Because fuel represents one of the top expenses for any trucking company, folks are scrambling to find ways to save money. With prices soaring to historically high levels, what steps can you take to leverage technology in your fight to contain costs? What can you implement right now to optimize your operations? Exploring broader solutions allows any fleet manager to improve fuel consumption, optimize operations and increase margins.
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The long-awaited change to the lease accounting standard ASU 2016-02, Leases (ASC 842) is now effective for privately-held transportation companies. As the first major update to lease accounting in 40 years, implementation presents a significant challenge for many transportation companies who lease tractors, trailers, real estate and other assets. Fortunately, the implementation of the new lease standard by public companies provides an opportunity for private transportation companies to understand how to prepare and understand the challenges encountered throughout the process. Here are five lessons learned that could help private trucking companies.
Inflation has dominated the news in 2022. For consumers, what cost $1 in May 2021 now costs 8.6% more, on average. Prices for fuel, groceries and other living expenses are soaring to record highs. In at least one respect, the nation is now experiencing what motor carriers have been through with commercial auto insurance.
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