Best Accounting Software for Logistics Business

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You have opened up a logistics company and want to learn the best accounting software for logistic business. You are also new to this area and want to know what is the best logistics software for small business. There are so many things you are going through in your mind when you have opened up the business.

The software which so far has been in use for the logistics businesses only measure warehousing capacities and scalability of logistics activities. However, companies have been demanding for more appropriate accounting tools that help to measure the growth of their business. Many of them consider looking for an accounting solution to support the growth and profitability requirements of their business.

Descartes

Maintaining the highest level of accounting standards is vital for any business. However, given the complexities of global trade, maintaining accounting best practices can be challenging. Carriers, freight forwarders, customs brokers and Non-vessel Operating Common Carriers (NVOCCs) know that including accounting into the operational equation is a cornerstone of success. With the right Logistics Service Provider (LSP) and freight forwarder accounting software, businesses are maximizing revenue by optimizing the following: 

General Ledger (G/L) – G/L capabilities are part of the universal Generally Accepted Accounting Principles (GAAP) and are essential to more effectively analyze financial performance. A well-designed Chart of Accounts (COA) can help an organization drive value through improved insight. In addition, an accurate G/L, with costs appropriately allocated to the correct cost center, is also vital since the information is frequently repurposed to determine rates. 

Automated Calculations – Freight charges may be based on contracts or location, but for LSPs, determining a brokerage charge, for example, can be less concrete. Options to add an item to an invoice via systems prompts at multiple operational junctures can help jumpstart profit potential. 

Duty Drawback - Obtaining drawback refunds is complex but can be one part of augmenting the revenue potential for the LSPs who provide this useful service. Whether filing a claim or establishing a comprehensive drawback program, record-keeping is important to substantiating claims and is a significant value-add for clients. 

Flexibility – The ability of LSPs to adapt to new lines of business is frequently a consideration in operational scenarios, but the same should also apply to accounting. Business line and divisional overrides as well as flexible G/L accounts can help accounting procedures adjust to changing operational processes and ultimately augment revenue. 

Profit & Loss (P&L) – The P&L statement, as viewed over a given interval, can be assessed as a marker of the financial health of a business. For LSPs, gauging profitability should go beyond the periodic P&L to include granular analysis at the shipment or service level. Providing operational users with a measure of insight as to the revenue potential of a shipment can improve profits (both literally and figuratively) on a P&L’s bottom-line. 

Transparency – Providing client visibility into operational process at key shipment or clearance milestones is one way that businesses are differentiating service offerings. For example, when a customs hold or inspection occurs, clients are better able to perceive the value of a service, less liable to challenge a charge and may be more likely to speed remittance. 

Templates – LSPs regularly secure business by expanding into new locations or offering additional products. However, the bulk of shipments is not ‘one-off’ project work, but repeated business often on the same flight, route or trade line. Accounting processes that can duplicate previous work can help speed the rate of billing and result in quicker returns. 

Compliance – Although adhering to regulatory requirements can be viewed as an unavoidable byproduct of doing business, certain compliance options can automate accounting-related procedures or even speed revenue collection. For example, LSPs who help importers submit duties via the Automated Clearing House (ACH) or who take advantage of programs such as the Periodic Monthly Statement are able to consolidate duties and have more time to remit payment, often without interest charges. 

Multi-divisional Accounting - The ability to establish divisions also helps to fine-tune analysis and provides more meaningful regional insight or a clearer understanding of business line performance. Multi-divisional accounting practices are better able to hone in on areas of organizational excellence and are more readily equipped to identify potential areas of concern. 

Many of the above items help bridge the information gap that may exist between accounting and operations. Maximizing revenue can be challenging in the competitive logistics industry, and deploying effective technology is one method to not only realize measurable financial gains but also provide a higher level of customer service. 

Porte Brown

Transportation companies are the lifeblood of commerce and our economy. However, they increasingly face challenges that are unique to their industry. Porte Brown has made a strong commitment to maintaining a thorough knowledge of key transportation business factors and current industry trends. In addition to traditional accounting, auditing, tax and consulting services, our Transportation Practice Group has the technical skills and financial expertise to address the specific issues transportation company owners face on a daily basis. We strive to provide our transportation clients with the scope of services and personal attention that fulfills their company’s accounting and business consulting needs for their continued success and growth.

Services include:

Why Porte Brown?

If you are looking for expertise, efficiency, and unmatched knowledge for your logistics accounting needs then look no further! Here are some of the benefits of choosing Porte Brown:

  • Profits maximized
  • Taxes minimized
  • Tracking of where your expenditures are (and reducing them when possible)
  • Strategic consulting for all aspects of your business operations
  • Leading-edge technology with the best trucking accounting programs available on the market
  • Peace of mind in knowing that every financial aspect of your business is being monitored

As you are surely aware, accounting for trucking companies has its own unique set of rules and regulations. We bring a unique perspective to your business and help you minimize costs, reduce taxes where possible, and find solutions to complicated financial issues.

Sage Accounting

Collaborate with accountants in real-time for faster results

Give your accountant permission to access your real-time financial data so they can help you create an accurate HMRC return quickly and securely, using our accounting software for transport companies.

Keep business moving with a real-time view of your finances

Connect your banks and import transactions automatically to get a clear view of your finances. View cash flow forecasts and report on your financial data in real-time to stay in control of your profitability.

Take control of your admin

When you’ve got hundreds of invoices a week, you need a place to create, personalise and send them quickly and easily. Sage Accounting gives you just that, taking away the admin burden.

Get your tax and VAT right

With financial data and records stored in our accounting software for courier companies, transport and taxi drivers, you or your accountant can generate, validate and submit compliant VAT returns to HMRC easily. Making Tax Digital compliant, you’ll spend less time on a return.

Pay employees on time, every time

Pay employees quickly and easily using our optional Payroll add-on and sync these payments with Sage Accounting automatically, saving hours of work.

Record expenses on the go, fast

It’s easy to lose track of receipts when you’re always on the move. Our mobile app helps you to record receipts as you collect them. Simply take a photo and upload it to Sage Accounting from anywhere.

  • Create and send invoices
  • Track what you’re owed
  • Automatic bank reconciliation
  • Calculate and submit VAT
  • Be Making Tax Digital Ready for VAT
  • Supports one user

Compatible with:Most popular

Accounting

Standard

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  • Create and send invoices
  • Track what you’re owed
  • Automatic bank reconciliation
  • Calculate and submit VAT
  • Be Making Tax Digital Ready for VAT
  • Supports unlimited users
  • Manage and submit CIS
  • Run advanced reports
  • Send quotes and estimates
  • Forecast cash flow
  • Manage purchase invoices
  • Snap receipts with AutoEntry, 2 months free

BNG Infotech

Transport Accounting Softwares

Accounting Software for logistics companies is one of the best and an integrated module, which offers two way integration of data among other modules and covers all the aspects of financial and statutory requirements of any organization. Here, the word integrated means that the accounting voucher entries are automatically generated from financial nature of transactions based on predefined voucher posting definition. Theses financial nature of the transaction includes consignment, lorry hire, MRGP, bills, spare parts purchase, sale etc.

Apart from fulfilling statutory compliances, the accounting management system also helps in monitoring and controlling expenses, budgets, excess payments, expense allocation by cost center etc.Watch CRM Software Demo Video

Budgets

Define expense wise budget for every branch and control expenditure

Cheque Lead Accounting

Track & track cheque leaf and control misuse

Freight Payment Module

Freight Payment module with auto deductions as per POD

Recurring Vouchers

Save time in punching recurring transactions like EMI, Rent etc.

Freight Received with Deductions

Recod deduction entry at the time of payment receiving

Bill Passing or Booking

Bill booking as per GST and TDS norms

Reconciliation

Easy and hassel free reconciliation of your bank and branch accounts

Receivable/Payable Accounts

Complete outstanding, ageing with reminders and auto mail

Fund Planning

Plan your next day fund requirement and transfer without any delay

Mail Outstanding to Customers

Schedule auto mailing of outstanding to customers

TDS Records

Fulfills complete TDS statutory requirement with auto deduction

GST Returns

Now never before easy to maintain and file GST return

LOZICS® Logistics Management System
Transport Management System
Fleet Management System
3PL & Warehousing Management
Accounts & GST Software System
CRM & Customer Service Management
Contracts & Billing Software System

Attractive Features

  • User definable groups
  • GSTIN Validations
  • Approvals & Authorizations
  • Integrated with all modules
  • Auto voucher generation
  • eMail outstanding to Customers
  • All Reports at branch & Company
  • Annual Reports in Branch Matrix
  • Allocation by cost center
  • Allocation by consignment
  • Expenses allocation by lorry hire
  • Drill Down Reports

Conclusion:

Everyone who ever ran a small business or faced any kind of logistics-related problems, knows accounting is the most vital part of any business. That’s why most successful entrepreneurs are trying to find the best accounting software for their businesses. You are in trouble because you need to run your business at a startup, then you will try for free. There is no question that accounting software is one of the most vital elements of successful companies, especially those with small businesses. A well-written accounting software, which should be used by all industries.

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