In the current economic climate, trucking companies are looking to improve finances any way they can. At the same time, the outlook for the near future also allows for fleets of all sizes to experience growth. Improving finances for your trucking company should be a focus for the upcoming months, and there two easy-to-implement methods that won’t cut back on productivity.
1. Keep Track of Expenses
One way to improve finances for your trucking company is to pay close attention to expenses. In-office expenses for fleets are usually easy to manage. However, tracking variable expenses, such as fuel, may be more challenging. Prices at the pump are always changing, and if drivers are filling their tanks on interstate hauls, they could be overpaying. By incorporating fuel apps with route planning, our drivers can save themselves and your trucking company money by filling up at places with low prices. Additionally, using fuel card programs that offer big discounts at the pump can greatly improve finances. Some trucking companies even make a friendly competition among drivers to reward those truckers who spend the least on fuel throughout a month, and offer incentives and prizes to encourage the fleet to be price-conscious of fuel they purchase.
2. Boost Your Cash Flow
One of the main issues trucking companies have finances is that overhead expenses often pile up faster than revenue is coming into the business. Typically, these cash flow issues can be traced to revenue that’s tied up in unpaid receivables. Waiting on clients and brokers to make payments can take upwards of 30 days, which can place a big strain on finances. To unlock the revenue tied up in unpaid invoices, trucking companies use freight factoring. When your trucking company uses freight factoring, unpaid receivables are converted to cash quickly, so you can cover overhead expenses and build up capital for growth. Factoring does not place any debt on the books, so your trucking company will preserve its credit ratings and reduce the need for short-term loans to cover expenses.
Improve Your Trucking Company’s Finances Today
Single Point Capital provides fuel card programs and freight factoring solutions for trucking companies nationwide. Our fuel card program offers deep discounts at the pump and allows fleet owners to keep track of driver expenses. Our freight factoring services convert receivables to cash, and we make funds available to trucking companies within a single day. If you want to improve finances for your trucking company, contact Single Point Capital today.