While the early days of fuel surcharges were straightforward to calculate – although wholly unfair to shippers in many cases – that is no longer true. Many carriers struggle with explaining their fuel surcharge program to shippers, and more importantly, struggle with the budgeting aspect of a program that is historical in nature.
Cashflow Corner presented by TriumphPay …Go ahead, whack your tires. Are they properly inflated? Do you really know? The manual way of checking tire pressure may be costing your fleet money.
Cashflow Corner presented by TriumphPay …There are numerous tips available on how truck drivers can save money on the road, and while not all will work for everyone, chances are you can benefit from something on this list.
Cashflow Corner presented by TriumphPay …Factoring can be a great way for small businesses, especially trucking companies, to manage their cash flow effectively and not devote valuable time that can be better spent hauling the next load because you are chasing down a late payer.
Cashflow Corner presented by TriumphPay …If you are a smaller company – be it a carrier, owner-operator, broker or shipper – are you really safe from a cyberattack? Here’s what you can do to protect yourself.
Cashflow Corner presented by TriumphPay …Running under your own authority offers plenty of challenges, but some would have it no other way. One of the biggest challenges is finding freight.
Cashflow Corner presented by TriumphPay …Short-term insurance plans can be a life saver during gaps in coverage, but with new rules allowing them to extend up to 3 years, it’s important to understand what they cover and what they do not.
Cashflow Corner presented by TriumphPay …During a period of crisis in their lives, truck drivers often have nowhere to turn. But, there are several charities available to assist during these emotional times.
Cashflow Corner presented by TriumphPay …When owner-operators and small fleets make the decision to expand their businesses by adding trucks and people, they often turn to the online payroll systems to pay them.
Cashflow Corner presented by TriumphPay …Weigh station bypass systems are an often-overlooked way for drivers to save both time and money.
Cashflow Corner presented by TriumphPay …Drivers can potentially benefit from added flexibility by utilizing the current split sleeper provision allowed under hours-of-service laws.
Cashflow Corner presented by TriumphPay …Market conditions might make the timing right for truckers set a more fuel-efficient vehicle speed.
Cashflow Corner presented by TriumphPay …For some owner-operators, Obamacare provided a path to insurance coverage. For others, the mandate was government overreach. This is starting to change, but what is not is the increasing costs of health care.
Cashflow Corner presented by TriumphPay …Starting your own trucking company takes time and planning, but it takes more than just buying a truck and choosing a load.
Cashflow Corner presented by TriumphPay …Unless you are one of the many drivers who have proclaimed the next three days as vacation days, there is a good chance you will run into an inspection somewhere. If so, will you be prepared?
Cashflow Corner presented by TriumphPay …If your ELD provider suddenly shuts down service and goes out of business, do you know what to do?
Cashflow Corner presented by TriumphPay …If you’ve fueled up your truck recently, you know that the cost is climbing. Fortunately, there are some driver behaviors that can be changed to minimize fuel usage.
Cashflow Corner presented by TriumphPay …One of the most costly tasks for small companies is chasing down accounts for payment, which is why many smaller fleets and owner-operators turn to factoring companies.
Cashflow Corner presented by TriumphPay …Summer is almost upon us and with that comes hot temperatures. So how can you stay cool, and just as importantly, how can you keep your truck running?
Cashflow Corner presented by TriumphPay …Truck operators have a number of regulations they must meet to operate in California, including trailer and refrigeration unit mandates. Failure to do so can lead to big fines.
Cashflow Corner presented by TriumphPay …Large fleets are benefited for years from fuel and maintenance discounts. Now, smaller fleets and owner-operators are starting to reap some of those same benefits.
Cashflow Corner presented by TriumphPay …There are several basic mistakes owner-operators tend to make and each can put their business in jeopardy.
Cashflow Corner presented by TriumphPay …Nexus is when a trucking company owes taxes in multiple states, but many companies are not aware of when this happens because of confusing state laws.
Cashflow Corner presented by TriumphPay …There is another option to acquiring good paying freight for carriers, and that is government freight.
Cashflow Corner presented by TriumphPayDetention of drivers remains a significant problem in the industry, with few solutions in sight, although ELDs may be able to help smaller fleets and owner-operators enforce detention policies.
Cashflow Corner presented by TriumphPay You’ve taken the leap and decided to purchase your own truck. Or maybe you run a small fleet and have a handful of trucks. In either case, the next challenge is upon you: maintaining those vehicles, because if a truck isn’t running, it isn’t making any money.
With more regional and local deliveries due to e-commerce, there is more opportunity for truck drivers to find less-than-truckload freight, but knowing how it is billed is critical to winning contracts.
Despite all this good news, an underlying problem remains for many truckers – getting paid. There are still some shippers that are dragging their feet when it comes to settling their bills, and that leaves carriers short of cash.
Manual processes may appear cheaper at first, but studies have shown that switching to automated accounting programs for account payables and receivables saves money in the long run, even for small operations.
With third-quarter GDP coming in at 3.2% growth and fourth-quarter GDP also expected to best the 3% mark, which would be the third consecutive quarter of 3%-plus growth, and a newly minted tax plan promising to start moving the economy forward, times would appear to be ripe for trucking.
The days of drivers carrying around multiple credit cards to handle life on the road are quickly disappearing. Once, drivers might have a company credit card for expenses, a fuel card to pay for fuel, and even their own card for non-job-related expenses, but that is all changing as innovations in fuel cards might be making the company credit card obsolete.
When you run a trucking business that has weekly and daily bills such as salaries and fuel, but shippers pay at 30, 60 or even 90 days, ensuring you have the proper cash flow to maintain operations can be tricky. That’s why many owner-operators and smaller fleets have turned to invoice factoring.
If your small trucking company seems like it is operating on a week-to-week basis, you are not alone. According to a new survey from Mercator Advisory Group, 75% of small businesses in the U.S. routinely delay purchases at least once or twice a year because of cash flow issues. You can minimize this impact, though, through proper planning.
There are times in every business owner’s life when you need cash. The business has hit a rough patch, an unexpected expense has arrived, or a new business opportunity has presented itself, but you don’t have the money to take advantage. So how do you get the money?
As 2017 winds down, many carriers are taking a hard look at their tax situation. Is there anything they can do now that can reduce their tax liability? There is, and it comes in the form of equipment purchases.
Whether you own a car, pickup or tractor-trailer, it’s a decision that we all face at some point: Should I just buy a new vehicle or continue to repair my current one?
Managing any small business can be stressful. The fact is many small businesses fail. The number one reason for small business failure is the lack of proper cash flow management, according to U.S. Bank. That’s why it’s so important to learn how to manage your cash when times are good.
Rates are going up, but how can your carrier grab the largest increase possible? There are many things to consider when it comes to rates, but it all starts with knowing your own costs.
When one of your customers files for bankruptcy, do you know what to do? Taking the right the steps immediately can help ensure you will receive the money you are owed.
