In other words, what this means is that for any business its assets must equal its liabilities and equity. Assets are the resources owned by a business that it can use for running the business or for generating revenue for the business.
There are basically two types of assets and these include fixed and non-fixed or current assets. Fixed assets are otherwise known as long-term assets. They are referred to as long-term assets because of their not being easy to convert readily into cash or cash equivalents. These types of assets are expected to have an economic value or life span above one year.
Examples of fixed assets include land, building, machinery, equipment, etc. On the other hand, current or non-fixed assets can be readily converted into cash or cash equivalents. Liabilities are the financial obligations a company owes its suppliers and outsiders. These include accounts payables, loans from banks, overdrafts from the bank, etc.
Liabilities can be divided into two namely, limited and unlimited liabilities. This is the net value after liabilities are subtracted from the assets. It denotes the value left to be given to the business owners after liabilities were paid off and assets liquidated. This is otherwise known as income. It represents the amount of money that a company receives for selling its goods and services over a given period of time.
A business is said to be making a profit if the revenue gross income is higher than the cost of sales and operating expenses of the business. Allow your truck brokers to be customer and carrier managers, not data entry clerks. TruckMaster Truck Brokerage Software allows you to create an environment of organized revenue maximization through streamlining of data flow and enhanced communications.
The TruckMaster Truck Brokerage Software system is available for purchase at a competitive price, or is available via secure internet connection for a small monthly fee.
Want to learn more? Click on any of the following links for a more in-depth presentation of each feature, or view a printable Truck Brokerage Software system overview. Given highest ratings by industry experts. Email, print, or mark an invoice as paid with the click of a button. Create customizable email templates for your invoices the way you want them.
Factoring Invoices Set your invoices up for your factoring company with just a few clicks. Tracks all your factoring invoices transactions accurately. Record all partial payments from factoring companies with ease.
You can also set the factoring rate as a percentage or dollar amount. Save time, reduce paperwork, and get paid faster! Sign Up Now. However, these independent workers need to make sure they have every legality handled within their trucking software to ensure they operate efficiently, such as:. These trucking companies will provide the load and dispatches to the driver directly, which can eliminate some of the work needed by the driver. Trucking companies or owner-operators looking for a free solution to manage their business will have a hard time finding anything that was built with truckers in mind.
Many truckers may simply try and get by using free programs such as OpenOffice, or programs they may already have access to such as Excel or Google Sheets. However, these programs will require a lot of pre-existing knowledge of spreadsheets if the goal is to make them work like accounting, invoicing, or load management solutions. TruckBytes provides complete accounting and truck management at no cost to the user.
The solution was created as an alternative for manual record keeping for independent users and owner-operators. Primarily the solution tracks loads, manages customers, and creates invoices, among other features. Once a trucking business gets above a certain size, they will want to consider the added benefits that come with a fully integrated transportation management solution. While there is no industry standard as to when you should consider a more simplistic trucking solution or a more robust transportation software that is fully integrated, there are a few things you can consider:.
A larger fleet of trucks and a desire for a more complete unified system for complex operations means transportation ERP software could be a better fit. QuickBooks Pro and QuickBooks Online are generic accounting solutions that are intended for use by any industry. There is no trucking-specific version of QuickBooks available. However, many trucking businesses have found success using QuickBooks as their primary accounting software when pairing it with an industry-specific dispatching and route management option.
Many trucking software solutions claim they offer accounting functionality, but in reality, they only provide a basic invoicing feature. If you are looking for a general ledger or even accounts payable and accounts receivable to get better control of your company finances, QuickBooks can be a great fit.
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