Ultimate guide to Expense Management-Freight fast and save more

Ultimate guide to Expense Management-Freight fast and save more

A Journey Towards Paperless Freight
November, 17 2022 - 6 min read

Are you wondering how to cut down on expenses in your freight business? Running any business involves costs, but managing a trucking business can be particularly expensive. The freight industry presents its own set of challenges, especially when it comes to monitoring and controlling expenses.

The cost of a single truck, let alone a fleet of them, can be a substantial financial burden. Expenses such as maintenance, tolls, repairs, and unpredictable factors like fluctuating fuel prices and lumper charges all contribute to the financial complexity of running a trucking business. It can also be challenging to establish and enforce credit limits for your drivers, ensuring that expenses stay within the allocated spending limits.

However, profitability is essential for keeping your vehicles on the road, and minimizing expenses is a critical aspect of achieving that goal. In the world of freight management, various costs are associated with operating a fleet, from maintenance to fuel to insurance. For fleet managers operating with narrow profit margins, every effort to reduce freight expenses can have a significant impact on the bottom line.

Here are few actionable strategies you can implement to enhance freight efficiency, reduce waste, and boost profitability:

Track Your Freight Expenses: Managing a multitude of expenses can be overwhelming. Many freight expenses occur on the road, where drivers often rely on paper invoices or receipts. However, with MoXey, you can maintain digital records of all transactions, providing you with access to an interactive dashboard that significantly reduces cash leakage and streamlines expense management.

Monitor Fuel Consumption: Historically, fuel has been one of the most substantial operating costs for freight businesses, often accounting for at least 25% of the operating budget. To effectively manage fuel consumption costs, you need visibility into your fuel usage data. MoXey not only offers potential per-gallon fuel discounts but also empowers you to set spending limits, monitor live transactions, prevent unauthorized usage, and detect fuel-related fraud, putting you in control of fuel expenses.

Optimize Route Planning: Ensuring that drivers take the most efficient routes to their destinations can reduce total miles driven and help drivers avoid traffic congestion or adverse weather conditions, ultimately saving on fuel costs and time.

Cut Your Freight Expenses with MoXey: To successfully manage a commercial freight business, you must continuously track, analyze, and assess expenses. Implementing strategies to reduce costs can foster a culture of operational efficiency within your organization. While the savings may not be immediate, they will accumulate over time. MoXey's smart cards can play a crucial role in cost reduction and freight management.

With the MoXey dashboard, you can set spending limits, monitor real-time transactions by drivers, and receive automated insights to further optimize fuel expenditure.

Incorporating these strategies and leveraging MoXey's solutions can help you streamline expenses, enhance efficiency, and ultimately improve the profitability of your freight business.

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