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Owner-operators have to know their numbers. (That’s why TruckingOffice PRO trucking software exists.) We have to know our value. If we don’t, what are we counting on to build our trucking business success?
The Numbers You Need to Know
It’s too simple to say “if I get all the highly-paid loads, I’ll be all right.” Are you sure? How can you know?
That’s a pretty challenging set of questions, but we hear this a lot from truckers. “I won’t take less than ____ per mile” and they think that’s it. How do they know what that base figure needs to be?
Owner-operators who don’t understand their numbers are essentially just hoping that everything is in shape with their business. In a lot of cases, hope isn’t a winning strategy. As the government talks about recessions, and fuel prices reach into outer space, hope is a pretty cold plan.
It takes more than luck in order to succeed in the trucking business. That’s why it pays off to know your numbers as an owner-operator. It makes it easier to assess the overall health of a business without relying on feelings or luck.
Invoice Tracking and Cash Flow
- Track unpaid invoices. Whether your invoices just went out or are more than 30 days overdue, owner-operators have to have an accurate picture of how much income they should anticipate receiving. In order to achieve trucking business success, we have to know how much cash we have on hand to pay bills, to purchase fuel or pay on-the-road expenses. Late invoices that have gone unpaid for 30 days or longer need attention to avoid having to use a factoring service.
- Link invoices directly to dispatches. We know that shippers demand accuracy – and they should. It’s our responsibility to produce accurate numbers on our invoices – especially when fuel is so pricy these days. When any of those numbers on an invoice are incorrect, a shipper will hold off on paying. When you have confidence that your invoices and the numbers on them are accurate, you will prevent excuses for late pays. Trucking business success is like every other business’s success: it’s about making sure the money is where it’s supposed to be. Linking invoices directly to dispatches eliminates data errors.
Cash flow isn’t a small matter when you’re working toward trucking business success. Cash allows you to avoid killer credit-card interest rates by having what you need for on-the-road emergencies as well as fuel purchases.
Routing Software and Mileage Numbers
How much did you pay for your last fill up? Fuel prices are skyrocketing right now. We don’t want to have to take long detours, or get stuck in traffic jams, wasting fuel as well as hours. Routing software that starts as a dispatch is entered helps avoid wasting fuel and time. Mileage is likely the most important number you want to watch on a trip. Use routing software that is capable of pre-planning routes and calculating mileage to plan trips, especially if you’re handling LTL.
Aside from the role it plays in making it easier to know your numbers, routing software could potentially boost productivity. Since mileage is tracked and drivers receive turn-by-turn directions, the chances of delays or bad directions go down. While we can’t help getting bad delivery information, we can check delivery instructions early enough to be on time and avoid delays.
Owner-operators can try to file their IFTA with estimated numbers. That’s a mistake. One of the most unlucky situations an owner-operator could find themselves in is being faced with an IFTA audit. Time-consuming? Stressful? YES!
An IFTA audit can lead to too much time being spent off the road. The best ways to completely avoid an IFTA audit are 1) to know your numbers are correct and 2) to file on time. By using TruckingOffice PRO trucking software that comes equipped with IFTA reporting capabilities, avoiding these audits becomes much easier.
Owner-operators need IFTA reporting tools that are updated automatically with the current tax rates for all jurisdictions. IFTA reporting software should help owner-operators save money by preventing them from overpaying. But if the numbers put into the software are guesses, IFTA reporting software won’t be much help.
TruckingOffice PRO helps know your numbers by saving all of the driver data it records. This makes it one of the best resources available for making it so that owner-operators don’t need the luck of the Irish in order to succeed.
The Benefits Of TruckingOffice Numbers
Trucking business success is not based on luck. It’s based on knowing your trucking business and the numbers that mean you’re growing and doing well.
There are a variety of benefits that come with having the resources in place to help you know your numbers.
- You won’t have to worry about being pulled off the road for inaccurately reporting them.
- You’ll know what to expect to be in your bank account.
- You can find out how much it costs you to run your business and to make load decisions quickly so you don’t lose the load you want off the load board.
When you’re ready to grow your trucking business success, that’s when you’re ready for TruckingOffice PRO trucking software.
Here are two numbers you WON’T have to give us to start a free trial: your credit card number or your debit card number. We’ll let you try out our entire program without giving us any type of payment information at the start. But we’re pretty confident that once you explore everything that TruckingOffice can give you, you’ll be willing to pay this small price for your trucking business success.