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Logistics and transportation business owners can’t afford accounting processes that leave them vulnerable to surprises. The margins are too slim, the operating costs too steep and the logistical challenges too disruptive to accommodate uncertainty in your numbers.
And yet, many small and mid-sized transportation businesses rely on one-size-fits-all bookkeeping practices. A tough industry needs resilient and reliable accounting processes to stay focused on what comes next. What do you need to grow your business?
- Do you have up-to-date financial records that provide clear visibility into your cash flow?
- Do you have a reliable means of monitoring asset utilization, optimizing routes and establishing pricing models that keep up with fluctuating costs like fuel and labor?
- Do you have the financial forecasting you need to make good decisions around buying vs leasing equipment?
- Do you have a clear understanding of profitability – and clarity around your most profitable customers?
- Do you have the financial transparency you need to understand your performance against KPIs like revenue per mile, deadhead miles and on-time deliveries?
Partnering with Kirsch CPA Group ensures that you have the answers you need. Leverage the decades of accounting and finance experience Kirsch has provided to transportation and logistics clients in Cincinnati, Dayton and beyond since 1991. With Kirsch CPA Group as your partner, you have the support and strategic focus you need to keep your business moving closer to your goals.
Working with Kirsch is like having a fractional CFO and tax expert providing the accounting support and reporting that you need day-to-day as well as helping you to overcome bigger challenges that arise over time.
Holistic Accounting Benefits for Transportation Businesses
- A thorough understanding of your financial position that drives better decision-making for hiring, bonuses, equipment purchases, lines of business adjustments, and more
- Accurate and timely financials that provide clear visibility of profitability and growth opportunities
- Tax planning that includes a long-term strategy to take advantage of all tax saving opportunities
- Confidence that tax returns are completed on-time and accurately and with expertise that ensures your taxes are low
- Deeper understanding of business profitability
- A business that is worth more money when it is time to sell
Holistic Services to Manage Your Business
Business Coaching and Planning
- Navigate unforeseen issues and challenges, creating plans and goals to address them
- Evaluate pricing strategies and changes to increase profitability
- Facilitate financing by finding credit and financing alternatives
- M&A support for expansion and sales, including business valuation
- Assist with succession planning to ensure smooth transitions
- Advise on new ERP or accounting systems to maximize efficiency
- Help with buy v. lease decisions
- Accounting software cleanup and support
Accounting Day-to-Day Support
- Efficient and accurate preparation of financial data on a monthly, quarterly, and annual basis
- Enhance internal procedures to control costs, streamline accounting processes and improve results
- Provide timely financial reports and review of bank covenants to ensure lender compliance
- Offer advanced accounting support for bookkeepers or accounting teams on issues like journal entries, revenue recognition, and lease accounting changes
- Supply supplemental staff to address gaps in AR, AP, bookkeeping, and payroll
- Payroll, weekly or biweekly
Financial Visibility
- Enhance financial awareness to make informed business decisions
- Track revenue targets and KPIs including profits per mile, deadhead miles, etc.
- Analyze and optimize your cash cycle to improve liquidity and cash flow
- Enhanced visibility into customer mix to ensure balance and profitability
- Identify opportunities for profit improvement
- Provide budgeting, forecasting, and cash flow analysis to manage long payment terms, seasonal fluctuations, and capital expenditures
- Track return on investment
- Resolve discrepancies between accounting system and ERP, ensuring seamless integration and eliminating double entries
Tax Strategy, Preparation & Mitigation
- Prepare comprehensive federal business tax returns (partnerships and s-corps)
- Multi-state and local tax compliance
- Maximize qualified business income deductions (QBI)
- Optimize tax deductions for vehicle purchases, including depreciation and Section 179, as well as credits for R&D, clean energy, and more
- Conduct quarterly tax planning
- Implement cash planning strategies for efficient tax expense management
The Kirsch Logistics & Transportation Team
Accounting & Financial Support Throughout Your Business Lifecycle
Kirsch Experience
- Long Haul Trucking
- Logistics
- Trailer Leasing
- Integrated 3PL
- Supply Chain
- Warehousing
- Transportation Management
- Distribution
- Brokers
Growing transportation businesses face many challenges and operational hurdles that are often beyond their control.
The price of trucks, fuel, maintenance and labor can leave profit margins razor thin and managing cash a struggle. Real-time financial transparency is critical for understanding your profitability and making solid decisions around growth and investment. Cash flow processes must be optimized to manage the ups and downs of operational costs, profitability and idle periods.
As your business grows, you’ll need more sophisticated forecasting to ensure the right pricing models, the right customer mix and the best practices for effective asset utilization. You may need support with multistate tax compliance.
Eventually, your business will face challenges and questions that go beyond day-to-day operations. An accounting partner who provides holistic, strategic tax planning, business advisory support, outsourced CFO services, M&A support, succession planning – and more – can get you to the next stage.
Signs that it’s time for next-level accounting help include:
Chronically late information from your internal accounting procedures
Poor visibility into cash flow
Higher than expected tax bills
You’re wearing too many hats
Income and expenses not tracked by mile
Failure to optimize tax credits and exemptions
Pricing models not keeping up with fluctuations in operating costs
Growth and profitability not aligned
Grow Your Transportation Business
Contact a member of the Kirsch CPA Group team to learn more about what strategic and holistic accounting services can do for your transportation business.
