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Trucking fleet
6 tools for managing trucking business expenses
Simplifying fleet expense management through technology
Fleet expense management is one of the most important aspects of a trucking company’s business operations. Consequently, fleet managers are using technology to tighten schedules, maximize load capacity, and streamline payment processes. To that end, fleets are also relying on technology to help monitor and track fleet expenses because in an industry that is made up of a lot of moving parts with super skinny margins, every dollar counts.
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Implement accounting software that fits all your trucking needs
Using an accounting software can streamline financial processes and provide insights into your business expenses, allowing you to make the most precise, well-informed decisions for your fleet. For example, QuickBooks is the software most small and medium-sized companies turn to for accounting and expense management. However, the trucking industry is different. Fleets need a more customized approach that can address specific needs or be integrated into the QuickBooks solution. Above all, the ability to generate a report that includes all of the expenses for a specific trip and load is critical to understanding the specifics of your spending.
In fact, trucking veteran W. Joel Baker set out to create his own fleet expense management software because he could not find the right solution and was not willing to compromise.
“When I first started out, I didn’t have a lot of money. I researched a lot of the accounting software that was on the market and I could not find software that allowed me to manage the books the way a trucking business operates.” -W. Joel Baker, TruckBytes
While some software options are free, most require a fee, and the cost of implementation can be unexpected. Meanwhile, fleet cards are an option that can help simplify the process of spending and managing expenses all under one system.
Choosing the right fleet card for your trucking business can save you time and money
Fleet cards are a game-changer when it comes to maintaining control over your fleet expenses. With the best fleet cards you can:
- Automatically track spending
- Gain invaluable insights into your purchases through automated reporting
- Safeguard your budget by detecting fraudulent activity or misuse
- Track fuel expenditure
- Access a network of savings
Ultimately, fleet cards can significantly impact your bottom line, so finding the right one that fits your needs can make all the difference.
Reliable tools to manage operations
The U.S. Chamber of Commerce recently listed some reliable tools that are helping fleets manage operations. The tools cover integral business functions using innovative technology and transparent reporting to help fleet managers maintain a secure and efficient fleet. They focus on:
- Tracking loads – Track detailed information for each load, including delivery date and time, truck info, driver details, and expenses.
- Generating trip reports – Run a report that includes all expenses, vehicle mileage, and maintenance to bill customers, pay drivers, and conduct IFTA reporting.
- Tracking expenses – Keep track of tolls, parking, fuel, and other expenses for each trip.
- Tracking income – Bill customers immediately after a load has been delivered or soon thereafter.
6 fleet expense management products that drive efficiency
The U.S. Chamber of Commerce recommends the following programs to assist fleet managers in running their fleets efficiently and effectively.
- Motive – This program uses artificial intelligence (AI) to ensure safe driving by using real–time dash cam and GPS data to monitor and track driver behavior. It has advanced collision detection and also offers spending management and maintenance tools.
- Samsara – It’s a cloud-based platform that offers fleet managers access to 70 pre-built integrations and includes easy equipment installation that is customizable to most vehicles. Monitoring, communication, and in-cab voice coaching are some benefits.
- Fleet Maintenance Pro – This web-based app allows fleet managers to customize their fleet operations, from reporting to maintenance scheduling. As it’s accessible from any smartphone, drivers and fleet managers can track maintenance requests easily, ensuring vehicles stay in optimal conditions.
- WhipAround – This program keeps track of vehicle health data and inspection requirements that are compliant with Department of Transportation regulations, avoiding the risk of penalty. It also has free and paid options, making it a great option for developing businesses.
- FleetUp – This tool combines reporting and real-time data to quickly alert fleet managers of any incidents on the road, helping avoid high insurance rates and fuel waste.
- AUTOsist – This digital glove compartment can allow drivers to organize and store their receipts for easy expense tracking. It also automatically sends maintenance reminders to fleet managers. A special feature of this tool is the driver leaderboard, which ranks drivers according to their driving behavior, thus incentivizing good driving habits and keeping employees accountable.
Discover the best fleet card for your trucking business and start to see results today
Fleet expense management does not have to be daunting. These software packages can simplify business operations so fleet managers and drivers can focus on the haul. When paired with the right fleet card, the cost to make business even more efficient is worth every penny.
Learn more on how to better manage your over-the-road fleet:
All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.
Source:
U.S. Chamber of Commerce
Editorial note: This article was originally published on April 29, 2019, and has been updated for this publication.