Trucking finance, explained
Plain-language guides to invoicing loads, settling with drivers, IFTA, GST/HST, factoring and closing the books, written for carriers and the people who keep their accounts.
- Invoicing
- Settlements
- IFTA & fuel
- Factoring
- Sales tax
- Payments
- Bookkeeping
- Profitability
- Receivables
Invoicing
How to invoice a trucking load so it gets paid the first time
A freight invoice is short, but a missing reference number or proof of delivery can hold it for weeks. Here is what to put on it, what to send with it and when.
Settlements
How to build a driver settlement statement drivers can check line by line
A settlement statement turns a week of loads into pay. Done well, a driver can follow every number from the load to the cheque. Here is what goes on it for company drivers and owner-operators, in what order, and what to keep afterwards.
IFTA & fuel
The IFTA quarterly return, explained for carriers
IFTA lets one licence cover fuel tax in every member jurisdiction, but only if your miles and fuel receipts hold up. Here is who needs it, what to keep and how the quarterly numbers are worked out.
Factoring
Freight factoring explained: what you get, what it costs, how to book it
Factoring turns a delivered load into cash in a day or two instead of a month or more. It is a useful tool, but only if you understand the reserve, the fee and the paperwork that comes with it.
Sales tax
GST/HST for trucking companies: a practical guide for Canadian carriers
Freight has its own sales tax rules. The rate follows the destination, cross-border moves are usually zero-rated, and the tax on your fuel and repairs comes back as input tax credits if your records are right.
Payments
CPA-005 EFT files, explained for carriers who pay by bank file
Paying owner-operators and vendors with one bank file instead of a stack of cheques is mostly a setup job. Here is what the Payments Canada standard asks for, what your bank needs from you and what makes a file bounce.
Bookkeeping
A practical chart of accounts for a trucking company
Generic accounting templates were built for shops and offices. A trucking company needs accounts for fuel surcharge, owner-operator settlements, escrow, tires and permits, and a way to see what each mile really costs.
Profitability
How to calculate your trucking cost per mile and use it to choose loads
Cost per mile is the one number that tells you whether a rate pays. It takes an afternoon to work out from last month’s costs and miles, and it changes how you quote, which loads you take and which trucks you keep.
Bookkeeping
A month-end close checklist for trucking companies
Closing the month means every load is billed, every cost is recorded and the bank agrees with the books, then nobody changes the numbers afterwards. Here is the order that works for a carrier, and what changes at year end.
Receivables
Getting paid faster on freight receivables
Most late freight payments are not disputes. They are invoices sent late, paperwork that does not match, or nobody asking. A few habits, done every week, take days off the wait.
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