Transportation accounting is an industry that is multifaceted and crucial. It’s a field that includes monitoring freight costs, freight payment benefits, freight invoices, expected costs, invoice consolidation, and so much more.
Naturally, as a company utilizing transportation grows larger, freight costs will also go up. It’s crucial to keep track of these costs to analyze if there is a particular pattern or predictability to the numbers. If, for example, you notice spikes in freight costs, it’s important to notice this early so that it doesn’t cut into your profits. This is where an experienced accountant becomes invaluable
to the process.
Components of Transportation Accounting
Having an insider’s knowledge and experience with the transportation industry and its accounting and finance departments is imperative for a consultant, controller, or CFO. This ensures that processes are efficient, errors are minimized, and costs stay strategically low.
There are several crucial components of transportation accounting, including freight costs, invoices, invoice auditing, freight payment, and invoice consolidation. Although they might sound intimidating to the layman, sitting down with an accountant can provide invaluable insight into these processes.
We excel in assisting clients with general financial help, such as by analyzing accounts receivable, accounts payable, and competitors in your market. For more information about the specifics of taxes in transportation, contact Atherton & Associates, LLP.