The Seven Biggest Challenges Facing Trucking Companies Today

The trucking industry is rapidly growing, but also presents several challenges for small- and medium-sized carriers. Here are the most pressing issues in trucking today:

Regulations

From hours-of-service to E-log devices to fuel emission requirements, government rules dictate almost everything about operating a truck. Most of the rules are designed to make trucking safer, but they also create a lot of red tape and extra expense for drivers and fleets.

Turn Invoices into Same-Day Capital with Factoring

At RTS Financial, our accounts receivable financing solutions, also known as "factoring," are designed to increase cash flow within 24 hours for international companies that sell goods to the United States and Canada.

Here is the accounts receivable financing process, explained in five simple steps:

 

Battling Your Balance Sheet? RTS Financial Can Help.

If you own a business but are uncomfortable with handling finances, you are not alone.

A recent study by Intuit, Inc. found that more than 40% of small business owners describe themselves as “financially illiterate.” That information is troubling, especially when considering that 81% of business owners polled in the study said they handle all of their companies’ finances themselves.

Amazon Relay and How to Get Paid Faster
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Amazon Relay offers trucking companies and owner-operators the opportunity to haul loads for Amazon. It’s often a good option for carriers who meet the program's requirements to increase their load volume, find consistent work and benefit from Amazon’s growing delivery network. However, like many large freight programs, payment can take anywhere from seven to 30 days, or longer, which can create cash flow challenges for trucking businesses.

Payroll Factoring

Paying your employees can be a challenge when you have to wait 30 to 60 days, or even longer, on customer payments. When you work with RTS Financial, we offer you industry-leading advance rates on your receivables. This boost in working capital makes it easier to meet payroll, serve your customers and even expand your business.

Highlights of Our Factoring Services

By focusing on our clients and their business needs, we have created a better factoring experience. Here is what you can expect when you work with RTS Financial:

Payroll Funding for Staffing Companies

Payroll funding with RTS Financial is a great way to build up your staffing company's cash flow and expand your business. Instead of waiting 30 to 60 days on customer payments, you can receive same-day payment from RTS. This boost in working capital makes it easier to make payroll, pay vendors, meet customer demands and grow your company.

Remember This Deduction on Your Trucking Company's 2016 Taxes

An Expanded Deduction for Businesses

Just days before Christmas 2015, Congress left a big gift under the tree that trucking companies and other businesses can use to save on their taxes for 2016.

Section 179 of the federal tax code allows companies to deduct money spent on equipment from their taxes. Congress’ “Protecting Americans from Tax Hikes” (PATH) Act, which President Obama signed into law on Dec. 21, 2015, permanently increased the annual cap on that deduction from $25,000 to $500,000.

Survival Tips for a Slow Trucking Market

The past few months have been tough for carriers, as U.S. productivity has slowed and freight tonnage has declined. Here are six effective ways for your trucking company to get through the lean times:

Work the Load Boards

There are hundreds of load boards on the Internet. Some of them do not even charge a subscription. Build a list of load boards that offer the best loads on the lanes you serve and make a habit of visiting those boards often.

How to Start a Trucking Company

Guide Summary

While trucking is a rapidly growing industry, owning and operating a trucking fleet requires careful planning, dedication, and hard work. This series of blogs from RTS Financial is a concise, comprehensive resource for understanding everything involved in getting your authority and breaking into the business.

RTS Financial Offers Fast, Flexible Funding Solutions

Waiting 30, 60 and sometimes 90 days on customer receivables can put a great deal of stress on your cash conversion cycle. But what if you could receive payment on the same day?

GT Nexus has been working with RTS Financial to create an early payment process for suppliers transacting on the GT Nexus platform. RTS Financial offers payment solutions that advance cash on your invoices within 24 hours, allowing your company to access cash flow and grow at a faster pace.

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