports

     

    2. Balance Sheet: Your Company’s Financial Health Check

    Your income statement tells if you if you’re making money, but your balance sheet tells you if your business is actually in good shape. This is one of those trucking company financial reports that lenders, investors, and accountants care about. This report shows what your company owns (assets), what it owes (liabilities), and what’s left over (equity). In short, it’s a financial snapshot of your trucking business at any given moment.

    WHY IT MATTERS
    • Shows whether your business is financially stable or if it’s running on fumes.
    • Helps when applying for loans. Lenders want to see a strong balance sheet.
    • Lets you compare assets and debts to make smart business decisions.

    Tracking all of your assets and liabilities manually is a nightmare. Especially when things like equipment values, outstanding loans, and accounts payable or receivable are constantly changing. Trucking accounting software keeps your balance sheet updated automatically so you always have an accurate view of your company’s financial health.

    HOW TO USE IT
    • Review your balance sheet every quarter to spot trends before they become problems.
    • Use trucking software to keep real-time data on assets, debts, and equity. Link these postings to equipment, drivers, vendors, or shippers for even stronger reporting potential.
    • Watch your debt-to-equity ratio. Too much debt can put your business at risk.

     

    3. Check Register: Real-Time Cash Tracker

    You can be making a profit on paper but still run into cash flow problems. That’s why keeping an eye on your check register is so important. While it’s not a formal trucking company financial report, it does give you a real-time look at what’s actually in your cash accounts. Every payment, every deposit, and your current balance are all in one place. This is why we put the check register on our list.

    WHY IT MATTERS
    • Shows exactly how much cash you have on hand at any moment.
    • Helps you avoid overdrafts or surprises when big expenses hit.
    • Lets you track payments coming in and going out in real-time.

    Instead of manually updating spreadsheets (or worse, guessing), trucking accounting software like Frontline Q7 lets you utilize an auto-updated check register. Every load payment, fuel purchase, and repair expense updates the register instantly, so you always know where your money stands. The ability to search or filter and export details to Excel makes this register even more powerful.

    HOW TO USE IT
    • Check your register regularly to stay on top of cash flow.
    • Reconcile your register quickly using trucking software tools such as importing your bank statement.
    • Pull it up daily to keep an eye on the balance so you’re never caught off guard.

     

     

    4. Equipment Profitability: Classic Trucking Company Financial Reports

    So far, we’ve covered financial reports and statements that are common across all businesses. Now we come to a report that is unique to trucking businesses. Not every truck in your fleet pulls its weight. Some are money-makers, while others quietly drain your profits. That’s why a truck profitability report (or many versions of one!) is a game changer. They break down revenue and expenses by truck, so you can see exactly which ones are making you money, and which ones need to be put to pasture.

    WHY IT MATTERS
    • Helps you spot under performing trucks before they become a money pit.
    • Shows which trucks are the most profitable so you can prioritize high performers.
    • Lets you make better decisions about repairs, replacements, and expanding you fleet.

    Trying to track truck-by-truck profitability manually? No thanks. The most efficient way to produce this report is to use trucking accounting software that pulls data from many different sources across your operations that are matched with the truck. This includes insurance, fuel, maintenance, and revenue. Everything is categorized and profits are computed instantly. Instead of guessing, you’ll have real data to back up your decisions.

    HOW TO USE IT
    • Run the truck profitability reports regularly to track performance.
    • Use trucking software like Frontline Q7 to see real-time profit margin reports per truck. Have super unique needs? A custom report can be built for you using the data of your choice.
    • Stop throwing money at trucks that aren’t pulling their weight. Sell or repurpose them instead.

     

    5. Lane Analysis: Find Your Most Profitable Routes

    Some routes consistently bring in solid profits, while others barely cover your costs. That’s where lane analysis reports come in. These trucking company financial reports help you compare revenue and expenses by route, so you can focus on the lanes that are actually making you money.

    WHY IT MATTERS
    • Helps you identify which lanes are the most (and least) profitable.
    • Lets you spot hidden costs, like deadhead miles and high tolls, that eat into profits.
    • Gives you the data to negotiate better rates with brokers and shippers.

    Manually tracking lane data and profitability across dozens (maybe hundreds) of loads is a chore we wouldn’t wish on our worst enemy. If revenue, fuel costs, tolls, driver pay, and other expenses per load are already getting entered into your software, pulling that all together in a single report is a dream. This gives you a clear picture of which lanes are worth your time.

    HOW TO USE IT
    • Run lane analysis reports to see which routes actually make you money. Use a report that is flexible and allows you to view the data in several different ways. A change of perspective can be helpful for spotting problems.
    • Use trucking accounting software so things like driver pay, fuel, and revenue that you’re entering anyway are already set up for being included on this report.
    • Knowledge is power! Drop low profit lanes or renegotiate rates to boost profitability.

     

    Frontline Q7 Trucking Software_Integrated Trucking Accounting Software

     

    6. IFTA: Stay Compliant Without the Hassle

    Keeping up with fuel taxes across multiple states can feel like a full-time job, especially at the end of each quarter. But IFTA reports are one of the most important trucking company financial reports for making sure you stay compliant with state regulations without pulling your hair out. These reports calculate your fuel tax liabilities in a snap based on where you’ve driven and how much fuel you’ve used, saving you the headache of manual calculations.

    WHY IT MATTERS
    • Helps you avoid fines and penalties by ensuring compliance with IFTA regulations.
    • Simplifies quarterly filings, making sure you don’t miss any deadlines.
    • Keeps your tax records organized, so you’re always ready for an audit.

    Tracking mileage and fuel purchases for IFTA manually is a nightmare waiting to happen. Trucking accounting software pulls imported data from fuel and mileage entries together automatically. No more hunting down receipts or doing the math yourself. Your software does the heavy lifting.

    HOW TO USE IT
    • Set up your software to track fuel and mileage for IFTA automatically. This can be done by importing the data, or entering it by hand in dedicated areas where you’re less likely to make a mistake.
    • Generate accurate reports with a fuel clicks, including importing the latest IFTA rates.
    • Audit or crosscheck the data using other robust reports. File your IFTA report with confidence, knowing your numbers are right.

     

    Tracking your trucking company financial reports doesn’t have to be a hassle. With the right reports and the right piece of trucking accounting software, you can keep a close eye on everything from profitability to compliance, and still have time for things that matter most. The key is using data to work smarter, not harder.

    If you’re ready to streamline your finances and stop juggling, reach out for a demo of Frontline Q7.

     

  2. How to Manage Common Trucking Business Expenses

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    You have your obvious trucking business expenses: fuel, maintenance, and driver pay. However, there are plenty of other common costs that you might not be thinking about that can put a dent in your profits. If you aren’t paying attention, you could easily find yourself in over your head.

    In this article, let’s talk about those common but sneaky costs you might be overlooking as a trucking business owner and how to keep them in check.

     

    Deadhead Miles Are More Than Just an Empty Truck

    We all know that deadhead miles means your truck is hauling nothing but air because your driver just dropped off a load and needs to head somewhere else to pick up another one. That empty trip isn’t bringing in any revenue. Yet, it still costs you time, fuel, and wear and tear on your truck.

    The reality is that deadhead miles aren’t always avoidable. In some cases, you have to move empty trailers from one place to another. Maybe you have a fleet of trailers sitting at a distribution center waiting to be loaded, or you have to bring an empty trailer back to the main terminal. These dispatch scenarios involve deadhead miles, and they are one trucking business expense that can sneak up on you if you’re not careful.

    As a trucking business owner, the trick is knowing when the miles are worth it. That’s where understanding your profit margins on lanes is really helpful. Not all deadhead miles are created equal. The cost of the empty miles is worth it if you’re getting a good load at the other end, after all.

    EXAMPLE

    One of your trucks is frequently running empty from Tucson to Phoenix before picking up a load. Since the deadhead trip and the loaded trip are in your trucking software, report on exactly how much the deadhead lane is costing you. If the cost of the 115 empty miles is higher than the revenue earned from picking up the next load, then you’re in over your head on that lane.

    WHAT YOU CAN DO

    Track your profit margins based on to & from lanes. This helps you see where you can or should reduce those empty runs. Even cutting a few miles here and there can make a big difference over time. With the right software, you can quickly spot when your strategy needs to change to stay ahead of the costs before they eat into your profits.

     

     

    Tolls, Permits, and Fees are the Silent Profit Killers

    Have you ever heard the phrase “being nickled and dimed”? Fees can definitely eat into your bottom line one load at a time. Unlike the costs you normally think about like fuel and maintenance, these kinds of costs are easy to overlook. Don’t make that mistake!

    Some states are worse than others when it comes to fees like tolls and permits. If your routes run through places like Illinois, New York, or Pennsylvania, you already know what we’re talking about. Tolls and permits in these areas aren’t just a few bucks. They can hit $50, $100, or even more for a single load. Multiply that by every truck in your fleet, every day, and suddenly, these kinds of fees become a serious expense.

    There are dozens of other daily fees that might not seem like much at first. We’re talking about costs like weigh station bypass programs, weight/distance taxes, fuel card fees, and congestion fees. One or two might not feel like a big deal but when they keep stacking up, they can take a larger bite out of your profits than you’d like.

    EXAMPLE

    Let’s say your truck is running a regular lane from Chicago to Indianapolis. Taking the toll road costs $50 but shaves off 30 minutes. If your driver is still well within Hours of Service limits, fuel cost is the same, and the delivery can be made on time, avoiding that toll could save your trucking business $200+ a month per truck.

    WHAT YOU CAN DO

    Most importantly, track all of your expenses in real-time. You need to see exactly how much you’re spending and whether it makes sense to adjust your routes or services before these fees eat into your profits. Tracking even the smallest fees in real-time in trucking software lets you see exactly how they’re affecting your bottom line. Pair this policy with an income statement so you can make smarter decisions and keep more of your cash.

     

    Insurance is the Trucking Business Expense That Keeps Climbing

    If you’ve been in trucking for more than five minutes you already know that insurance isn’t cheap. Year over year, insurance rates are skyrocketing.

    The thing is, insurance is simply one of those necessary trucking business expenses. That doesn’t mean you have to overpay. You probably already know that premiums are based on a mix of factors such as your safety record, claims history, and even the lanes you run or the goods you haul.

    EXAMPLE

    Let’s say your premium jumps by 15% at renewal. That’s a big hit to your bottom line. If you dig into your policy, you might find that switching to a higher deductible or adjusting coverage limits saves you a chunk of that increase.

    WHAT YOU CAN DO

    Some insurance carriers offer discounts for installing dash cams devices, which can prove that your drivers are low risk. Proper software can also help you stay ahead when it comes to insurance premiums. By tracking safety records, incident reports, and maintenance schedules, you can build a case for lower rates when it’s time to renew. Maintaining detailed safety expiration dates that you can report on regularly and loop into dispatch operations means you’re not sending a driver or carrier out with a load when they’re expired on something.

     

     

    Are Fuel Surcharges a Friend or a Foe?

    Fuel is one of your biggest cost of goods expense. At least fuel surcharge helps to (hopefully) soften the blow. The problem is that they don’t always keep up with actual fuel costs, and if you’re not keeping an eye out, you might end up covering more of the difference than you want to.

    Shippers and brokers set fuel surcharges based on national averages, but we all know fuel prices can swing wildly depending on where you’re filling up. One week, you’re breaking even and the next, you’re wondering why your fuel surcharge barely covers half the increase at the pump.You could be losing money without realizing it if you’re running lanes where fuel costs are higher than the national average.

    EXAMPLE

    Your trucks mostly run in California, where diesel prices are always higher than the national average. If the surcharge is based on a lower fuel cost, then you’re eating the difference. You need to know when it’s time to adjust rates if you can.

    But if you track this over time and use trucking accounting software to compare surcharge payments to actual fuel expenses, you’ll know when it’s time to adjust rates or shift lanes to something more profitable.

    WHAT YOU CAN DO

    Compare the fuel surcharge with the fuel cost, preferably on a per lane basis. A software system that lets you put fuel surcharge and fuel expense into two separate accounts will easily show you the comparison. If there’s a gap, it might be time to renegotiate rates, adjust routes, or tweak your fuel buying strategy. Frontline Q7 makes this task easier. Instead of sorting through receipts and rate sheets manually, you can import fuel transactions for quick reporting, compare surcharges, and even automate the shipper’s rate defined by the DOE Index. That means no more manual work. As fuel prices change, the rate adjusts. All of this means you’re charging accurately and not leaving money on the table.

     

    Maintenance is the Cost of Keeping the Wheels Turning

    When something breaks it’s never cheap. Whether it’s a simple tire replacement or a major engine overhaul, repairs and maintenance can drain your profits fast if you’re not on top of them.

    Some costs are predictable: oil changes, tire rotations, brake replacements. But a blown turbo, a transmission failure, or even a small issue left unchecked can turn into a five figure repair. Plus, every day your truck is in the shop is a day it’s not making money.

    The best way to control these costs is to prevent them from getting out of hand in the first place. Regular maintenance is the difference between a small repair bill now and a massive one later.

    EXAMPLE

    Replacing a set of brakes on time might cost you $1,500. Waiting too long to take action can mean damaged rotors, extra labor, and a final bill north of $4,000.

    WHAT YOU CAN DO

    Stay ahead of maintenance so it doesn’t turn into a budget blaster. Set up a maintenance schedule and track every service, big or small. That way, you’re not caught off guard when a truck needs work. In addition, you’re not sending trucks that are due for repairs out on loads and risking an even bigger issue. With the right software you can log maintenance records and track repair costs. You can even spot trends that show when a truck is costing you more to fix than it’s worth. Pairing this with your profit reports helps you decide when it’s time to repair or replace.

     

     

    Compliance is the Trucking Business Expense You Can’t Ignore

    Compliance is one of those trucking business expenses that you have to stay on top of. If you don’t, the fines and penalties can add up fast. If you miss deadlines or make errors for IFTA, DOT inspections, or Hours of Service logs, it can cost you thousands. Not to mention the headache of dealing with audits and the downtime, which in turn costs you more money.

    Keeping up with compliance isn’t just about avoiding fines. It also keeps your trucks on the road.

    EXAMPLE

    If you’re still tracking IFTA manually, you might be over or under paying taxes without realizing it. A few missed miles or gallons here and there can throw off your fleet’s average mile per gallon, which throws off the entire calculation. This can lead to fines or unexpected bills later, or worse, an audit.

    WHAT YOU CAN DO

    Instead of scrambling to pull together receipts and logs, automate IFTA reporting by tracking fuel purchases and mileage in real-time. Keeping track of documentation within your trucking business software is just one more step you can take.

     

    At the end of the day, trucking business expenses are something every owner has to tackle. That doesn’t mean they have to be a constant source of stress.

    The right trucking software can help you track costs, streamline your processes, and give you the data you need to make smarter decisions. At Frontline Q7, we’re all about simplifying and providing transparency for your business. Reach out to us today so we can talk about how Q7 trucking accounting software can help you wrap your arms around your trucking business finances.

     

  3. Steps to Create a Trucking Company Profit Margin Report

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    Running a successful trucking company means more than just keeping the wheels turning – it’s about knowing your numbers. A trucking company profit margin report gives you the big picture on how your business is doing by breaking down revenues, costs, and profit margins. But creating one can be daunting.

    That’s where trucking accounting software like Frontline Q7 comes in to make the process more efficient. We’ll walk you through 3 steps to create a trucking company profit margin report in minutes with the right tools.

    What’s In This Article?

     

    What is a Profitability Report?

    Are your operations generating profit? Or are they falling short because of inefficient lanes or maintenance costs? A profitability report is a tool that brings clarity to the complex world of trucking, which helps you understand exactly where your money is coming from and where it’s going.

    At its most basic core, a trucking company profit margin report breaks down key financial metrics, such as:

    • Revenue: The total income your business generates, including freight charges, accessorial fees, and fuel surcharges.
    • Operating Costs: Day-to-day expenses like fuel, driver wages, maintenance, and tolls. Also known as cost of goods.
    • Fixed Costs: Regular overhead like truck leases and insurance.
    • Net Profit: The bottom line – what’s left after all expenses are subtracted from revenue.

     

    Frontline Q7 Trucking Accounting Software_Vehicle Profit Margin Report

    Types of Trucking Company Profit Margin Reports

    Trucking businesses often use different types of profit margin reports depending on their goals. Here are a few examples:

    • Truck profitability: Track revenue and costs associated with each vehicle. You can use a report like this to identify which trucks are profitable and where you might be losing money due to maintenance costs or fuel consumption.
    • Lane profitability: Track revenue and costs associated with each lane or route. This report helps you pinpoint which routes are the most efficient and where you might need to make adjustments.
    • Driver profitability: Analyze the performance of each driver by looking at metrics such as miles driven and fuel efficiency. Factor in driver wages to assess the profitability per driver. Can wages be adjusted?
    • Customer profitability: Assess revenue and profitability tied to specific customers, shippers, or brokers. Highlight which ones are most valuable to your business. You can use these insights to re-negotiate rates or prioritize certain contracts or partnerships.
    • Mileage profitability: Determine a profit per mile through the lens of trucks, drivers, or customers.

    These insights aren’t just nice to have – they’re essential. A well-prepared trucking company profitability report helps you spot opportunities, cut unnecessary costs, and grow your business! Frontline Q7 trucking accounting software makes creating these reports easier than ever, giving you the financial visibility you need to stay ahead.

     

    3 Steps to Create a Trucking Company Profit Margin Report

    The following 3 steps outline how you can collect your data, organize it, then calculate your profitability.

    1. Gather Your Data

    In the trucking industry, profitability reports can take different forms depending on what aspect you want to analyze. Before you start, decide what type of report you need. With that in mind, you’re ready to start gathering data. Depending on the combination of data you want to see, that might include:

    • Lanes or routes
    • Revenue per load, truck, lane, driver, or customer.
    • Expenses per load, truck, lane, driver or customer.

    It’s best to pick a stable date range for each of these factors as you go. With Frontline Q7 trucking accounting software, gathering this data is lightning fast. Information is automatically consolidated from dispatch, invoicing, driver pay, maintenance, and other costs.

    2. Organize Your Data

    Once the data is gathered, the next step is to organize it in a way that’s clear and actionable.

    • Categorize income and expenses:
      • Separate income into categories like freight charges, fuel surcharge, and accessorial charges.
      • Separate expenses into categories like fuel, driver wages, maintenance, tolls and insurance.
      • Tag each category’s total to specific trucks, loads, lanes, drivers, or customers so you can streamline analysis later. See Example of Trucking Company Profit Margin Report if you need inspiration.
    • Centralize your data:
    • Keep your data clean:
      • Make sure entries are accurate and consistent so you’re not reporting on errors.
      • Keep your data up to date so your profitability reports reflect the latest activity.

    Organizing your data upfront ensures that your trucking profitability reports are accurate, reliable, and easy to interpret. The less time you spend sorting numbers, the more time you have to focus on making strategic decisions.

    3. Calculate Profitability

    Now comes the moment of truth: determining how well your trucking business is performing financially. You’ll want to get a couple of metrics for each combination of data points (load, truck, lane, customer, etc.).

    Calculate net profit.

    Net profit is calculated by subtracted expenses from revenue.

     

     

     

    Next, analyze profit margins as a percentage. Remember, you might want to calculate this for each data point.

    Profit margin is calculated as a percentage.

     

     

     

    Use these totals to identify areas where you can cut costs, negotiate better rates, or adjust your trucking business operations. For example, if a specific lane shows low profitability, you can optimize the route or adjust pricing.

    That feels like a lot! With Frontline Q7, these calculations occur for several data points automatically. Q7 generates detailed trucking company profitability reports. View your data in graphs or charts, expand or contract the detail, and utilize different ranges of dates instantly.

     

    Example of Trucking Business Profit Margin Report

    In Frontline Q7, we ran a report for a specific period of time for our tractors data point. This report lets you customize which categories you want to include and for which type of equipment you want to see. In this case, we ran it for company owned vehicles with company drivers only.

    For each tractor, we can see a breakdown per load. Expenses that aren’t associated with a load are grouped at the top. Since this is a financial report, we see main categories only. If we need to see a breakdown of a sub-category, we can click into the load or run a separate report with matching parameters.

    Example of a trucking company profit analysis report.

    There are several other reports available that combine data points and let you customize the categories and sub-categories you want to include.

     

     

    Pro Tip for Boosting Trucking Business Profitability

    Creating a profitability report is powerful, but the real value comes in using those insights to make your trucking business more profitable. By leveraging Frontline Q7’s powerful reporting tools, you can make smarter business decisions and build a more profitable trucking operation. If you’re interested in running a variety of profit reports on demand, reach out to us for a reporting demonstration today!