Financial IQ is an individual software program that is designed specifically to extract information off a trucking company’s balance sheet and profit and loss statement. It is not a benchmark program and it is the most comprehensive and easy to use program that we have ever come in contact with.

The program can develop an operating ratio for each and every dispatch. It can also provide an historic, current, or what if basis. In other words, what if I was to ship my freight via owner operator vs. company truck? What if I was going to deliver the freight from terminal 1 instead of terminal 2? It can analyze up to 12 segments of your operations individually and simultaneously with side-by-side comparisons and totals of the segments combined.

For example, Financial IQ will compute rates and revenues required to cover your total cost for each shipment, trip, customer and other segments. It is based on a company’s actual or budgeted expenses including direct, indirect, administrative and overhead. If you’re a less than truckload carrier, it’s very difficult to gather information in order to track lanes, customers, pounds and profits. In order for a less than truckload carrier to be profitable, they have to be able to determine all of the above including hours each route takes, miles each route runs, load factor (which means the total weight picked up and delivered on a single route), total number of stops, and stop times for various customers.

Financial IQ will provide all of the above. For example, if ABC Co. moves 200,000 lbs over a specific dock, you need to know how many man hours it takes to do this and then you need to compute the pounds per man hour figure. Financial IQ will allow you to do this.

Additionally, Financial IQ will assist you in your line haul routes by determining total miles, total hours and load factor by shipment.

In essence, for a truckload or less than truckload carrier, there is not another software package available that will track your specific costs and provide operating ratios based upon your individual performance.