April 15 has finally come and gone for another year so you might be hoping those headaches caused by your accounting frustrations have as well. If you are like many small transportation company owners, unfortunately that might not be the case. The recently released Small Business Accounting Report, from Wasp Barcode Technologies, reveals that there are several accounting challenges small business owners face. Fortunately for you freight bill factoring can help you solve the top three challenges revealed in their survey.
The top accounting challenges are:
- Accounts receivables/ collections (51%)
- Cash flow (44%)
- Managing paperwork (33%)
With freight factoring you turn your freight bills into immediate cash eliminating your collection times and increasing your cash flow. Additionally, some freight factoring companies offer fuel cards that can help you track your fuel expenses and factoring software that helps you track and manage your financial paperwork.
How it Works
All you have to do is deliver the load, submit the paperwork to a freight factoring company and they will get you the funds within hours. Some freight factoring companies will also handle all the invoicing, processing and collecting on all your receivables/loads. The freight factoring company then waits to get paid by your customer and once they do they will submit the balance of the funds minus their fee to you. It is quick, easy and can solve several of your accounting challenges.