The profit and loss report is a comprehensive report using cost and timesheet hours data extracted from the client’s financial software.
Income for the reporting period is a flat monthly charge or the hire rate for each asset multiplied by the timesheet hours allocated to it.
Expenditure is grouped by:
- Overheads
- Fuel costs
- Maintenance
- Fringe benefits tax
- Lease costs
Income is compared to expenditure to show profit or loss.
Over recovery (as in the low-loader trailer and the tipping tri-axle trailer in the above report) can be adjusted through amended hire rates, as can under recovery.