Owning The Wheel - Truckers' Trucking Forum

rookietrucker · **^ Top** #1 08.19.2009

Owning The Wheel: Balance sheets and P&Ls

Quote:

Accounting seems to baffle many people but it’s actually very simple.

One of the keys of success as an owner-operator is knowing your bottom line. Armed with your actual cost per mile you’ll know when a load is paying you and just as importantly when you’re paying to haul the load. With a slow economy comes a drop in available freight and as the amount of freight drops, the number of available trucks goes up.

The reason this surplus of trucks drives rates down is that many of these owners and small companies don’t know what their bottom line is so they drop their prices to the point where they actually paying the company to haul their freight for them. So this article is the first in a short series designed to give you the knowledge you need to be able to calculate your bottom line and manage your business.

more here>> Owning The Wheel: Balance sheets and P&Ls

YETI1 · **^ Top** #2 08.19.2009

education is preferable, to the school of hard knocks!

misterG · **^ Top** #3 08.20.2009

Even with this knowledge available, how many drivers will pay attention. Especially the young L\O out there, who think they know better.

rookietrucker · **^ Top** #4 09.16.2009

Owning The Wheel: Understanding P&L vs. balance sheets

Quote:

When you make a payment on your truck there are two parts to the payment: the interest (which is an expense) and the principal which reduces the amount of the liability.

Last month we talked about the two accounting forms that you need to keep a set of books for your business. If you still have last month’s issue, go back and read it over again as a refresher before you start on this month’s installment.

We left off last month discussing the Balance Sheet and the difference between how an asset is reported and the actual amount you spend paying off your debt for that asset. We’ll pick up where that discussion left off.

more here>> Owning The Wheel: Understanding P&L vs. balance sheets

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