Bookkeeping for Logistics Companies
Automating financial processes (e.g., linking accounting software to your bank account)
Categorizing vendor receipts, revenue, and liabilities
- Categorizing credit card transactions
- Categorizing bank transactions
- Financial clean-up of income statements and balance sheets specific to logistics operations
- Accounting for Logistics
- Financial statement preparation
- Financial analysis for logistics companies
- Journal entries and reconciliations
- Fixed asset management, including schedule maintenance and depreciation relevant to logistics assets
- Recording loans, prepaid assets, inventory balances, and more, with a focus on logistics needs
- Accounting for insurance expenses
- Accounting for tariffs and shipping expenses
- Payroll Management
- Payroll processing for logistics staff
- Payroll recalculation ensuring accuracy before remittance and posting
- Payroll journal entries
- Foreign currency transaction journal entries as needed
- Recording commission expenses and revenues for logistics professionals
- Systems implementation and improvement
- Full-Cycle Accounts Payable
- Creating and managing vendor bills in accounting software for logistics services
- Gathering and paying vendor invoices for logistics companies
- Setting up and applying ACH payments to vendors
- Paying vendors, including via checks and ACH
- Accounts payable reconciliation specific to logistics accounting
- Full-Cycle Accounts Receivable
- Creating customer invoices in customer accounting software
- Mailing/emailing customer invoices and statements to clients
- Accounts receivable reconciliation with a focus on logistics services
- Recording unearned revenue and applying payments to Accounts receivable bills
- Tracking and presenting aging of accounts receivable reports
- Customized Excel Templates for Logistics Operations
- Tracking billable hours to clients
- Specialized Services for Logistics Companies
- Organizing chart of accounts specific to logistics operations
- Creating custom financial reports and analyzing business data for logistics companies
- Retirement accounting for logistics professionals
- Developing and tracking KPIs tailored to logistics services
- Managing specialized niche services and ad-hoc assignments for logistics companies
- Tax services, including sales and use tax filings and payments
- Ensuring compliance with all accounting standards
- Understanding and supporting the transportation, warehousing, inventory management, and distribution tracking aspects of your business
- Accurately tracking expenses such as freight charges, fuel costs, warehouse storage fees, labor costs, and customs duties associated with moving goods
- Providing claims management accounting to account for any damage or loss during transportation and managing related insurance claims
- Calculating the true cost of delivery to customers by considering all logistics expenses, enabling accurate pricing strategies
- Generating financial reports that provide insights into key performance indicators (KPIs) like delivery times, cost per shipment, and warehouse utilization
- Purchase order management
Specific Challenges in Logistics Accounting:
- Complex Cost Structures: Dealing with fluctuating fuel costs, variable transportation rates, and diverse shipping methods.
- Large Transaction Volumes: Managing a high number of individual shipments and related invoices.
- Cross-Border Transactions: Accounting for international regulations and currency fluctuations when operating in multiple countries.
- Familiarity with Shipping Terms: Ensuring all logistics and shipping terminology is accurately understood and applied in financial operations.