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Managing finance and accounting standards are vital for the success of any business. However, when it comes to the freight and logistics industry, the accounting process can be challenging due to fluctuating oil prices that indirectly reflect the shipping rates.
Given the global nature of business, it is essential to implement a cloud-based accounting management software that can be used from anywhere and ensures stable cash flow and clear transparency of all the finances.
Maintaining a high level of accounting standards allows freight forwarders to overcome the accounting challenges without it impacting the revenue generating efforts and net earnings.
Ensures Complete Financial Control and Visibility
An acounting software allows freight forwarders to manage and control their finances with ease. Freight forwarders can gain easy access to all their accounting, and financial data in one place. They can view and approve bills and invoices, set approval workflows, manage costs, margins and multiple currencies - in a single platform.
Improved General Ledger Capability
A well-designed and a well- optimizsed GAAP Compliant Accounting Software helps Freight Forwarders analyze their financial performance while simplifying complex tasks and even automating the repetitive ones. These software also facilitate the management of Accounts Payables, Accounts Receivables, Ledgers, Invoices with detailed intricate reports allowing freight forwarders to gain a better insight into their accounting operations.
Increases Accounting Accuracy
Freight Forwarders carry out numerous shipments throughout the year. There is a large amount of shipments financial data that must be processed and recorded accurately. Errors finances can result in losses or even penalties. A cloud based accounting software like Shipthis facilitates data input, automates manual tasks and can be connected with other systems to ensure data accuracy.
Provides Detailed and Accurate Reports
A Freight Accounting software like Shipthis gives you greater visibility into your financial health. It allows you to quickly generate pre-built and customized reports to check and manage your organizations financial condition and cash-flow.. With these reports, freight forwarders can search, sort and select specific details to quickly view the information and make better business decisions.
Streamlines Tax Procedures
Filing taxes is a complex process, requiring business owners to keep a track of every business transaction. With the Shipthis freight accounting software, freight forwarders can easily manage all tax information and data, seamlessly, creating and sending tax calculated invoices, determining tax liability, and instantly generating return reports.