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Freight Accounting software Vs. Normal Accounting software – Which Should You Use?

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Freight Accounting software Vs. Normal Accounting software – Which Should You Use?

 Should you use freight accounting software or normal accounting software? you have heard this question before

Many people ask this question because they don’t know the difference between freight accounting and normal accounting software. The main difference between these two types of software is that freight accounting software offers more features than normal accounting software.

The freight accounting software is a tool for business owners and executives who want to track the money flow in their company. It helps them to manage the finances of their company and make sure that everything is running smoothly. Moreover Freight industry needs an different type of accounting  Agent Accounting   for real time settlements , Air line  and Shipping line and transporter Accounting  differs from each verticals. 

Some of the reasons why you should use freight accounting software are:

  • It helps you to track every single transaction from start to finish, including invoices and payments.
  • It gives you an accurate view of your cash flow.
  • It helps you to manage your inventory so that you don’t run out of stock and land up paying more on inventory costs than what they are worth.
  • You can use the freight accounting software to manage your vendors and suppliers as well, which will help you stay on top of any issues before they arise (and save yourself from having to pay late fees).

The main purpose of freight accounting is to record all the transactions related to transportation of goods. It helps in tracking, managing, monitoring and controlling the movement of goods in a warehouse or warehouse yard by using bar codes or RFID tags. It also helps in managing inventory levels by recording the movements of goods from one location to another. A good example for this would be if you are running an e-commerce business where customers place orders and products are shipped from one location to another through a delivery service like FedEx or UPS etc.

Freight accounting software can help people to manage accurate Pay outs and Receipts and helps to manage settlements on real time by referring the shipments.

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India’s National Logistics Policy 2022: Policy of the Future

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India's National Logistics Policy 2022: Policy of the Future

The National Logistics Policy, the first of its kind in India, aims to make Indian goods more competitive while also promoting economic growth and expanding job possibilities.

The National Logistics Policy (NLP) is a long term vision document that aims to improve India’s logistics industry and make it more competitive. The goal of the NLP is to lower the cost of logistics from its current 14% of GDP to less than 10% by 2022 despite the highly fragmented nature of India’s logistics industry. The NLP was announced on September 17, 2022, by the Prime Minister Narendra Modi and Formulated by   Ministry of Commerce and Industry.

India has been imposing restrictions on imports, which has resulted in the loss of $40 billion by the country. The new policy aims to bring back the lost orders and increase the country’s exports by 40%.

The new India’s National Logistics Policy 2022 was approved by Prime Minister Narendra Modi’s Cabinet on July 19. The draft policy was prepared after consultations with various stakeholders including private sector companies, trade associations, logistics associations and experts from academia.

The policy also aims at making India a global hub for e-commerce and e-commerce logistics. It will focus on developing a robust logistics ecosystem across the country that includes modernisation of ports, railways and roads to facilitate movement of goods from production units to consumers.

The policy will provide grants to states for development of their port infrastructure so that they can provide better facilities for cargo movement.

It will also develop an integrated database with information about warehouses, distribution centers and transporters across the country so that traders know where their consignments are located at any given point in time.

The India National Logistics Policy 2022 is a comprehensive policy to develop a technologically enabled, integrated, cost-efficient, resilient, sustainable and trusted logistics ecosystem in the country for accelerated and inclusive growth.

The policy targets reducing the cost of logistics in India to be comparable to global benchmarks by 2030, improving the Logistics Performance Index ranking to be among the top 25 countries by 2030, and creating a data-driven decision support mechanism for an efficient logistics ecosystem. The policy has four features that will be implemented through the Comprehensive Logistics Action Plan (CLAP). It includes: 

 

1. Integration of Digital System (IDS)

The National Logistics Policy to be implemented from 2022 onwards will have a requirement for the integration of digital system to be implemented in all logistics sectors. The IDS will be developed by the Ministry of Road Transport and Highways (MoRTH) and Department of Commerce (DoC). It is expected that this will improve efficiency by providing better data analytics and decision-making tools for logistics companies.

2. Unified Logistics Interface Platform (ULIP)

The ULIP is an online platform that allows access to multiple e-commerce platforms through one login, which makes it easier for customers to buy products on various e-commerce websites like Amazon, Flipkart, etc., directly from their homes or offices. It also helps small businesses in connecting with global markets through one platform.

3. Ease of Logistics (ELOG)

This feature aims to reduce the time taken by consumers and logistics companies in completing transactions as well as make it easier for consumers to track their orders online. It will also help in reducing time taken for delivery by ensuring faster movement of goods from one place to another in order to meet consumer demand at best rates possible within stipulated timelines set by government authorities concerned

Goal of NLP (National Logistic Policy)

The goal of the NLP is to make Indian goods more competitive while also promoting economic growth and expanding job possibilities. The policy establishes a broad, multi-jurisdictional, cross-sectoral framework for the growth of the entire logistics ecosystem in an effort to address concerns of high cost and inefficiency.

The policy aims to make Indian goods more competitive while also promoting economic growth and expanding job possibilities.

The objective of this policy is to create a level playing field for all participants in the logistics value chain across sectors such as: transportation, warehousing & distribution and information technology.

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12 Tips to Consider When Choosing a Shipping Software

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12 Tips on how to choose perfect Shipping Software

In the complicated world of shipping and logistics, choosing the right shipping software is crucial for businesses. With so many options available, it can be challenging to find the best solution. This guide is here to make things simpler, providing a step-by-step roadmap to help businesses make smart decisions when picking shipping software.

Understanding Your Business Needs:

Every business is unique. Start by delving into the specifics of your operations. What are the critical requirements for shipping software that align with your business’s workflows and objectives?

Choosing the right shipping software is not a one-size-fits-all endeavor. Each business is a unique entity with its own set of intricacies, challenges, and ambitions. In this light, understanding your business needs becomes a cornerstone—an indispensable guide that shapes the contours of your logistics strategy and determines the trajectory of your operations. Here’s a breakdown of why this step is crucial and how to approach it:

1. Identifying Pain Points:

Begin by pinpointing the challenges or pain points within your current shipping processes. Are there inefficiencies, delays, or errors that need addressing? Understanding these pain points helps you identify what functionalities or features the software must-have to alleviate these issues.

2. Assessing Workflows and Requirements:

Map out your shipping workflows comprehensively. From order processing to fulfillment and delivery, understand the different stages and intricacies involved. Identify the key requirements at each stage and determine how the software can streamline or enhance these processes.

3. Scalability and Growth Projections:

Consider your business’s growth trajectory. How do you foresee your shipping needs evolving in the coming years? Ensure the software aligns not just with your current needs but has the scalability to accommodate future expansions without significant disruptions.

4. Customer Expectations and Experience:

Evaluate the expectations of your customers regarding shipping. Are they looking for faster delivery options, real-time tracking, or specific delivery preferences? The software should enable meeting these expectations, enhancing the overall customer experience.

5. Inventory Management Integration:

If your shipping operations are closely tied to inventory management, consider how the software integrates with your inventory systems. Ensure synchronization between shipping and inventory data to prevent discrepancies and optimize stock levels.

6. Customization and Flexibility:

Each business operates uniquely. Look for software that offers customization options or configurable features to adapt to your specific workflows and preferences. Flexibility in the software’s functionality can be crucial for a tailored fit.

7. Budget and Cost Considerations:

While focusing on needs, it’s vital to align them with your budget. Prioritize functionalities based on their importance to your business operations. Assess whether the software’s cost aligns with the value it provides and fits within your budget constraints.

8. Training and Adoption:

Consider the learning curve for your team. Opt for software that is intuitive or offers comprehensive training resources. Ensuring your team can easily adopt the software minimizes disruptions during the transition phase.

9. Future Innovations and Technology Trends:

Stay abreast of emerging trends and innovations in shipping software. Consider whether the Freight  software aligns with these technological advancements to ensure you stay competitive and future-ready.

10.Customization Options:

Your business is unique, and so are your shipping needs. Choose shipping software that allows for customization, enabling you to tailor the system to your specific requirements. This flexibility is crucial for adapting to changes in your business model.

11.Analytics and Reporting:

Data-driven decision-making is essential for optimizing your shipping processes. Choose software that offers robust analytics and reporting tools, allowing you to track key metrics, identify trends, and make informed decisions to enhance efficiency.

12.Security and Compliance:

Shipping involves sensitive data. Choose software that prioritizes security measures, including encryption protocols and compliance with industry standards.

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Transporting Wet cargo by air – 11 Precautions that must be taken

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Transporting Wet cargo by air - 11 Precautions that must be taken

You need to know how to Transporting Wet cargo by air ?

 

We have a great guide for you.

 It’s important for you to understand the risks involved when transporting wet cargo by air, as well as how to properly package it for shipping.

 Understanding the Hazards Involved When Shipping Wet Cargo

 The most significant hazard involved with transporting wet cargo by air is the potential damage to other shipments or the airplane itself if there is a leak or spill. Here are some of the things you can do to minimize these risks:Similar to the regulations for dry cargo, the IATA Dangerous Goods Regulations (DGR) is your guidebook for all things dangerous goods

 

LIQUID OR WET CARGO

While dry cargo may seem like a straightforward shipping method, wet cargo can present unique challenges for airlines and shippers both in terms of airline operations and logistics. Wet cargo is any non-dangerous good that may create a hazard if it were to spill on other cargo or equipment during transport. Examples of wet cargo include perishables, fruits, vegetables, fish, meat, eggs and flowers. Transporting wet cargo requires additional precautions because of the potential damage that could occur if a spill occurs.

LIMITATIONS

Wet cargo must be packed as described below to prevent leakage in transport – The packaging must be designed to withstand the pressures encountered in air transport; i.e., provide resistance to water vapor pressure at the highest temperature expected during transport and provide structural stability at the lowest temperature expected during transport. The packaging must provide a minimum 0.5 cm (0.2 inch) separation between containers and inside the outer packaging. The packaging must have sufficient cushioning material to prevent breakage and deterioration due to shock or vibration during transport or handling

 

When transporting wet cargo by air, either by airfreight or by air courier, there are several precautions that must be taken. These precautions are:

 

1. Never transport anything which is perishable, or which is likely to spoil on transfer from one place to another.

2. The cargo must be wet-proof, or in any case must never be exposed to rain or moisture during the transfer by air.

3. The cargo must be packed in watertight containers, and must also be properly protected from the elements.

4. The cargo must be packed in such a way that water can flow out of the container at a rate equal to that of water flowing in.

5. The cargo should be checked for off-gassing.

6. The cargo must never be packed in such a way that cargo contact or handling and sorting are likely to cause damage.

7. The cargo must be securely wrapped, and must not be susceptible to damage by rough handling.

8. The cargo must be protected from damage by rodents, insects, and other animals.

9. All packaging must be properly secured, and the package must be properly labeled.

10. The cargo must be accompanied by a packing declaration of compliance

11. All packing must be of uniform size, and must not cause any hazard to aircraft operations.

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How e-way bills have changed the way the logistics industry works

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How e-way bills have changed the way the logistics industry works

The India e-way bill system has changed the way the logistics industry works. It is a paperless tool that allows businesses to track their cargo across different states in India. The new e-way bill system is also a convenient way for businesses to submit bills and get paid faster, which means they can get their money quicker than ever before.

 

The e-way bill system has been implemented by the Central Government under the Goods and Services Tax (GST) regime, which is a tax charged on all goods and services sold in India. The implementation of GST has made it mandatory for all businesses to register with GSTN, India’s single window platform for electronic tax filing.

E-way bills have been a boon for the logistics industry. It provides a real-time record of the movement of goods and services, which helps in avoiding disputes and also ensures efficient distribution of resources.

 

Introduction E – Way Bill

The concept of e-way bills was first introduced in India in 2017 and has since been adopted by many countries including Australia, New Zealand and Singapore. In India, it is used as a substitute for the import of goods from outside the country. The aim of this system is to help reduce paperwork and increase efficiency in the movement of goods between different states.

An e-way bill is an electronic document that contains information about a consignment being transported across state borders. It provides details of the consignment such as its weight, dimensions and ownership details. This information can be used to trace a shipment in case it goes missing or gets damaged during transit. The system also helps companies track their shipments to ensure that they reach their destination intact.

The introduction of e-way bills has changed how businesses operate in India as well as abroad. They make it easier for companies to track their shipments from source to destination as well as avoid delays caused due to customs clearance procedures at various ports along the way.”

What is E- way Bills?

E-way bill is a document that acts as an electronic substitute for the existing e-way bill. It is generated and issued by the transporter and the e-way bill generator (EBG). The e-way bill is generated based on the details of goods, such as consignment details, cargo name, weight and other relevant information. The e-way bill contains all the details of goods including consignee information, origin of goods, destination of goods, etc., which can be used to track goods in real time.
 

Advantages of E-way Bills 

The advantage of the e-way bill is that it has been made to replace paper-based documents like bills of lading (BOL), bills of loading (BL), etc., thereby reducing the cost incurred by transporters and exporters in terms of money spent on printing and maintaining these documents.

 

How to generate E- Way Bills ?

– E-Way Bill can be generated instantly through a mobile application on smartphones or tablets
– This feature makes it easy for any stakeholder in the supply chain to generate an e-way bill immediately at any point of time irrespective of where they are located. This will help them manage their transactions more effectively while keeping track of all transactions at one place only instead of carrying multiple documents with them all the time which could prove cumbersome and also cause loss due to mishandling etc.

The e-way bill is a document that gives a clear picture of the ownership of goods between the shipper and receiver. It is an electronic document that is generated by a computer device called e-way bill generator (e-waybill) which is installed at the origin or destination of goods.

An IT enabled system developed by CargoNet Team has a feature to generate these  bills. All consignments will be picked up from their respective places and delivered at their destinations in compliance with existing rules and regulations.

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F.A.Q

F.A.Q

Do you have additional questions?

  • It’s not required to maintain Different software for different activities, like to open a docket in one software, for B/L Printing one software and for Accounts in a different one. All are included under one Roof
  • Data of other branches shall be collected and it shall be maintained in the HO as and when required.
  • Multi Location Data Collection Environment (MLDCE)
  • Multi Location Data Integration
  • Consolidated Reports of Branches
  • Customized User Security Levels
  • Document Management System
    In-built Accounting System
  • In – Built Mailing System
  • Credit Limits for Debtors / Creditors
  • Our Freight forwarding software provides the Red alert of the Brokerage Bills not submitted to shipping lines as well the outstanding of the Brokerage bills which are not Set off.
  • provides the Red alert of invoices that are not billed to the Customers.
  • Provides the consolidated reports based on the Modules and the Branches
  • Provides the Shipment wise Profitability reports based on the Job No’s, Salesman wise, Module wise
  • Provides reports like SOB, Pre-alert, Stuffing, Loading, Transshipment details etc….on a Single Click
  • Provides Consolidated Trial Balance, Profit & Loss, Balance Sheet, Ledger Report, BRS etc….
  • Yes! Provides the Shipment wise Profitability reports based on the Job No’s
  • Provides the Shipment wise Profitability reports based on the Salesman wise
  • Provides the Shipment wise Profitability reports based on the Module wise

Yes! The Reports can export to PDF format, Excel, Word Format etc.

Yes! B/L print outs can be taken in a Single click

  • Yes! User Privileges can be set based on their Profile/Designation.
  • Back up of the Data can be taken in a single click

Freight forwarders provide their customers with a range of services including consolidation, documentation, freight payment and customs clearance. The service is offered by freight forwarders who serve as an intermediary between the shipper and the forwarder’s transportation network.

  • Entering data about each shipment
  • Finding out about rates
  • Finding out about documentation
  • Making bookings
  • Managing quotations

The world is calling, but the struggle with complex international exports can be overwhelming. Shipping software allows you to:

Optimize systems: Automate operations, expand productivity, and increase accuracy.

To achieve global ordering: Track inventory in real time; compatibility with global networks; and make decisions based on data.

Enhanced customer service: Respond quickly, provide clear information, and rise above language issues.

Choose the right freight forwarding software to open your company to global growth.

Choosing the right freight software is like choosing your superhero gear – it empowers you to handle complex logistics and soar to new heights. Here are some basics to ensure your software is a real winner:

Effortless Shipping: Imagine recording, tracking and reporting on shipments with a few clicks. Your software may simplify these processes, freeing you up to focus on bigger things.

Simplified bookkeeping: Creating accurate quotes, invoices, and report cards is unlike paper invoices. Look for software that simplifies paperwork and keeps everything organized.

Strong customer relationships: A robust CRM system in your software allows you to manage customer interactions, send personalized communications, and foster strong relationships – the foundation of any successful business.

Data push decisions: Your software program can be your own record analyzer. Look for features that provide insightful analysis of overall performance, identify trends, and empower your company to make informed choices.

Easy conversation: Does your software play well with others? Integrating accounting, CRM and visit management systems improves information flow and eliminates accounting silos – a huge win for efficiency
By installing those essential components, you equip your logistics with the software muscle needed to overcome any system challenges and achieve breakthrough success

A quantity of steps are worried in integrating and employing freight forwarding software program (CargoNet) inside your commercial enterprise, these encompass: 

Evaluation and Planning: Assess the existing freight forwarding processes in your organisation and discover regions to be stepped forward. Establish your precise requirements and dreams for imposing CargoNet software program application. Develop a plan of implementation along with timeframes, sources and key individuals.

Customization and Configuration: Collaborate with our implementation group in order to personalize the software program in line with the workflows or processes used by your very own organization. Set up configurations, user privileges, in addition to connections to other systems employed across your business enterprise.

Data Migration: Prepare your present day Freight Forwarding statistics for migration into CargoNet. Make certain that statistics is accurate and sound by way of purging it off old data even as formatting it efficaciously

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