Are you having trouble managing your trucking company?

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Let us understand why a transportation company needs software.

A transportation management system contains many tools and softwares that help people keep records like delivery details, loading time, number of shipments, and work done by an employee. This maintains clarity in business and allows you to maintain clear records. Keeping records is the first part of doing business. Records help owners to make essential business decisions and understand the need of the market.

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knowing about the customer experience of these softwares and tools allows you to decide if you want to opt for software or not. It will help you understand the needs of the market and if buying these softwares will help you in your business.

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before opting for a system, you know about its working. Know if the software allows multiple people to work in it ance and if it is user-friendly or not. Must trucking companies buy complicated softwares which is complex to understand? This leads to wastage of money and does not fulfill the purpose of purchasing that software.

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How having a vehicle management tool or software helps your business?

Transportation companies need to keep records and have all information at their fingertips. Using technology in the freight business helps you to deliver goods on time and create a supply chain for the economy. Having software comes in handy when

You need to add speed to your process: Technology helps companies deliver their shipments on time by providing details of dispatch and delivery to the customers and owners
Keeping employee records and knowing driver schedules: A transportation company needs to maintain all its workers’ documents and know its drivers' work schedules in advance to make successful business strategies
Know your drivers’ and company vehicles’ location: Knowing the vehicles’ and drivers’ location ensures their safety and saves them from thefts. It also lets you know if your employees are doing their work or sitting

Softwares help companies manage their work and keep records of deliveries, payments, business transactions, and delivery trips.

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IFTA Calculation Through ELD And Fleet Management

The International Fuel Tax Agreement is a mutual agreement between the 48 lower states of the United States of America and the 10 Canadian provinces. The agreement is related to fuel consumption and tax payments for commercial vehicles. Without the IFTA regulations, the truck drivers need to pay the fuel taxes for each state separately.

Step by step guide on the traditional method of calculating your IFTA tax

Drivers needed to go to the centers for fuel tax permits and get the fuel tax permit each time they enter a new state. This whole process was very time consuming and wasted too much time. But IFTA regulation has changed everything and has streamlined the whole fuel tax procedure. Now, the vehicle with IFTA credentials can pass through any IFTA regulated state without having to purchase the fuel tax permit.

Taxation is the price which civilized communities pay for the opportunity of remaining civilized. – Albert Bushnell Hart

Calculating the fuel tax for interstate travel appears to be a very difficult task but with the help of electronic logging devices and fleet management softwares, this calculation becomes an easy affair.

Calculation of IFTA taxes

Before going for the calculation of IFTA taxes, first you need to understand who needs to get the IFTA license. Any commercial vehicle that travels through multiple jurisdictions and has two or more axles and registered weight of 26000 pounds or more falls under the IFTA regulations. These types of vehicle owners have to get their vehicle registered under IFTA regulations and receive their IFTA credentials or permit.

Now to calculate your IFTA tax for each and every state, you have to follow a few simple steps.

Track the number of miles travelled in each state

The most important thing in the calculations of fuel tax calculator is the number of miles travelled in each state for the quarter. Drivers used to keep a record of miles travelled in every state by manually noting down the odometer readings at the entry of each state and the exit point. It was a very tedious task and there was a huge chance of human error involved in it.

But with the help of electronic logging devices and the fleet management, drivers don’t need to pay attention to the entry or exit point of the states. All the required readings are done by the ELD and fleet management which are saved digitally. ELD and fleet management softwares create an easy to read report for the truck operators. At the end of the quarter, you can get a comprehensive report about the number of miles driven in each state during that period of time.

Save all the fuel receipts

Commercial vehicle drivers need to save all the fuel purchase receipts and keep a safe record of them. This will help him find out the fuel consumption state wise.

ELD and fleet management makes it simple for the driver to record his fuel receipts. He can scan or manually enter the fuel purchase receipts in the electronic logging device or fleet management system.

Calculations of fuel consumption state wise

To calculate the fuel consumption per state, you need to have the fuel mileage of the vehicle first. To get the fuel mileage you can use the following formula.

Fuel mileage = total miles driven in a quarter/ total gallons of fuel consumed

Now you can easily obtain the fuel purchases in each state by using the following formula.

Fuel consumed in a particular state = total miles driven in that state / fuel mileage

There are so many fleet management softwares in the market that very efficiently keep a record of fuel consumption. There are some electronic logging devices that come with multiple features that makes calculating fuel consumption easier.

Tax owed to each state or province

Fuel tax rates are different for each state and province, therefore you have to calculate the tax amount individually for each state and province.

IFTA tax for particular state = tax rate of the state multiply the fuel consumed in the particular state for a quarter

With IFTA mileage tracker way you can find the amount of tax you have to pay to a state. But, you might have already paid some taxes while purchasing the fuel therefore to find the exact amount of tax you owed to a state, you have to subtract the fuel tax paid from the amount of tax you have to pay to a state.

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Fuel tax owed = fuel tax required to be paid – fuel tax paid already

All these calculations are made easier with the help of the latest electronic logging devices and the fleet management softwares. ELD and fleet management softwares use GPS to track the miles driven in each state and keep the record digitally available for the fleet managers. By entering the fuel purchased receipts in the fleet management software, you are able to do the calculations digitally. These softwares provide you the exact amount of tax needed to be paid to each and every state.

The Growing Importance of AI in the Oil and Gas Industry

The oil and gas industry is facing a lot of challenges these days. These challenges range from unconnected business environments to instant maintenance issues in the operational processes. As compared to various other industries, the oil and gas industry has made a very few investments in artificial intelligence and other machine-abled technologies in the process. But, from the time the O&G sector has observed how AI technology has assisted it to cut the operating costs and has enhanced the efficiency, the O&G companies have too started their path to exhibit artificial intelligence. Read More

AI is a diversified field. In the O&G sector, there exists two fundamental in-built applications, one is machine based learning and the other one is data mining. Machine based learning is changing the manner in which the O&G industry is designed and developed, which allows the companies to accumulate large volumes of data instantly and transform it into useful business insights. The AI used in axon oil program has made it possible to help make the complicated data used in the process of oil exploration more simpler which helps the companies to make the best use of the current infrastructural facilities.

The Current Scenario:

O&G businesses have integrated AI into their current digital technologies to enhance the profitability and proficiency of O&G exploration activities. Using AI has helped the companies to improve their operations as it has helped to cut down the operational costs upto $55 billion in the oil & gas operations.

Recently, AI technology has taken over the energy sector as well. It has helped a lot to solve a lot of problems such as inventory, fuel management, energy utilization and predictive maintenance. The technology helps to save the data related to geology, reservoir and project details to identify efficient workflows. Oil and gas software AI robots in ocean exploration aim to provide the capabilities to detect the natural oil. Artificial intelligence can also be used to screen the geological data so as to identify the newer prospects for oil exploration and lessen the time period to acquire O&G licenses required in the field of O&G exploration and production.

The Future:

Artificial Intelligence systems can systemize and automate the various stages involved in the O&G exploration and production cycle. The stages of such a life cycle includes drilling, reservoir and oil production. AI possesses tremendous potential to minimise risks, enhance profitability and reduce the operational costs. Accurate targeting of software logistics and the efficiency to identify the correct drilling locations will help you to maximise your rate of investment on any kind of drilling operation. The need for artificial intelligence within the O&G industry will continue to increase in the future years as well.

Artificial Intelligence possesses multiple web-based applications for streamlining the O&G industry. It includes product optimization to examine and evaluate seismic and surface data faster. It helps in reducing the potential of oil corrosion risks which further reduce the maintenance costs. AI can also be used to determine the type of rock formation and geological attributes present beneath the surface which can help in the exploration of hydrocarbons such as oil and natural gas in lesser time and with much more efficiency. O&G companies can surely gain future insights to improve their business outcomes with the installation of an AI software. This process involves transferring the important data into the software to create structured documents and files which can be saved digitally for future retrieval.

As the AI technology in the coming years will become a necessity for the oil and gas sector, it’s impact has recently been identified by the oil and gas business managers. However, the early adopters of this technology will have a competitive edge over the others. The investors also like to put their money into a business which is more inclined towards adopting technologies. There are various other tools which have already revolutionised the oil and gas market.

One of them is sensor oil fields. They have proven their worth in the oil and gas industry by their ability to provide the data engines for the managers to analyze. The oilfield workers are becoming more and more technological-friendly as they no longer resist to adopt newer ways of doing things. They have acknowledged the fact that if they do not adapt to the newer means like transportation management software then they will surely be out of race, sooner or later.

Moreover, adopting new technologies only going to benefit them in the longer run. Hence, integrating technologies to the existing business operations will prove a big win for any oil and gas company which is looking for the way to move forward. The kind of revolution that AI has brought to the oil and gas industry only proves that its importance can not be ignored. The sooner you accept it, the more are your chances to stay in the business.

3 Way to Make Your Freight Invoice Work for You Not Against You

Freight invoice is a bill sent to the customer along with the shipment which contains the complete information about the freight, shipper’s name, name of the place from where shipment comes, shipment’s load and the detailed information of the charges.

According to the FMCSA the freight invoice must contain the following details.

Consignor or consignee’s name
Date of dispatch
Shipment origin address and final destination address
Number of boxes or packages
Complete freight description
Freight’s weight or volume (in case of liquid or gas)
Correct rate of the freight charges
Total dues at the time of delivery
Details of all the carriers involved in the process

At the time of remittance customers receive the original copy of the invoice as well as the carrier keeps the copy of it. Sometimes the invoice is sent via electronically, in that case the carriers have to provide a receipt of the payment to the customer.

How to utilize the freight invoice in your favour ?

A manufacturing company handles a lot of invoices on a daily basis. Sometimes the accounting for transportation matches exactly with everything you contracted for, including the quotes, freight weight as well as the quantities. This is the best scenario but in a few cases you have to file claims for wrong charges, freight weight and quantity. To eliminate these situations or minimize them, you have to take full advantage of the freight invoice.

1. Carefully auditing your freight and it’s payments

Freight expenses are rising everyday and it is a big issue for the manufacturers, retailers, distributors and the shippers. Therefore it becomes very crucial to match your freight invoice with the quote you received at the shipment time. Freight expenses are directly related to the fuel cost and the rising cost of fuel increases the transportation costs. Therefore, saving every single penny becomes very important and to do so you have to avoid any human error involved in the freight invoice generation. Proper auditing of the invoice ensures that you don’t end up paying extra for any shipment.

I’ve been on every interstate highway in the lower forty-eight states by now, and I never get tired of the view.Steve Earle

There are many benefits of the freight invoice auditing. You can request an electronic copy of your freight invoice and verify it at the time of receiving your shipment. You can verify all the details of the shipment to eliminate any duplicate payment or extra mileage charges by the fleet operators.

You can also use the freight payment solutions provided by the third party logistics companies. Now in this freight payment service, the third party logistics companies receive all the invoices and audit them for you by entering the information or bills into their system and match it with the shipments.

All your trucking company accounting send their invoices directly to the third party logistics company and then the company audits the invoices with molecular level details and hence eliminates the chances of any mistake or wrongful payment claims.

Some manufacturers or distributors also prefer the post audit freight payment system in place of the freight payment solutions. They prefer to verify the invoices by themselves but use a post audit service to cross check for any mistakes. This method is not foolproof as there are still chances of errors and post audits may not be able to catch all the errors.

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2. Use a third party logistics provider to consolidate your freight invoices

Manufacturing or distributing companies has to deal with many invoices per week. There are so many payouts to the multiple vendors and it can be very difficult to keep everything in order. There is a great chance of human error in the process. Therefore invoice consolidation is crucial for accuracy and you can avoid human error while doing so. There are trucking payroll software providers that can consolidate your hundreds of invoices in one and make your life so easy. Your accounting department will be so grateful for all this.

You can get rid of too much paperwork as the freight invoice consolidation provides you an electronic invoice in place of hundreds of invoices. You will be safeguarded against any frauds or financial dangers. Invoice consolidation will save you time and effort. You will also enjoy a 24/7 availability of your weekly consolidated invoice.

3. Collected data from freight analysis help you make better decisions

By carefully analysing your freight invoices, documents and other informative records, you will end up collecting a huge amount of data that will provide you clear insight of the business. This data will help the managers make timely and better decisions to help the company save a good amount of money.

By going through the previous data you can clearly see where your money is going and where you can save by changing the standard carriers. Without the proper analysis of the invoices you may end up using the same carriers over and over while there are better options available at a better price.

If you look at this way, your freight invoice is not a headache but an opportunity to gain some valuable information and utilize it effectively to save a lot of money and time for your company. As the saying goes that every single dollar saved is dollar earned and this is true in this case. A thorough auditing, consolidating and analysing your invoice can be a huge asset for the growth of your company.

Simplify Your Record Keeping

Records are a good way to keep information. They help any business or company to keep track of its sales and profits. Keeping a good and well-maintained record is very important in business. They help to keep track of finances, expenses, and savings which help in making good decisions. Record keeping creates less confusion and helps a company to manage their work efficiently. Keeping a record helps the companies to check the happenings in their business on time. Keeping records consists of saving files, documents, forms, and any type of information which is important to a company.

A company that can manage its records efficiently can also manage its business in a good way and this also helps businesses to easily maintain truck routing. In earlier times, the records were stored mostly in the form of paperwork, which caused a lot of inconveniences. Sometimes the records got misplaced or torn off. There was a lack of storage space and only limited records could be kept. Now the times have changed. Today most companies have started to maintain their records digitally. This has helped them in many ways. Now there is no hassle of paperwork, no appointing extra people to take care of the records, and no tension of records getting misplaced or damaged.

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Reasons to simplify your record keeping:

It makes work easier: Keeping records makes a company’s work easier. It helps a company in keeping a timely check on their imports, exports, profits, and losses. It keeps a clear record of all things.

Helpful in managing costs: Keeping records online helps a business to manage its costs effectively. Managing costs include the money used in making products, profits made by the company, and money saved for future use.

Saves time: Maintaining records with trucking payroll software saves time for a company by making sure all records are saved in the databases. This requires less paperwork and appointing fewer people to maintain the records.

Saves energy: It saves the energy of the employees. They can concentrate on other tasks as they can easily maintain records with one click.

Helpful in taking timely decisions: As the company has all the records registered in their database, they can make business decisions in advance. They can create plans in advance to help them in the future.

Steps for simplifying record keeping:

Capturing the information: The company should register all the information ranging from the personal information about employees to all business transactions in their databases. They should keep a record of all information like employee details, such as contact information, business transactions, and details of all profits and losses.

Sorting: Next step in record-keeping is sorting the information according to its importance and relevance. It must be kept in mind that only that information must be stored which is valuable and relevant to the company.

Classifying: The information must be classified into various categories like major and minor. Major information must contain details like employee records, details of products sold, and profits earned or losses endured. Minor information should contain the employee contact details, job resumes, C.Vs, and survey data.

Double checking: It must be kept in mind that the data which is collected and stored must be correct. Before storing the data permanently in databases, it must be rechecked to remove any errors. The data must be rechecked yearly or quarterly.

Saving: The last and the most important step is saving the data. While saving the data, it must be kept in mind that the data saved is correct. The data must be well organized and saved systematically so that it can be easily seen when required.

Truck drivers are the only ones that know the best places to stop on the road.Carole Eastman

Advantages of record keeping:

Makes things organized: Recordkeeping assists in keeping all the information well organized. It helps a company to organize its databases and effectively retrieve data when needed.

Makes way for fewer errors: It helps a business in making fewer mistakes and running itself smoothly. This helps in the good management of a company.

Helpful in saving time: New advanced vehicle routing software with Recordkeeping helps save time as the data recorded in it can be retrieved easily and corrected from time to time.

Helpful in pre-planning: This lends a helping hand to a company or a business in taking future decisions timely. The company can make a decision that helps expand its business and ensure its profits.

Helpful in keeping track: it helps an enterprise to keep track of all things including the work of employees, services provided, and customer inputs. This assists a business in making its work easier.

Keeping all the above-mentioned things in mind while making and maintaining the record will help make fewer mistakes. This will help in running a business smoothly and without any flaws. Which will help in bringing in more business. Keeping records online or in the computerized form helps edit them when required and deleting them in a single click. It creates a place for fewer errors and fewer mistakes. It can be concluded that the more well organized a company’s records are, the better managed that company will be. A well-managed company will be able to do its work efficiently and will create more profits.

The Tax Benefits of Using a Fleet Tracking System

If you’re an owner of the trucking fleet, trucks sometimes feel like a burden. You need to take time out to prepare tax reporting, do paperwork and add your total expenses. Now with innovations like fleet management technology, companies can streamline their fleet operations with their taxes. Using fleet tracking and management technology, you can improve every aspect of your business, be it deliveries, filing taxes for calculating mileage. Fleet management helps companies to optimize all their fleet operations. Many fleet companies combine telematics with their management systems to get accurate data about their fleet vehicles, drivers, and equipment. Using technology helps transportation companies to save money on their taxes.

In addition, it allows businesses to build work strategies and make informed decisions. Taking the right decision at the right time is essential for any business. Fleet tracking systems help companies with activity tracking, data calculation, fleet optimization, and GPS vehicle tracking. Companies use fleet management to make use of their available resources and do their work efficiently. Here are some ways to use a fleet tracking system to help you if you own a transportation company.

Filing Fuel Tax Reports:

A tracking system helps companies to be accurate about their fuel readings. This assists in ifta reporting online to the authorities. Drivers driving in Canadian states and the U.S districts for their business need to file an IFTA. IFTA stands for international fuel tax agreement. You need to file this tax to do your business in these districts. Filing an IFTA gives fleet companies an IFTA license that helps them travel to any community jurisdiction for business. Earlier, the companies had to pay any taxes.

This took a lot of time, and filing these taxes manually was different. Companies need to file this tax after a quarter. It is calculated by finding the amount of fuel tax drivers or company owners will be charged based on their fuel consumption. Some people think keeping track of your fuel expenses is easy. However, it is not so. You need to file paperwork to keep track of your fuel usage. Now with the increase in technology, the whole process has become more accessible.

While the drivers are the ones who need to maintain their fuel tickets and receipts. The companies need to keep track of their drivers’ total working hours. You need to keep track of your drivers by keeping receipts of time taken, fuel consumed and total distance covered by them. If you think you can handle this process manually, think again. Doing paperwork by hand leaves a place for mistakes and takes a lot of time. This is why freight companies use fleet management software and GPS-operated systems for their work. This software uses electronic trackers to store the exact amount of fuel consumed in each trip. It calculates the fuel tax you need to pay in a fraction of time. With the digitalization of the whole process, the companies do not need to em[ly more people to do their work or pay hefty fines.

There is no situation like the open road, and seeing things completely afresh.James Salter

Keep Track of Your Purchases and Equipment:

Irs has added a new deduction of taxes to its laws for the truckers. This deduction allows fleet companies to deduct some amount of money from their trucking equipment and vehicles. Trucking equipment included fuel-saving devices, trackers, logging devices, vehicle management systems, GPS, and other equipment that helps transportation companies to do their business. It has created an opportunity for fleet owners to deduct the value of their equipment from their taxes. You can calculate the total value of the equipment after it has completed its entire lifespan. The only exception to the deduction rule is computer and electronic equipment like cables, hardware, and software.

Benefits of Taxes:

Fleet technology helps transportation companies in many ways:

It allows you to save extra money during the tax season.
Fleet systems help freight companies to know about the change in tax laws or additional tax deductions. If you own a trucking company that reduces digital emissions with the help of fleet management software, you qualify for a green tax deduction. The government introduces tax deductions to encourage people to pay their tax dues on time.
Investing in fleet management technology helps you in the long run.

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Many fleet companies hire bookkeepers and accountants to maintain records. With the help of technology, accountants can do their job more efficiently. Softwares keep the companies updated about the newest changes in the tax systems or ifta fuel tax filing. This saves a company’s time and money. Some people keep an extra budget to repair their fleet technology. This helps the transportation companies to save money on taxes and can reduce their operational costs. Investing in fleet technology is the need of today as it saves money on your operating costs which includes taxes. This helps you to optimize your fleet company’ performance and make deliveries on time.