No matter how you look at it, April can be a very stressful time for trucking company business owners and owner-operators with the yearly tax deadline. Whether you file your businesses taxes yourself or enlist the help of an accountant, there are still things as a business owner you are responsible for. While those challenges you encountered, or may still be struggling with, this year are fresh on your mind it is a good time to set things in motion to make them easier for next year.
You may be aware of other owner-operators and trucking companies using freight factoring but did you know that by working with a freight bill factoring company, such as Tetra Capital, some of your tax time struggles can be eliminated?
Here are some of the tax-time struggles that freight bill factoring can help eliminate:
Having accurate financial information
Regardless of who files your taxes, as the business owner, you are responsible for making sure all of the financial information is accurate and available. This means that all your clients have been invoiced and your expenses have been accounted for in a timely manner. When you spend most of your time on the road and are concerned with other areas of the business, this can be especially challenging. With a financial partner like Tetra Capital, you get assistance with some of the financial aspects of your business for no additional charge! We will handle your invoicing, processing, collections and other back office financial tasks, so you don’t have to worry about it. Additionally, we provide our clients with an online portal that gives you access to information on the loads you have factored and fees and other expenses that can be deducted from your earnings come tax time.
Having the working capital to cover taxes that might be owed
Freight bill factoring helps you get immediate funds for your freight bills, eliminating the variable time that it can take the broker or shipper to pay. Factoring can give you peace of mind knowing you will have the working capital you need to cover your expenses when you need it. If your business ends up needing to make tax payments the predictable and immediate funds from using a factoring company can eliminate the stress of not knowing how you will make them.
There is no better time than now to partner with Tetra Capital and have our freight bill factoring services help to eliminate your tax deadline and other working capital struggles. Give us a call today at (801) 676-0182 and let us put our experience to work for you to save you stress, time and money.