Anybody who has ever been involved in the sharemarket must be aware of how much a broker charges per transaction. The law states that the investor must pay a percentage to the broker for every transaction, even if it is a loss. The brokerage fee is the commission the broker charges the investor. Brokerage fees can result in a significant loss of profits for investors. Many brokerage firms offer trading accounts with low brokerage fees to help solve this problem.Read More
Significance Of Low Brokerage Trading Account:
Low brokerage trading accounts are those that charge a minimal brokerage fee. This brokerage fee is the lowest in the share market. There are many online brokerage firms that offer lower brokerage fees than the traditional brokerage firms. You don’t have to pay higher commissions for your transactions by opening a low brokerage account. This is a far better deal than the current system that pays a predetermined percentage of the profits.
There is a difference between low brokerage trading accounts and commission-based trading accounts
A commission-based trading account will likely cost you more than a flat fee if you trade. Because the commission rate is often very high, this is why you will pay more to your broker.
You might buy 500 shares of a company at 500 per share through a commission-based higher leverage brokers trading platform. Let’s say that the commission rate is 0.5%. This means that you will have to pay 2500 regardless of whether you make a profit. It either decreases or increases your profit by 2500.
If you buy 500 shares of a company at 500 each, and use a low brokerage trading account that charges a flat rate 10 per transaction, this would be an example. You can only pay 10 instead of 2500 regardless of whether you make profit or lose money.
The transaction size will determine the brokerage amount. The commission will increase the larger the order, the lower the commission. However, a low brokerage trading account only requires a flat rate 10 to be paid regardless of the size of the transaction.
What Are The Advantages of a Low-Brokerage Trading Account?
A low brokerage trading account has the greatest benefit: you pay a flat rate and not huge commissions from your profits. You will also not feel stressed if there is a loss in a transaction. You don’t have to calculate the commission if you are able to successfully complete a deal.
How to Open a Low Brokerage Trading Account
There are many reliable brokerage firms that offer low brokerage trading accounts. You can compare the experience and fees of different brokerage firms to ensure you make the best decision. After you have chosen and hired a brokerage agency, you will need to complete a form to open a low brokerage account. You must also attach any documents like proof of identity or proof of address. Once you have completed all the necessary formalities, trading in the sharemarket is possible without paying excessive commissions to forex brokers low commission. You should only open a brokerage account through a firm that charges the lowest fees in the market.
If you are a fleet manager or a truck driver then you have to calculate IFTA fuel taxes by yourself. This can be very difficult and time consuming work for you. It doesn’t matter how many times you had filed your taxes earlier, there are some easy steps you can follow to do this IFTA mileage calculator easily.Read More
Step 1: Record Your IFTA Mileage
This is the most difficult and time consuming step of the IFTA calculations. There are three steps to calculate your mileage.
This method requires you to have a pen, paper and calculator ready in your hand.
You have to note down a lot of numbers and do a lot of calculations. Every time you enter a state, you have to note down the odometer reading and also when you exit the state, you have to record the reading again. This will give you the number of miles you drove in a state. Miles driven in a state = odometer reading after exiting the state – odometer reading at the entry point. Once you have the total number of miles driven in each state for the quarter, then you can add all them together to get the total number of miles driven in a quarter.
- By Trip Calculator
If you don’t want to note down your odometer reading every time you enter a state, then you can use a free ifta mileage calculator tool to estimate your miles. In this method, you have to enter your starting point and end point of the journey. Then the trip calculator estimates your miles for you. Now you have the data for one state, similarly you can collect the miles travelled in all the states. Therefore by adding all the miles driven in the quarter will give you the total miles for the quarter.
- By IFTA Automation Software
With the help of IFTA miles automation software, you can record your miles driven in a particular state automatically. Therefore it is the easiest method of them all. It can give you the total number of miles driven in each state and the total miles for the quarter with a click of a button.
The manual and the truck mileage calculator methods are very time consuming and there is a great risk of human error involved with them. Compared to them, IFTA calculator software can do all the calculations in a few minutes with great accuracy. If you operate a large fleet, you simply cannot use the first two methods as they are not a viable option. For a large fleet, you can calculate all the data in a couple of minutes with the help of an automation tool.
Step 2: Fuel Purchase Receipt
To calculate the IFTA fuel tax, you just need to add the number of gallons of fuel you purchased in a particular state. Therefore, it is very necessary to maintain each and every fuel receipt. It is also very important to include all the states you traveled to even though you didn’t buy any fuel from any particular state, because the ifta fuel tax calculator still is calculated for that state.
First you have to calculate the fuel mileage by simply dividing the total number of miles driven by the total gallons of fuel purchased with the help of a free mileage calculator. Fuel mileage = total miles / total gallons of fuel
Once you have the fuel mileage, now you can find the amount of fuel used in any particular state.
Fuel used in the state = total miles driven the state / fuel mileage
Now, you can calculate the total IFTA tax for each state. To calculate the IFTA tax for any state, first you need to know the tax rate for that state. Then you can multiply the tax rate to the number of miles driven in that state.
Fuel tax for the state = tax rate of the state multiply by fuel used in that state
Step 3: Total Fuel Tax Owed To The States
In the second step, you can find out the fuel tax calculator for each state, hence you are able to find out the amount of tax you owe to each state. The amount of fuel tax owed to each state is equal to the fuel tax required for the state minus the fuel tax you already paid to the state. This number can be negative, which simply means that you have paid more tax to the state than you actually burn the fuel in the state. Now you can find the total tax owed to all the states by adding the individual tax owed to each state including the negative values.
Step 4: File Your Tax Return
This is the final step of the process. Each state has some type of online portal to file your taxes. Since you have all the information you need to file your IFTA tax, you can simply use the online portal or you can file it by paper.
You have to file your IFTA tax quarterly. If you follow all these steps to record your IFTA tax using the ifta tax calculator, you will find it easy to calculate and file your IFTA tax.
With the introduction of highway use tax and the ever rising cost of New York state tolls, it has become very costly to drive through New York state. NYC mayor and NY state governor has introduced a 10 point plan to improve the condition of roads, subways and trains statewide. One of them is the Metropolitan Transportation Authority (MTA) board approval of fair and toll upsurge statewide.
A 4-axle truck crossing a NYC bridge like the Throgs neck bridge connecting Bronx to Queens with the E-Z pass now costs $23.16, and without E-Zpass it will cost $39.12. That is a huge raise from the previous arrangements. Moreover if you are driving down your truck in Manhattan below 60th street then on top of other bridge tolls you also have to pay the congestion surcharges. Trucks have to pay around $25 to drive below 60th street. Government is planning to raise around $1 billion annually via this strategy to improve public transportation. The drivers will be charged only once in a day to drive in Manhattan but these charges do not include FDR and West side highway.
Highway Use Tax Or HUT
New York state introduces a NYS highway use tax on the truckers operating on NY state highways. This tax does not include the toll paid portion of the weight distance new york(ny). The amount of taxtation solely depends on the weight of the vehicle.
HUT Registration And Decals
New York state asks you to obtain a certificate of registration and decal of HUT for each vehicle subject to the highway use tax before operating on the NY state public highways. You have to get two types of registration before driving in NY state.
Any truck or tractor with gross weight more than 18000 pounds needs to get a highway use tax registration certificate.
- An auto fuel carrier certificate is needed for transporting automobile fuel.
To get HUT registration and decals, you need to file a couple of forms online.
this form is for new account application of ny highway use tax web fileand automotive fuel carrier.
TMT-1 : this form is for HUT and AFC registration and decals.
NY state offers one point contact to get all the HUT and AFC credentials over the internet. Once you have your new HUT account setup, you can avail many services over the internet.
There are some who sometimes drive a motor vehicle in New York state, they don’t have to get the HUT registration and decals. They can simply get the trip certificate of registration.
Vehicles Excluded And Exempted From HUT
There are various types of vehicles excluded and exempted from the highway use tax.
Excluded Vehicles :
Omnibus of the US and NY state department of transportation, power shovels, road building machines, road roller, road sweeper, sand spreader, snow plow, tractor crane, truck crane and well driller etc are the vehicles excluded from the New York highway use tax.
Exempted Vehicles :
Exempted vehicles need to be used solely for the purpose of the exemption activity. If you ever use an exempt vehicle for non exempt activity then you have to file for the registration first. Exempt list of vehicles include the NY state mail vehicles, the vehicles which are under the control of US and NY state government, farming vehicles, household goods movers, fire company vehicles, recreational vehicles and all the vehicles with gross weight of 18000 pounds or less.
How To File Your Highway Use Tax
Once you obtain a certificate of registration then you need to file your highway use tax return. Even if there is no tax due or if it will be paid by others, you still have to file your HUT return. There are two ways to file your HUT return.
- NY Highway use tax web file
- HUT file by mail
How To Determine Your HUT
The NY state highway use tax calculator is clearly based on the miles traveled on the NY state public highways. These miles exclude the toll paid out of portions of the highway and the rate of tax is dependent on the load of the vehicle.
For the first return of the financial year, you need to select a method out of the gross weight method or the unloaded weight method in order to calculate the ny hut renewal.
After selecting the method, you cannot change it the whole year for filing your ny hut temporary permit and you must use it for filing your ny hut login for all the vehicles.
Keep All The Record
Every company needs to keep all the daily records of miles travelled in the NY state by each vehicle with a certificate of ny hut registration.
NY tolls and highway tax are major contributors to the proper management of the NY state highways.
The entire process of transportation of goods from one place to another is called freight management. It covers the wide areas starting from loading of goods or commodities from the doorstep or warehouse of the client, its storage and finally dispatch and delivery of the same at the right place at the right time in a very cost effective way. Freight management requires a great amount of coordination among all the different parties involved like freight management companies, distributors, storage managers, vendors and finally shippers. It also covers the monitoring of the goods at every level.
Freight Management and Its Specifications
Freight management integrates the whole process of receiving goods, storing them properly, distributing and monitoring them at every step to make sure you deliver the goods in the most efficient way possible for your client. It is not a simple process, as there are various players involved at every level. Coordination is required at every level to stay ahead of the competition in this very competitive market. There are few key points to keep in mind while managing freights.
Freight management should be flexible in terms of what kind of commodities you can transport. Fragile items, high value goods, sensitive goods or live animals must be handled with utmost care.
2. Route Knowledge
This comes with experience but still you require a decent knowledge before you even think of starting your own freight business. Success of freight management depends on the fastest and the safest route optimization knowledge.
3. Negotiation Skill
At every step in freight management, you have to negotiate the price. Starting from the client to the various vendors and shippers involved in the process, negotiation is the key to get the best price. It is a very competitive business, so to stay on top of your game, you need to continuously negotiate the price to provide better services to your client at the best price.
4. Account and Claim Management
Ultimately all the businesses desire for profits, therefore you have to do accounting and auditing of each and every job. This provides you with an idea of profit and loss if any. You also need to have a robust claim management system in place to ensure the clients are able to claim their lost or damaged goods whenever needed.
5. Storage and Distribution Management
Effective storage and distribution management can help in a great way for better freight management. Handling organized packages properly throughout the process is the key for freight management.
6. Managing Relations With All the Carriers and Vendors
Maintaining relationships in a supply chain is very important. Good relations can help you beat your competition. You can provide better service at the best price to your clients.
7. Integrate Latest Software
To manage all the freight management processes, you can integrate the latest software available in the market into your existing systems to manage all the work automatically without any manual or human intervention.
Different People Involved in the Freight Management
There are three types of transportations involved in freight management. All the three types have certain common players.
- By sea route transportation: In this way of transportation, the parties involved are shipowners, boat owners, traders, shipping agencies and shipping authorities.
- By rail and road transportation: This involves transportation carriers, truck operators, carrying and forwarding agents.
- By air transportation: It involves sales agencies, shippers, air authorities, and air freight specialists.
Methods Involved to Improve Freight Management
- To optimize freight management, you can take various steps or employ different methods.
Effective tracing system: By using an effective tracking system, you can empower your clients to track their shipment properly. This will help you gain their trust and ultimately more business.
- Latest handling machines: By using the latest machines to handle loading, unloading and management of goods will definitely improve the freight management.
- Latest software: By using the latest management software, you can improve all aspects of freight management. You can track, dispatch and deliver the goods more efficiently with the help of it.
- Tariff and government authority management: Complying with the legal requirements and tariff knowledge at first hand is very important for better freight management.
Managing cargo business is not such a simple affair. But with experience and over time you are able to improve. You need to focus on communication, proper packaging and high quality of people management. Effective tracking and competitive pricing can go a long way for better freight management.
Managing a fleet comes with many challenges. But, this can be done efficiently with the help of the right software. There are certain simple to use tools that are considered the best when it comes to fleet management. The right software can save you a lot of money and effort. With that, even the most complicated problem can become easy to solve. Here are discussed the top fleet management and trucking solutions that one can use to make their business more efficient.Read More
Axon Dispatch System:
Gone are the days when the managers had to call drivers every hour to know their status and location. The innovative technology of dispatch software has changed things for good. A trucking dispatch software is a cloud based technology that allows users to manage their fleet even when they are traveling or resting. The software is a combination of electronic gadgets in the trucks and the dispatch software in the office. The dispatch software keeps track of every truck using GPS so they never get lost. There are many truck dispatch software available for free download. These are particularly small trucking company dispatch solutions.
Axon is a trusted truck dispatch software to drive your business forward. The software is primarily focused on visualizing the fleet. It is the best dispatch software for small trucking companies. With this trucking software, you can easily calculate trip distance and reduce empty miles. This eventually helps you to execute strict delivery schedules. This truck dispatch system was crafted keeping in mind all the aspects of trucking business and allows managers to stay on top. It is considered the best trucking dispatch software and has been around since 1982. This software for dispatching comes with an easy-to-use mobile app that helps in fuel management.
Many truckers are confused regarding the meaning and scope of IFTA. So, what is IFTA exactly? IFTA stands for International Fuel Tax Agreement. Through this Act, member jurisdictions collaborate to collect and regulate motor fuel taxes. The objective of IFTA is to simplify the fuel tax reporting and maintain only a single fuel use licens fuel taxese for interstate carriers and administer one base jurisdiction for each license holder. IFTA makes it easy to file taxes as the tax payers only have to create one report that has records of all the member jurisdictions.
Do You Need IFTA For Intrastate?
The 48 US States and 10 Canadian Provinces are known to be the members of IFTA. The others are known as non IFTA jurisdictions which include Alaska, Hawaii, District of Columbia, Yukon Territory, Northwest Territory, Nunavut, and Mexico. When filing IFTA reports, miles driven in these jurisdictions are recorded as non-IFTA state miles. An IFTA calculator can easily help you know all about the IFTA miles, non-IFTA miles, and non-taxable miles during the quarter.
What Is An IFTA Number?
Obtaining IFTA license number and IFTA stickers are important steps for owner operators. One can apply for an IFTA license in the base state. IFTA forms can be found online for this purpose.
“Life on the road can be one of two things. If you are flexible–able to adapt and change to new situations and events–truck driving means constant adventure.” – Connor Syrewicz
What Is An IFTA Sticker?
Once your application is processed, IFTA authority issues IFTA stickers for the current year which you need to display on both the sides of your truck.
How To File IFTA Taxes?
Although it might seem easy, IFTA reporting can take a lot of time and effort if done manually. One has to keep in mind the current IFTA rates, exemptions, deadlines and penalties when computing IFTA tax. This can be very burdensome for an ordinary trucker and hiring someone to help them is something very expensive. In such a case, it is a cost-effective decision to invest in a reliable IFTA software or opt for IFTA online services that can help you simplify the IFTA reporting.
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eTrucks is one such program in the market today that has been specifically designed to help the truckers comply with all the IFTA regulations. The software is known to be the fastest and most accurate solution for all your IFTA needs. Moreover, the software comes with a 31 day free trial. The software comes in three different packages according to the user’s needs and budget. Hence, if IFTA deadlines are scary for you, eTrucks is the best application you must try out.
TMSEZ is a trucking billing software that consists of all the basic modules to run the trucking business efficiently. The standard features includes loads, billing and invoicing, driver settlement, trucks and driver management, customer support, scanning, and tracking. One can also request additional modules at a mere added monthly fee. One can seamlessly integrate the software with significant trucking billing software such as Quickbooks, Adagio and Microsoft Dynamics. Both the drivers and dispatchers can communicate in real time and obtain signatures digitally using TMSEZ. The software can identify any billing error instantly and create inventory reports without any hassle.
Business accounting is a comprehensive area and managing it manually can take a lot of time. That is why most of the managers prefer to automate their accounting operations so that they can get more time for other significant operations. When you select the best truck accounting software, it becomes easy to manage load, expenses and receivables. It can also make it seamless to bill customers, pay drivers and file IFTA reports. It will also provide you with detailed information about trips and mileage irrespective whether you are an owner-operator or a huge trucking business.
If you want to gain complete gain over your trucking business, Rigbooks is a perfect choice. It can create P/L reports, expense reports and fuel mileage reports at your fingertips. Within a few weeks of tracking your business, you will be able to get a crystal clear picture of your business and can make strategic decisions effectively. It will keep you updated about your load costs and can bill by the mile, item, lump sum, or by weight. You can even record the bill you found behind the seat and it will automatically get to the right place.
When it comes to upstream oil and gas software, nothing can beat Axon oilfield software. It is the best oil and gas data management software which is integrated in real time. This means any oil field information you enter into the system, updates all other platforms including dispatch, billing, accounting, driver pay, fuel management and fleet maintenance. Although there are many oilfield software companies claiming to be the best, Axon is a trusted brand in the oil and gas software market. Their oilfield solution is suitable for oilfield trucking, well servicing, water hauling and crane movers. So, get paid faster, keep customers happy, and reduce your stress with the best oilfield software.
Transport management software can be used to support all types of businesses and offers many features to the same. However, it is important to remember several things when purchasing a TMS. First, make sure the system supports multiple devices. Transport management software has some standard features such as user-friendliness and time-saving. It also helps in tracking and tracing workers, vehicles, and equipment. Contact your service provider to determine if your transport management software allows you to make changes between delivery and shipping.
Good transport management software allows businesses the ability to store their records digitally. This allows you to save time and eliminate the need to hire additional staff to create documents. TMS gives the owner complete control over the business. Companies can discuss their requirements with their software provider to determine if that particular software is right for them. Many TMS software solutions can generate invoices automatically that are free from errors and allow you to file tax reports without any problems. Transport management software is a great tool that allows companies to have all necessary information in their hands with full accessibility. All business sizes and types can use TMS. Whether you’re a small, medium, or large company, you can reach out to your software provider to find the right software for you.
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Transport management systems provide error-free reports, vehicle management features, and the ability to find and compare the shortest routes. TMS can be used by businesses to identify potential problems and to take steps to fix them. You can issue instant alerts and receive updates on the status of work performed daily, weekly, or monthly through a TMS. Transport management software allows shippers to improve customer satisfaction and track driver deliveries.
Importance of transport management software
As the name implies, transportation management software is a program that lets transportation companies organize and track their deliveries to keep records. The software speeds up the supply chain and records precise information in a computerized form about the distance traveled, the number of goods delivered, and fuel consumption. The information it stores allows freight companies to know their costs and whether the goods are delivered to customers timely or not. The software that handles transport will enable companies to develop effective strategies and select the most efficient route for their drivers. This is why TMS is the ideal logistics platform for people working in transport to schedule, plan and manage deliveries electronically to ensure they’re in compliance with the industry standards and have all necessary documentation.
With the data that this program provides, freight businesses are able to file tax reports on time. Fleet managers can see whether their fuel costs are high and can adjust their expenses to lower the amount. After monitoring the performance of their drivers, the managers can prepare a report about the driver’s performance and provide warnings to drivers who drive recklessly. TMS is a tool used by freight companies to track their employees, their goods and equipment, and safeguard themselves from potential damage. The software instantly alerts companies if someone is trying to break their security or if any driver isn’t sticking with the route.
“I don’t know the word ‘quit.’ Either I never did, or I have abolished it.” – Susan Butcher
Companies can use TMS to track inventory to control their logistics costs. It allows managers to track the raw materials and equipment and ensure that they are secure from thefts and damages. TMS assists you in managing your time and keeping your customers happy. TMS can be utilized by companies to improve their business operations and to keep track of all things. The software is easy to implement as well as lets users access the data from any location anytime.
Main features to expect in a TMS solution
Software for managing transportation can be used to plan and execute the physical movement of goods. This software can be used by any manufacturer, distributor, or third-party logistics provider. TMS solutions are made to streamline delivery processes. However, before you decide on any TMS solution, make sure it contains all the necessary features to help you accomplish your daily tasks effectively. First of all, check whether the TMS you opt to record the details of products in real-time by using the latest technological know-how. These critical data are distributed to distributors, customers and manufacturers. This data can be used to improve supply chain efficiency, resolve customer issues, and analyze financial performance. Be sure to use accurate software that can provide you with precise data collection.
The role of TMS is crucial in the case of a company that involves shipping dangerous products. A reliable TMS will assist you in shipping and delivering hazardous products by automatizing your audit process and making sure you adhere to all regulations. A good TMS system also keeps up with ever-changing trade agreements. It will conduct system checks and allow you to control overall operations. It allows you to track the delivery progress at each stage of delivery. A TMS also helps reduce your stack of paperwork by providing you with a platform to store all receipts and bills in a computerized format.
An efficient TMS can also aid you in analyzing your current business methods. It provides data that can help you make better decisions for your future business growth. A TMS ought to be able to record many transactions and save data from different resources. This can allow you to build computer models that predict the inefficiencies of supply chains. There are numerous things to take into consideration before purchasing a TMS. Before you purchase, make sure that the TMS is equipped with all the above-mentioned features.
Common issues a TMS can solve
Freight businesses can increase the effectiveness of their supply chains through the use of software for managing transportation operations. Having the right TMS gives transparency and improved communication for data collection and tax filing procedures. This allows companies to increase their efficiency at work and satisfy the needs of their customers. A reliable TMS will help you keep clear records of your business operations. If you have difficulty handling your day to day work processes and establishing communication with the customers, you should consider the advantage of TMS.
The transportation management software can be used on all devices and helps find the most efficient routes to reduce fuel costs. It is a tool for fleet professionals to monitor the drivers, vehicles, and gear. One of the most difficult issues businesses encounter is loading their vehicles to their maximum limit. A TMS aids them in streamlining their vehicle loading and collecting details of all their work operations. To assist you in analyzing and simplifying your data, you can make use of the TMS to aid in any problem. This can help you reduce your losses and handle emergencies without affecting the delivery or dispatch.
With the expansion of business comes the obligation of saving money and making savings on unnecessary expenses. It is possible to take advantage of transport management software to analyze your finances and build efficient strategies for saving money. This will help reduce time and money as well as make last-minute additions to the work process. Fleet supervisors can make use of this software to stay in touch with their shippers, delivery providers, carriers and workers. Communication is crucial to prevent confusion or errors. Transport management systems allow companies to provide better customer service and ensure that their customers are happy. A cloud-based transport management system (TMS) that supports all transport modes lets you optimize your deliveries, improve customer support, and grow your company.
Cloud-based TMS systems: how are they changing the future of freight?
New and innovative technologies have made it simpler for transport companies to perform their jobs and keep electronic records of each shipment. The most popular trucking company management software used by freight businesses includes transportation management software. It allows you to run your business efficiently and provides you with full control. The TMS is utilized by both large and small companies alike and allows the company to streamline its dispatch and delivery operations to satisfy the market’s needs. Companies don’t have to spend time making spreadsheets. They also can be sure to avoid critical errors which could result in losing their business with TMS. The user-friendly software allows users to get all the information at any time they require.
You can use transport management software to boost the speed of delivery and send multiple orders in a single day. The software lets managers instantly process all information and monitor the performance of their drivers. They can contact any driver who is not following the route or having difficulty making deliveries. This helps to know about obstacles and remove them. Businesses can utilize TMS for increased productivity and tracking delivery times.
This software allows companies to assess the effectiveness of their vehicles, machinery as well as gear. They can instantly change any gear that they believe isn’t working properly. You can ensure that you offer the best customer service by providing the ability to track your deliveries in real-time. Customer reviews are the pillar of any business. Positive word of mouth helps companies increase their customer base. With numerous software development firms working on bettering the technology behind TMS and investing in this software program can help freight businesses to get high yields in future. You can get automatic processing as well as auditing and technology for data transfer. Shortly, artificial intelligence and machine learning will be prominent in the logistics world.Read More
You need to keep your logistics optimised in order to prevent wastage of fuel customer dissatisfaction and poor performance. Route optimization is the fundamental element that is required by the majority of business entities. An effective and efficient route optimization software offers a cost-competent route that directly impacts the functioning of a business. Field service fleets must be provided with software that sustains business quality by nurturing the on-time delivery aspect. Furthermore, for field fleets, delivery management is highly crucial. Otherwise, the quality of business is affected to a significant extent.Read More
Understanding Route Optimization
It is an application or software which finds the optimum route for the drivers. This particular route is short and also does not involve a lot of costs. This directly influences the delivery capacity of the business entity. This superior technology is being used by the majority of large business hubs. Additionally, it serves some great benefits, which in turn makes it a must for business entities. The software offers a lot of information that is immensely relevant in the terms of business and its management.
Pros of Route Optimization
Delivering the Best Route
The route optimization application offers the best route to its users. Therefore, through moving on the available roads, a business achieves timeliness, and deliveries reach on time. In addition to this, such an application is of extreme importance to the field service fleets. The primary usage of these fleets is to deliver the products to the customers. When the products reach on time, enhanced customer satisfaction is achieved, an excellent skill for a business entity.
Reduced Fuel Consumption
When routes are planned automatically, the cost will reduce to a great extent. Furthermore, less distance will be travelled by the trucks, reducing fuel consumption on a daily volume. The maximum finances of a business are spent on fuel. It is a costly expense that the companies have to incur on a large scale. However, with the installation and implementation of route optimization software, a business can reduce its fuel consumption to a successful extent. When it comes to delivery, routes are already provided. This makes a huge difference in the fuel consumption of trucks. No extra cuts will be taken, no stops, exact directions, and everything will reduce fuel consumption.
The installation of route optimization software brings with it the benefit of reduced costs. The fuel is consumed less, and the drivers are also aware of their routes, which directly impacts a business entity’s costs. Thus, there is a significant reduction in costs. The initial use of route optimization software is to provide cost-efficient directions to truck drivers. The routes will be well-planned which will significantly reduce the costs spent by the small trucking business software entity on a particular project.
Supports Multi-Stop Delivery
The route optimization software offers a complete route plan regarding the place of delivery, estimated time, number of optimum stops to be taken, and a lot more. When such information is provided beforehand, the drivers do not get confused. They are already aware of the destination and in between stops. Additionally, they also know the route and can drive effortlessly, without any chaos. Talking about multi-stop delivery, a driver can easily take stops at different places. It also provides assistance when nearby deliveries are to be done.
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Approaches of Route Optimization
For better functioning, a business must know the accurate application of route optimization. Here are a few approaches that a company can adopt to get the best out of the software:
This strategy focuses on geographic locations. Under this, plans are made on an annual and semi-annual basis. This is among the most used methods in the majority of companies. Although, for this method to be successful, there is a requirement of consistency. In simple words, it requires drivers to follow the same rules and paths daily; otherwise, this method will fail.
This method involves setting up the plans daily. However, sometimes, there is the usage of old data and historical patterns. The significant benefit that one derives from this method is: one can make changes as and when needed or required. However, the static routing does not allow for any changes. Thus, this is a benefit in this case.
Real-Time Dynamic Routing
This method is quite similar to dynamic routing and has been extensively adopted from this. However, the central point of difference is it includes mapping on a routine basis.
Thus, route optimization is essential software that every fleet management company or business entity must use. However, before buying any optimization software, the company must ensure that the chosen software has all the features, specifications, and potential to complete the task on time. Talking about field service fleets, they will be most benefited from the introduction of route optimization software. The tasks will become simple, easy, and smooth.
Most of the working community often travel for business purposes and leave a substantial amount of money in terms of taxes on the table if they don’t log their business miles properly. One thing everyone needs to understand is that every mile travelled on business purposes is tax deductible. Each trip you take for business reasons offers you a chance to claim these miles as a business mileage.
The only hard part is how to track these miles accurately and without any difficulties. Previously it was done by manually logging the business miles for each trip and maintaining a log book in the vehicle all the time. But with the evolution of technology and softwares, now we have excellent tech solutions available at our disposal to do the miles tracking job for us in a more efficient way. These mileage trackers or miles tracking apps automatically record the miles travelled for business purposes.
Mileage Tracker’s Benefits
Before going too deep into the benefits of the miles tracker, let’s understand how one can claim their business miles as a tax deduction. There are two ways to claim your business mileage tax-deduction.
- IRS Standard Rate Deduction: This is the most convenient method for miles tax deduction. There is a fixed IRS rate for each business mile you travel. Once you have the number of business miles driven in a year, then you can multiply it with the IRS standard rate deduction and you will get the amount you save on taxes.
- Actual Expense Deduction: In this method you not only need the number of miles you drive on business but also need to calculate all your actual expenses related to your vehicle. Expenses like lease amount, fuel costs, insurance and maintenance all need to be calculated for the business miles you drove in the whole financial year. You can only claim the portion of these expenses according to your business miles.
You can choose any method whichever gives you the most return. Again the only issue remains is how to track and record these miles efficiently. Mileage tracker apps are the life saviour for the individuals who usually drive a lot of business miles. These apps not only log the miles but also create a record for the amount of fuel you used while on driving for business purposes. There are numerous other benefits of using a miles tracker app.
No More Guesswork
Without a miles tracker app, we need to maintain the log for each trip as accurately as possible. But there is no way to record the miles accurately and in some cases people lose their logbooks or fuel slips and use a lot of guesswork while filing their tax return. But with a miles tracking app you can officially say bye-bye to the uncertainty and guesswork. Miles tracker records every single mile automatically. It will record all the data and provide you an option to edit it whenever you want. Just make sure you buy the IRS compliant miles tracker, because it will provide you with an IRS compliant report.
Miles tracker apps can lift a huge amount of burden from your shoulders. The amount of time you have to spend calculating your business miles can be diverted to some other positive aspects of your business. Miles tracker apps automatically record all the miles and related data without mistakes. Therefore you don’t need to worry about any mistakes or errors.
A person with less administrative burden on his mind can do wonders with his business. Most of the time it is very painful to log each and every business mile and fuel expense for that trip. But with the help of a miles tracker app, there is no need to waste time doing calculations. Miles tracker app will do the work for you.
Video Credit – CanTrack Global Ltd
Easy to Use
Miles tracker apps are very easy to install and very easy to use. Once you have set up the app, then you can simply forget about it and your miles tracker will track and record each and every mile that you drive and at the end of each month or year you can print out an IRS compliant report.
How to Select a Miles Tracker for Your Company?
There are so many miles tracking apps available in the market. The biggest question arrives is, which one is the best for me. Before selecting an app for your company, make sure you select the app based on certain criteria.
- First thing to look for in a miles tracker app is that it must calculate everything automatically. This will save a lot of time and manual entries.
- Your miles tracker app should be able to keep all data safe and also provide an option to scan the fuel receipts and other documents for tax purposes and maintain them safely in their record.
- Your miles tracker app should be customizable. Always look for an app that allows itself to be customizable according to one’s requirement.
- Miles tracker app providers must also provide customer support in case of an issue. Always prefer the one that has some additional features.
Miles tracker apps are very helpful in claiming your business miles. These apps not only help you claim your business miles but also record all the data regarding your trips. This data will come handy in case of an IRS audit.
Forwarders or most commonly regarded as freight forwarders are largely found in the transport industry. These can be in the form of agencies, organizations, and people. It is a company or an individual who is responsible for carrying out the transportation of goods from one place to another on behalf of another party. He picks the products from the manufacturer and delivers them to the final destination. In general, the forwarders have contact with carriers so that products can be efficiently delivered from one place to another.Read More
As it is quite clear from the above paragraph that it is the forwarder who is responsible for the safe delivery of products. For this service, fees or one can say cost is also charged. Though the forwarders calculate their transport costs in a slightly different manner, here is how they calculate their costs:
Supplementary load, also regarded as additional load is the basic concept in freight forwarding. On a wide scale, people are familiar with this concept. It means that the vehicle is already in use but the whole space is not filled yet. In this situation, as the space is available, the vehicle can take some supplementary load with it. Though, this is a point to note, that additional load usually costs less than the primary load. To calculate the mileage of transport vehicles, miles calculator is a more effective tool.
But for a shipper or the other party, the situation is quite different. Every supplementary load is different from one another and thus things change from here only. The basic condition in this situation is that the route must be long so that the extra load can be unloaded in between. And the other thing is that the vehicle must have enough space so that the load can easily fit in. In case, if the load is not unloaded quickly, the costs can increase.
Less area refers to small or less distance. It is expected that as the distance is less, the transport cost will also be reduced. It could be called technically correct as calculation of transportation cost is largely done on the basis of kilometers. Thus, the basic simple rule is less distance, less transport cost. Though, this rule also holds some exceptions. For instance, the time taken to load and unload the goods is a major point of concern in short distances. Therefore, when it comes to short distances, the freight forwarder always has a predetermined price. It can also be called a minimum price that the other party has to pay irrespective of the kilometers traveled by truck.
Utilizing Gaps in the Best Possible Manner
Large and heavy goods that do not fit in the pallets of trucks also require transportation from one place to another. Thus, to solve this concern, the truck drivers majorly keep these kinds of products in between the other products. This is the best method to save cost. By doing so space is utilized in the best possible manner. Hence, one can get complete and efficient utilization as well as a return of the amount spent. The IFTA state mileage calculator helps to display the mileage by city to assist trucking business to figure out the miles per state.
Video Credit – AllTruckJobs.com
Though this idea seems good enough, the road freight system does not work this way. The goods that a truck is carrying must be properly secured so that the lives of other people and drivers are not at risk. In case, if the idea of gap utilization is being put into action, then it is necessary to secure the goods in the best possible method. Thus, there is no need to save space, but the actual need is to utilize the space in the right manner.
Factors Influencing the Costs
There are certain factors that largely and greatly influence the cost calculation method. These factors directly influence the shipping costs that are charged by freight forwarders. Factors are as follows:
Distance or Route
Distance is the basic factor that influences the shipping charges. Moreover, the charges are also calculated on the basis of kilometers that a truck is supposed to travel.
The time period in which the order is placed plays a significant role too. This is an external factor and encompasses facts like weather conditions, holidays, and other things.
Nature of Commodity
Nature of commodity refers to the kind of product that needs to be transported from one place to another. It can be liquid, solid, or powder form. For delivering these goods, specific transport vehicles are required.
Loading and Unloading
The point from where the products have to be loaded and the place where the products have to be unloaded are also necessary to consider. This can directly reduce or increase the expenses.
In the nutshell, one can say that freight forwarders have a wide variety of facts and things on the basis of which they can determine the shipping and transportation costs. Aside from this, there are certain factors too that directly contribute to the cost calculation process. Thus, one must understand all these things before hiring any freight forwarder agency or agent.
Once the products or the commodities are produced, they have to reach the ultimate consumer for consumption. Then only, the manufacturing and consumption process will complete. Therefore, the produced goods are taken to the sellers that are located in the market, so that sale of the particular product can be done. For this, goods are transported from one place to another in large quantities with the help of shipping software. To fulfill the objective of transportation, cargo services are used on a large scale.Read More
Losses are the part and parcel of business. One cannot totally remove them or can get rid of them, but it can only be reduced to some extent. Every business has some degree of risk. No business is risk-free. This is also true in the cargo business. There are many illustrations when the business has to suffer a loss due to faulty cargo. In this situation, the consignee or the shipper can demand the claim against the loss he suffered. Here is a list of five steps that are extremely useful in handling cargo claims and interests.
Testimonial Is a Must
The first and the basic step that an individual must take is to collect the relevant testimonials, i.e, the evidence. Evidence will prove the authentication of the situation. This is the basic thing that is required. In addition to that, in case the situation worsens and the matter is dragged to court, one can show the evidence he has collected over time.
Though it is a costly affair as well as time-consuming too, the collection and documentation of evidence make the process fast. For instance, documents such as landing bills, pictures of the product, and photographs of the damaged cargo are some of the crucial parts of evidence. These are an important aspect of the interests and claims. Once reliable evidence is provided, the speed of the process boosts up and a legal battle can be won easily.
Usually, the legal battle is a long battle that cannot be won without cooperation and assistance. Therefore, whenever an individual is appearing for such long legal voyages, he must get help from someone. The advice and suggestions must be taken from the right people. Many times, it has been seen that people alone, without much prior experience, just jump into the battle and often lose it.
The prime reason behind this is a lack of coordination, cooperation, and assistance. Just in case, if you do not have prior experience, then it is important and mandatory for you to get assistance from someone who has pretty good experience in the field. By this, cargo claims can be handled easily. The process will become smooth and clear decision-making can be done. In this field, one can seek the help and advice of professionals who spend years in the field of cargo damage.
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Understanding of the Law and Order
Before directly jumping into the sea of legal battle, it is advisable to understand the functioning of law and order in respect of the cargo’s loss prevention. By doing this, one will be able to understand the rights he possesses. In addition to that, proper and clear decisions can be made on this basis. Apart from that, future strategies can also be designed.
While dealing with the cargo claims it is important that an individual must know all the fundamental rights and laws regarding the cargo claims. One must know the exact dates and the expiry periods so that he can find a base to support the evidence that will be presented in the court.
A carrier is the other party who has the obligation to ship goods from one place to another. Thus, whenever an individual applies for the cargo claims, he must clearly understand his carrier, i.e, the other party.
The important information that an individual must know about the carrier is the shipper’s number, pro number, date of origin, cargo description, description of the commodity, and the delivery date. By this, the individual will understand his carrier, i.e, the other trucking fleet management is a better way. In addition to this, one must make sure that he has a complete record and documentation regarding the damaged cargo.
The claim must be collected on time. Time is the prime factor that must be considered while undergoing the cargo claim process. Cargo claims are subjected to the time bars. For instance, if your cargo or shipment got damaged a year ago, then there are chances that you will not receive any kind of claim. Thus, the exact time period must be considered. Apart from that, legal proceedings also take time to complete. One must have patience in the completion of the entire process.
In the nutshell, one can say that by following the above-mentioned tips, one can go through the cargo claim process efficiently and effectively.