Accounting Department an Information Center
In addition to the expected functions of accounting such as billing, receiving payments for transportation services, payrolls, purchasing, taxes, etc., the accounting department also furnishes to management records of the company's total operations, a picture of its overall financial condition, and the state of its business so that company executives have the facts on which to make the proper decisions.
The Interstate Commerce Commission, which regulates interstate trucking operations, requires many reports, as does the U.S. Department of Transportation. The accounting department furnishes much of the basic data for those reports.
Perhaps the most vital and interesting function of a motor carrier accounting department is the furnishing of projections of business on the basis of which the executives can plan necessary expansion.
A Constant Flow of Reports
Accurate information at all times on money matters is as vital to a trucking company as combat intelligence is to an army.
Each month the accounting department must be able to furnish reports on how each department is functioning from a strict dollars-and-cents point of view.
Using the most sophisticated electronic data processing equipment, the motor carrier accounting department processes thousands of freight bills, records information on shipments handled, the tonnages hauled to and from each terminal, as well as the commodities transported. That information is combined with other market data to give management not only an accurate appraisal of the financial status of the company but also to spot weaknesses and strengths in the company's operations.
Motor carriers pay tremendous taxes on property, rolling equipment, gasoline, diesel oil, and rubber, as well as local, state, and federal taxes. All of that data must be maintained in the accounting department and used by the company later in the preparation of federal, state, and local tax forms and in determining payments.
The many jobs in an accounting department include data processors, cashiers, payroll clerks, billing machine operators, auditors, accountants, and other specialties as well. The jobs can range from a beginning clerk all the way to vice-president- finance.
A Widening Horizon for Careers
The growth of the motor carrier industry, plus its increasing sophistication and the continued demands from state and local government for reports of all kinds, guarantees a need for bright young people in accounting jobs.
Vice-President--Finance
The vice-president--finance in a trucking company has reached the highest rung on the accounting department ladder. From here an experienced executive can go on to become president of the company, or can leave to purchase and operate another company.
The vice-president--finance may sometimes carry the title of treasurer, or secretary of the company. He usually reports directly to the president.
He is the chief financial executive and is responsible for all company financial matters, including the development and administration of policies and procedures for the entire system's accounting and financial operations. Those include top supervision of all bookkeeping and auditing procedures, accounts payable and receivable, credit and collection policies, major construction and equipment--purchasing decisions, and often payroll.
This important executive develops sources for obtaining required corporate funds and, as custodian of such funds, directs all treasury and accounting functions.
Gross compensation for a position such as vice-president--finance, treasurer, or secretary-treasurer ranges from $20,000 to $40,000 or more.
Comptroller
The comptroller of a motor carrier company reports to the treasurer, the vice-president-finance, and sometimes to the president or executive vice-president.
The comptroller is responsible for the actual accounting and financial functions of the company and supervises the preparation of the financial data.
An important function of the comptroller is to foresee future financial needs and recommend steps to provide for such needs. In addition, he prepares the annual report to the stockholders or to other appropriate persons.
The comptroller functions as a business analyst and investigates and interprets trends as they affect the company.
A motor carrier comptroller has often previously been a Certified Public Accountant and thus is well versed in accounting and financial matters. He has either come through the ranks or is the product of college and university training with emphasis on financial business management.
Comptrollers earn from $15,000 to $25,000 and more depending on the size of the company and its general revenue classification. The largest salaries are in companies that earn more than $30,000,000 a year in gross revenue.
General Accounting Manager
The general accounting manager directs and coordinates all of the activities of the accounting section of a motor carrier company. He provides and supervises the staff to make certain there is proper control of accounting records. He compiles the accounting data that are used in the preparation of financial reports. The preparation of balance sheets, profit-and-loss statements, and departmental expense statements are sometimes the responsibility of the general accounting manager.
Salaries for general accounting managers range from $12,000 to in excess of $19,000.
A Variety of Accounting Jobs Exist
Other than the top executive posts just described, many other satisfying and well-paying jobs are available for persons who have neat, orderly minds, like to work with figures-and to whom accuracy is a way of life.
Most of the jobs require training beyond high school and even college, but they can all be entered at various stages. A young person can progress through a great many of them by gaining experience and skill.
Among the various accounting department positions available within a trucking company are found: general accounting supervisor, chief accountant, accountant, accounts payable supervisor, payroll supervisor, assistant payroll supervisor, cost accounting analyst, cost control supervisor, and supervisor of interline accounts.
Other jobs in the accounting department include: accounts receivable supervisor, collections supervisor, credit manager, senior auditor, and director-equipment licensing.
The positions pay a wide range of salaries, generally from $8000 to $18,000, depending upon the size of the company, the amount of business handled, and the degree of responsibility.
Two Very Special Occupations
Although the details of the accounting department of a trucking company differ from those of other businesses, the basic job descriptions and the knowledge and skills needed for them are similar to those for any business enterprise.
However, two descriptions mentioned above deserve further explanation because they are unique to motor carriers, and are definite specialties as well as interesting careers.
They are the supervisor of interline accounts and the director--equipment licensing.
Supervisor of Interline Accounts
Oftentimes a trucking company cannot haul the freight from its point of origin to its ultimate destination and must "interline" the freight. That means that at some point along the route the freight or the complete trailer will be transferred to another trucking company to complete the delivery job. Both companies will receive a share of the revenue from the mileage each carried the freight, and other charges. It is up to the interline specialist of each company to determine the amounts each is due, as well as to handle the more involved accounting on such hauls.
The supervisor of interline accounts not only makes certain that interline accounts payable and receivable are in order, but he also assists the various terminal employees by written communications with problems concerning freight bill collection, case reporting, and related matters. It is a specialized job, as well as an interesting and important one.
Director--Equipment Licensing
The director-equipment licensing has a job that is found in few other industries.
Trucks operating in interstate commerce do so under a variety of regulations, and often require many separate licenses to comply with state laws and regulations as well as applicable federal laws.
The director-equipment licensing is responsible for the proper licensing of all trucks and trailers to comply with the various laws, and maintains a separate record on the licensing of each vehicle.
He often supervises and assists in the payment or refund of state taxes, and also may investigate persons charged with fines, or cases involving company liability. As can be imagined from the preceding list of accounting department job titles, the responsibility also carries with it a good salary.
Summary
The accounting department of a motor carrier company offers many more career possibilities than most young people imagine.
It is a good source of jobs for girls who specialize in business or commercial training in high school and do not plan to go on to college. The accounting department offers openings for young men who need to work right after high school, but plan to take additional training or education. It also offers middle management and executive positions to the college graduate who majors in Business Administration and finds financial management an exciting possibility.
