For IT consulting companies, as with many businesses, payroll is often the largest expense. While you have to pay your employees or independent contractors on a regular schedule, you can’t always count on your clients to pay you on time. Larger companies often pay invoices 30 days or more after receiving them. This can put a strain on your cash flow. Invoice factoring is one solution that allows you to collect on accounts receivable on a regular bas Read more
Anyone looking for a financing solution might be wondering if a business loan or invoice factoring is the better choice. Before you decide, it’s important to understand the pros and cons of each type of financing solution.
What are Small Business or Term Loans?
A term loan or small business loan is one of the most popular types of financing for small businesses. You might get a business loan from a bank or from the Small Business Administration. This loan comes in a lump sum and must be paid back with interest. When considering a term loan, it’s essential to be familiar with the conditions, including the amount of time you have to pay it back and the interest rates. You may want to look into various loans and identify one that has the most favorable terms.
One of the most frequently asked questions about factoring is one of cost. While pricing can be simple and straightforward when an all-inclusive model is used, there are variations in factoring services to consider because not all factoring programs are created equal. Here we will discuss the main program differences that affect a factoring fee, also known as the “discount rate”.
Truck drivers who are owner-operators are responsible for paying their taxes. This means you need to keep accurate records of your deductions as well as your earnings. If you don’t deduct all your expenses, you could end up paying significantly more taxes than you need to.
Let’s look at some important and often overlooked tax deductions that owner-operators for trucking businesses can claim.
Tax Deductions for Trucking Businesses
A fuel card can help your trucking company save money. They also provide a convenient way for drivers to pay for fueling. If you decide you want to use a fuel card, you have many choices. Let’s look at how to compare fuel cards and find the one that works best for you.
The Advantages of Using a Fuel Card
The main reason for trucking companies to use a fuel card is to save money at the gas pump. With energy prices fluctuating and the prospect of higher prices, a trucking business needs to save money in every way possible. Fuel cards offer cash discounts as well as rewards based on usage. Read more