A trucking company’s finances are a key factor in the success of the business. It is important to find financial tools to help make the trucking company run smoothly. When searching out financial tools to benefit your trucking company the tools will need to save you both time and money. Here are a few that provide both benefits.
Fuel Cards
Fuel cards offer a wide range of fuel management services and discounts on all your trucking needs, saving you both time and money. The benefits offered by fuel cards include savings off your fuel prices, fuel management tools, purchase controls and updated price comparisons to help you control fuel expenditures and manage your cost per mile.
Credit Checks
Ever wish you could determine a potential client’s credit risk before hauling the first load? Look for online systems that give you unlimited access to pull credit for brokers and other customers you are looking to haul for.
Back Office Services
Many trucking company owners and staff wear many hats and can be stretched thin. Outsourcing key back office services such as collections, verifications, creating and mailing invoices and more can save you from having to take the time to do it and saves you from having to hire a full time staff member to do it for you.
Freight Bill Factoring
Factoring your freight bills allows you to eliminate the 30-60 days you have to wait for your customers to pay giving you access to the funds you need to pay for things such as fuel, maintenance, and payroll. Factoring services allow you to use your existing untapped collateral (your invoices) without assuming any debt.
All you have to do is deliver the load, submit your paperwork to a factoring company and they will get you the funds within hours. The 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.
Additionally, some freight factoring companies will offer additional financial services such as free fuel card programs, credit checks and back office services.
Equipment Leasing
There are several ways your equipment can be utilized as a financial tool for your trucking company. One way would be to sell your existing equipment to an equipment leasing company who will then lease it back to you for a lower monthly payment than you currently have. Additionally, an equipment leasing company can help you get access to new equipment that could help lower your maintenance, fuel costs and repair bills as well as help give you a competitive advantage by having access to the latest technology and efficiency.
