Information for the city of Tulsa
Tulsa, the second largest city in Oklahoma and seat of Tulsa County, is located in the northeast part of the state on the Arkansas River.Tulsa was settled in the 1830s by Creek Indians from Alabama who were forcibly sent to the area (then part of Indian Territory) under the Indian Removal Act of 1830. Creek medicine men planted ashes from their old home at the new site, and the Creeks named their new village Tulsy, meaning old town, in memory of their former home in Tallassee, Ala. In time, the village became the town of Tulsa.The coming of the first railroad in 1882 attracted white settlers to Tulsa, and the town developed into a cattle shipping center. When enormous oil deposits were discovered at nearby Red Fork in 1901 and at Glenn Pool in 1905, the city experienced rapid growth as a center of a booming petroleum industry. Tulsa was incorporated as a city in 1898 and chartered in 1908.Tulsa is the center of the state's petroleum and telecommunications industries and has a diversified economy.
Other important industries include aerospace, chemicals, computer parts, automobile glass, fabricated metals, and industrial machinery. The city became a major inland port when the Tulsa port of Catoosa opened in 1971The United States Oil and Gas Association, formerly the Mid Continent Oil and Gas Association, was founded in Tulsa on October 13, 1917, six months after the entry of the United States into World War I. At the time Tulsa called itself ""The Oil Capital of the World"". At its creation, the association worked to provide petroleum to the Allied forces. In the decades since its establishment, the association is recognized as a leading advocate for producers of domestic oil and gas.Though the oil industry has historically dominated Tulsa's economy, efforts in economic diversification have created a base in the sectors of aerospace, finance, technology, telecommunications, high tech, and manufacturing. The Tulsa International Airport (TUL) and the Tulsa Port of Catoosa, the nation's most inland seaport, connect the region with international trade and transportation.
An American Airlines maintenance base at Tulsa International Airport is the city's largest employer and the largest maintenance facility in the world, serving as the airline's global maintenance and engineering headquarters, while the Tulsa Port of Catoosa and the Tulsa International Airport house extensive industrial parks.Products from Tulsa manufacturers account for about 60% of Oklahoma's exports, and in 2001, the city's total gross product was in the top one third of metropolitan areas, states, and countries, with more than $29 billion in total goods, growing at a rate of $250 million each year. In 2006, magazine rated Tulsa as second in the nation in income growth, and one of the best cities in the country to do business with. Usually among the lowest in the nation in terms of cost of doing business, the Tulsa Metropolitan Area in 2005 was rated among the five lowest metropolitan areas in the United States for that category.
A number of large financial corporations are headquartered in Tulsa, . Meanwhile, there are 30 companies in Tulsa that employ more than 1,000 people, though small businesses make up more than 80% of the city's companies.During a national recession from 2001 to 2003, the city lost 28,000 jobs. In response, a development initiative, Vision 2025, promised to incite economic growth and recreate lost jobs. Projects spurred by the initiative promised urban revitalization, infrastructure improvement, tourism development, riverfront retail development, and further diversification of the economy. As of 2007, employment levels have surpassed pre recession heights and the city is in a significant economic development and investment surge. This economic improvement is also seen in Tulsa�s housing trends which show an average of a 6% increase in rent in 2010. Since 2006, more than 28,000 jobs have been added to the city.[
Information for the state of Oklahoma
Cotton, formerly the leading cash crop of Oklahoma, has been succeeded by wheat; income from livestock, however, exceeds that from crops. Many minerals are found in Oklahoma, including coal, but the one that gave the state its wealth is oil. After the first well was drilled in 1888, the petroleum industry grew enormously, until Oklahoma City and Tulsa were among the great natural gas and petroleum centers of the world. Oil and gas have declined somewhat in importance today. Many of Oklahoma's factories process local foods and minerals, but its chief manufactures include nonelectrical machinery and fabricated metal products. Military bases and other government facilities are also important.
If you need capital right now or are looking to expand then factoring is the way to go.
Tulsa Factoring Companies
The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you. -Tulsa Factoring Companies
WANTED COMPANY TO BUY MY RECEIVABLES
Tulsa Factoring Companies Articles
Important Points to Remember When Choosing Your Factoring Company
Now that you’ve decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you’ll discover that there are many factoring companies (or ‘factors’) in the marketplace, and this is the perfect situation for you as a potential factoring client.
But it can also be confusing, because now you have to find the right factoring company to suit your business’s needs. To assist you in making the right decision we’ve listed below the main issues that should be considered when choosing a factoring company.
Factoring Fees and Terms
Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you’ll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business – such as, money transfers, shipping, collateral, and so on.
Ensure that the factoring company you’re considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long term contract with your factoring company if it includes flexible rates or a price break. If you’re receiving competitive offers from other factoring companies or you have increased factoring volume, you’ll discover that many factoring companies will be prepared to adjust their rates. A one year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90 day notice, your factoring contract will automatically renew.
What’s the Difference between Recourse and Non Recourse Factoring?
It’s important that you understand the difference between recourse and non recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you’ll ultimately be responsible if the factoring company is unable to collect payment on your customers’ invoices.
There are benefits to recourse factoring, and perhaps the main benefit is that it’s less expensive than non recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn’t automatically mean that you’ll be asked to settle the debt out of pocket. Generally, what happens is that the factor will hold back a portion of either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt.
Our suggestion is that you find a factoring company that offers both recourse and non recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also behelpful in ensuring you’re working with good customers: this will relieve some of the pressure of being stuck with bad debt.
Experience and Capital: The Two PreRequisites
Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you’ll discover that there are a lot to choose from; however, many of these are recent start ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.
The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you.Research the factoring company’s client base and their capital structure. What’s a typical account size? What’s the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.
Additional Factoring Services
There are many more benefits to factoring than simply increasing your company’s cash flow. Because the factoring company will be handling the collection of your customer’s invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You’ll be matched with your own representative who’ll be able to address any questions or concerns you may have about your factoring account.
So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.
If you need capital right now or are looking to expand then factoring is the way to go.
Tulsa Factoring Companies Articles
Bookkeeping Mistakes Commonly Made by Freight Brokers
It’s true that freight brokers shoulder a lot of responsibility; from matching shippers and carriers, to ensuring that each and every piece of cargo arrives at its proper destination. Freight brokers also have the added responsibility of accurate bookkeeping, because failure to prioritize bookkeeping can result in the loss of money.
Below we’ve listed some common bookkeeping mistakes made by freight brokers, and how to avoid them–
Handling the Accounting In-House
Many business owners try to save money by handling the books themselves, or perhaps delegating this very important task to a family member or an inexperienced employee. Sure, you may save time and money initially, but errors can be costly: when you attempt DIY accounting you could well end up with more expensive financing terms, higher bond premiums, or a number of other unforeseen expenses. It’s very important that you hire a competent bookkeeper because, not only will you save money, but you’ll know that the job will be done accurately, quicker, and more efficiently.
We understand only too well that running any business is time-consuming and hard work, and many freight brokers are simply too busy doing their day-to-day tasks to focus on bookkeeping tasks, such as the monthly reconciliation of credit card accounts and bank accounts. It’s through reconciling statements that you get a clear idea of how much credit or cash you actually have, and you can also pick up on any errors that may have occurred.
It can be so tempting to postpone this rather tedious task, but the truth is that your credit card statements and bank statements must be reconciled every month, preferably the moment each statement becomes available. In this way you’ll be able to identify any potential problems in a timely manner; problems such as lost checks, missing deposits, fraudulent charges, and so on.
Failing to Track Invoices and Receivables
You’re not going to get paid if you’re using poor accounting practices with your accounts receivable. Let’s face it, getting paid equals cash, and cash is the lifeblood of every business. An experienced freight broker understands that your cash flow can be strained by the delay between when you pay your carriers and when you receive payment from your customers. If you’re finding that tracking and collecting invoices is taking too long, why not consider invoice factoring? An invoice factoring company will purchase your invoices for a small fee, with the bonus being that you get paid immediately, plus you’re spared the time and expense of having to deal with collections.
Don’t Forget Liabilities
One of the major considerations a surety has when looking at your business financials in order to underwrite a bond is whether you have sufficient assets to cover your liabilities. Many times we see an inexperienced bookkeeper recording a liability, but when the payment is made they forget to reverse the liability. This is a serious error because it results in liabilities being overstated and net income being understated, which makes your business appear to be less financially secure than it really is. These serious errors can be avoided by employing the services of an experienced bookkeeper. We also recommend that you have another set of eyes (which may be an owner or a CPA) regularly review the balance sheet to check for unusual account balances
Too Many Expense Categories
Another common error we often see with inexperienced bookkeepers is creating too many expense categories, or miscategorizing expenses. Generally, most industries and businesses have a standard set of expense categories, and when a loan underwriter or surety sees too many categories, or the miscategorizing of expenses, it stands out like a big red flag. It tells them that your books are not well prepared. Use an accountant or experienced bookkeeper to correctly set up your accounting software right from the beginning, and don’t automatically add new expense categories unless careful consideration has been made. Remember to ask your accountant or CPA for advice, because they’ll be able to guide you on how to classify expenses.
Incomplete Information on Invoices
It’s very important that, when you invoice your customers, you provide sufficient detail on each line item. Do you invoice by weight, per piece, or per mile? Or is the charge a flat fee? If there are additional charges to invoice, such as reimbursements for fuel or fees, these should be listed as separate line items. In addition, these charges must be clearly and accurately detailed in order to avoid any confusion. When you send invoices to your customers that include clear and concise details, it prevents pushback from your clients. If there’s missing information on your invoices and your customers are confused by unrecognizable charges, it could well cause a delay in payment, which is the very last thing business owners need.
Not Understanding the Functionality of Accounting Software
Many freight brokers purchase an accounting software package because they’re anxious to get their business up and running, but they fail to learn how to use it correctly. This is probably not an issue if you’re already outsourcing your accounting and bookkeeping tasks; but if you’re using this software in any way at all, perhaps to enter checks and run reports, it’s important that you spend some time learning how to use all the available functions. When used correctly, the right accounting software can save you a lot of time, in addition to providing real-time information on the state of your business. It’s this information that helps you make important business decisions!
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