Tags: P&L Statement, Profit & Loss Statement, Trucking Business
I'm big on calculation, stats, and statements. I believe you need to know the costs associated with making your business work. Profit & Loss statements or P&L statements are of utmost importance in the trucking industry because of the extremely variable nature of our business.
Diesel is a big expense and the cost varies. IFTA is based on miles calculation and state fuel tax rates. Putting on miles means increasing exposure to insurance claims and other operating hazards. In addition to all of this, the trucking business is affected by the general state of the U.S. economy.
In this post I want to show you what you need to build your very own Profit & Loss statement. This can be done in Excel or if you don't have Excel you can also do the same thing for free at https://docs.google.com/spreadsheets/u/0/ if you have a Google account.