The Competitive Edge | Knowing Your Expenses
Knowing Your Expenses
Fixed expenses are those that do not change whether you’re on the road, or your truck is parked in the driveway. Random thought – why do you park in a driveway and drive on a parkway? Is it just a mystery? Oh well, back to the blog. Fixed expenses include your payments, renewal fees, HVUT, NY HUT, insurance, etc. These expenses aren’t easily reduced. You have to pay them to operate, and if you’re not operating then you’re not turning a profit to pay for the expenses. It’s a crazy cycle, but knowing your expenses is going to provide you the ability to quickly increase your profits.
Tracking Your Expenses
Decrease Expenses, Increase Profit
Decreasing your expenses is a quick way to increase profit. It’s a simple formula that works. Analyzing your 2015 expenses is going to help you increase profit for 2016. Start off by breaking down your expenses for each month of 2015. Look at each month closely and see where you spent the most money. Determine what can be cut back and create a budget for the first three months of 2016. The goal is to spend less than the year before, but leave some room for emergencies. TruckLogics has everything you need to analyze your expenses and generate a Profit & Loss report for each month. Our P&L report breaks down all your expense categories and figures so you can quickly pinpoint the expenses that can be cut.
Knowing your expenses and how they work as tax deductions is a competitive edge you can gain right now. Figuring out a budget for your monthly expenses is going to help keep you turning a greater profit than the year before. TruckLogics has every feature you need to keep your business moving forward into the future. Contact the TruckLogics Crew today and join the revolution of trucking management via phone: 704-234-6946 or email: [email protected].
For more on expense management with TruckLogics, check out these blogs:
Business Management Breakdown: Zen and the Art of Expense Tracking