Transportation and logistics are industries and fields with high growth rates. Businesses provide complete service packages such as transporting goods from the place of production to the point of sale, or single services such as customs clearance, delivery, receipt of goods, warehousing, etc. To effectively control costs and cash flow in and out of transportation businesses, businesses need to apply professional accounting software during operations. Software is a tool to help businesses maximize profits, reduce costs, save resources, and improve work efficiency.
Characteristics of transportation and logistics businesses
Transportation, logistics, and warehousing businesses have their own unique characteristics compared to regular businesses. Specifically:
For transportation businesses
Transport businesses need to be flexible and responsive because they always have to face continuous fluctuations in the market and customer requirements. Transportation businesses must maintain an effective transportation system and means to ensure that goods are transported to the right location and time.
Logistics service businesses
For logistics businesses, supply chain management plays an important role. The service includes monitoring and managing stages from production to distribution. Logistics businesses face many challenges such as price fluctuations, goods security, and risks during transportation.
Warehouse businesses
Warehouse businesses face the issue of inventory management, optimizing storage space, and efficient handling of goods. In the process of warehouse management, businesses must pay attention to labor safety, preserving goods according to requirements and accurately.
Accounting operations in transportation, logistics, and warehousing businesses
Transportation, logistics, and warehousing businesses have complex operations, with many different types of services and operations. Therefore, accounting work also has its own characteristics compared to businesses in other fields. Below are the tasks that accountants of transport, logistics and warehouse businesses perform.
- Record revenue from transportation, logistics, and warehousing activities.
- Classify revenue by service type.
- Create invoices and documents according to regulations.
- Record and track expenses related to transportation, logistics, and warehousing activities.
- Classify expenses by type and purpose.
- Calculate transportation costs, logistics service prices, and warehousing prices.
- Record and manage fixed assets of the enterprise such as vehicles, machinery, equipment, warehouses, etc.
- Calculate depreciation of fixed assets.
- Record and pay salaries to employees.
- Calculate social insurance, health insurance, unemployment insurance for employees.
- Record import and export of goods to warehouse.
- Manage inventory of goods.
- Price goods according to appropriate methods.
- Declare and pay taxes according to the provisions of law.
- Solve tax-related issues.
In addition to the above tasks, accountants of transportation, logistics, and warehouse enterprises also have to perform daily accounting tasks, bank accounting, financial reporting, etc. With a large amount of work, high complexity, and new developments, accountants will encounter many difficulties and errors.
Difficulties of accounting in transportation, logistics, and warehouse enterprises
Accountants in transportation, logistics, and warehouse management enterprises often encounter a number of errors.
Common errors are missing documents such as invoices, delivery notes, and warehouse receipts. This can make it difficult to track and check transactions. Many accountants who do not have a good grasp of their expertise and skills can misjudge inventory values and inaccurate information in the balance sheet.
Failure to update information regularly can lead to loss of goods, loss of assets, damage, affecting the accounting table and financial results.
Accountants in enterprises must regularly update tax regulations related to the transportation and logistics industries. If not clearly understanding and complying with tax regulations, accountants will make mistakes in calculating and reporting taxes.
Inaccurate debt management causes cash flow risks and affects business profits.
For warehouse management, the lack of synchronization between the accounting system and the management system can lead to errors in updating data and information.
Not regularly signing internal checks and assessments to promptly detect accounting problems and make necessary adjustments.
Accounting software solutions for transportation and logistics businesses
Transportation, logistics, and warehouse businesses face many challenges in financial and accounting management due to their complexity, diversity, and involvement in many different countries. Understanding the needs of businesses, ADSMO has designed and developed specialized accounting software for the industry to help transport businesses solve the problem of effective financial and accounting management.
The software is designed to automate accounting operations, from accounting for revenue, expenses, fixed assets, salaries, inventories, debts, etc., helping to save time, resources, improve efficiency and ensure compliance with the law for businesses. The software’s specialized features support businesses in effectively managing costs, tracking and allocating costs by vehicle, route, project, warehouse, etc., helping to effectively control costs. In addition, the software supports professional warehouse management, tracking import and export activities, inventory by shipment, expiry date, etc., ensuring effective inventory management and optimizing warehouse usage.
The highlight of ADSMO accounting software is the ability to build financial reports according to legal regulations, helping businesses grasp the accurate financial situation to serve management work and make the right business decisions. ADSMO’s professional accounting section is the key to helping transportation, logistics, and warehouse businesses effectively manage finance and accounting, enhance competitive advantage, and develop sustainably.
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