In simple English, freight factoring is a way to get paid after delivery but before net-30.

Freight factoring is selling an invoice for a completed delivery to a factoring company - a financial institution - that will pay a discounted value of the invoice and take over the billing process, so the payment is redirected to them.

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Every year, reviewing a company’s business plan is a key step to growing an independent trucker’s business. What a thorough review will show can be the difference between no growth, […]

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We hope your holidays are at home with your family and full of joy. We’ll see you back next week!

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The key wasn't factoring. The key was tracking those past-due invoices. In the early 2000s, Allen ran his trucking business on multiple spreadsheets. Invoice tracking isn't very spreadsheet-friendly, and often delays were due to a lack of necessary documentation. By the time his bookkeeper noticed the late invoice, the records may have been shoved into a box in a closet a month ago.

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Proof for Detention Pay

Once a truck stops moving, the ELD notes it. Time. Date. Location.

That last one proves that truckers were in the yard, waiting. That's the key to getting paid - the proof that the trucker was in the yard. If the shipping lead claims that the trucker was late or the trailer wasn't ready, the first piece of evidence is the ELD record.

Taking pictures of the ready trailer - to load or to be unloaded - is another key piece of evidence. Images with dates and times are ideal.

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Some people want to give surprises. Others want to give something intensely personal. Still others want to give a useful gift. Nobody is wrong! Giving any gift expresses love and appreciation!

So if you're looking for a fun gift, consider a streaming service or a Kindle subscription.

If you want to give a personal gift - we suggest a subtle conversation about dreams and hopes.

But if you want to give a useful gift, take a look at what can help them run their trucking business.

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For an established trucking company, it's Q4. Right about now, most small business people have a good sense of what their cash flow will be for the remainder of the year. Decisions about equipment, software, and upgrades are made now. Knowing your business's financial state and making wise choices to invest in your trucking business go hand in hand during this time of year.

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t's easy to get lost in the vast amount of data that any business generates. For anyone who isn't trained in accounting, trying to make sense of where the money comes from seems simple enough. Who's paying? That's the income - but is it the profit?

The post How Profit and Loss Statements Make Trucking Businesses Grow appeared first on TruckingOffice.

A daily inspection of the vehicle remains the first step in assuring that a vehicle is safe on the road. A multi-ton vehicle can become a missile if the brakes don't work properly. Failing to notice an oil leak can lead to a rebuilt engine that will cost 10s of thousands of dollars. A tire that blows while on the road can lead to an expesnsive on-the-road repair and delay delivery.

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