Business Taxes: Accounting For All Of Your Freight Payments

We are now well into the first quarter of 2017. Truckers and fleet owners alike are getting inundated with emails and brochures about filling business taxes. Business taxes can be messy in the trucking industry, because many customers have yet to remit payments from the end of the previous year. Accounting for all customer payments before filing business taxes leaves the trucking industry at large with few options.

The Problem With Adjusted Payment Schedules

Adjusting payments schedules is one method of making things easier when filing business taxes. After a certain point near the end of the year, many truckers and fleet owners will push the due dates on invoices into the following year. This allows for a clear cut-off point for accounting purposes. All deliveries made after the assigned date do not require payment until the following quarter. While this makes business taxes a lot easier, the later due date creates gaps in cash flow. A few people have gone in the other direction, and have shortened the payment schedule, in order to get as much revenue as possible. This impacts customers across the board. Long-time customers, who are used to regular payment schedules, may not pay attention to the shorter aging period on due dates, and then get upset when they receive late notices. Newer customers may be put off by the shorter payment schedules when competitors are doing the exact opposite, which can end up costing sales.

Using Freight Bill Financing To Make Business Taxes Easier

Rather than adjusting payments schedules, calling customers for payments, or omitting numbers when filing taxes, there is an alternative. Freight bill financing eliminates the need for pushing due dates into the next quarter, artificially placing a strain on your own cash flow, or upsetting long-time customers. Freight bill financing turns open invoices into cash within 24 hours. Payment schedules and handling payments from customers become a thing of the past. Business taxes can be filed completely and on time. Best of all, truckers and fleet owners will be able to mark all invoices as paid, both from their own backlogs and moving forward. Freight bill financing is not a loan. Instead, this method is a sale on receivables, so there is no debt or payment schedule attached.

Stop Struggling With Business Taxes

If you are tired of the headaches and financial strain that comes with changing payments schedules to file accurate business taxes, contact Express Freight Finance. Our team of experts will help you with your unsettled customer accounts to ensure you have all the payments you are owed quickly and efficiently.