Information for the city of Akron
Akronis the fifth largest city in the U.S. state of Ohio and is the seat of Summit County. It is in the Great Lakes region approximately 39 miles (63 km) south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110. The Akron, OH Metropolitan Statistical Area (MSA) covers Summit and Portage counties, and in 2010 had a population of 703,200. Akron is also part of the larger Cleveland Akron Canton, OH Combined Statistical Area, which in 2010 had a population of 3,515,646.Akron was co founded in 1825 when suggested by Paul Williams to Simon Perkins. In 1833, ""South"" was temporarily added to the name when Eliakim Crosby settled a bordering North Akron.
After Summit County formed from portions of Portage, Medina, and Stark counties in 1840, Akron succeeded Cuyahoga Falls as county seat a year later. The Akron School Law of 1847 created the K 12 system. In 1851, Sojourner Truth attended a convention and extemporaneously delivered the original ""Ain't I a Woman?"" speech. During the Civil War, Ferdinand Schumacher supplied the Union Army with oats produced by his mill along the Ohio Canal. Between the 1870s and World War I, numerous churches across the nation were built using the Akron Plan.
With a population increase of 201.8% during the 1910s, it became the nation's fastest growing city due to industries such as stoneware, sanitary sewer, fishing tackle, farming equipment, match, toy, and rubber. The companies l Tire, Goodrich, built headquarters, though only the latter remains. Airships, blimps, dirigibles, and zeppelins have been manufactured at the Airdock since World War II. The Polymer and National Polymer Innovation Centers are on the University of Akron campus, which anchors the Polymer Valley and is home to the Archives of the History of American Psychology. Akron also headquartered the N as one of ten Information Age high tech havens. Awarded by the National Civic League and National Arbor Day Foundation, it was named one of the world's most livable cities.
The All American are annually hosted by the city, which was a venue for some events of the 2014 Games. Tourist attractions include Stan Hywet Hall & Gardens and Lock 3 Park, where the American Marble & Toy Manufacturing Company once stood.Residents of Akron are referred to as ""Akronites."" Nicknames include ""Rubber City,"" ""City of Invention"" and ""Rubber Capital of the World."" Many industries in the United States either began or were influenced by the city. After beginning the tire and rubber industry during the 20th century with the founding of Good gained the status of, ""Rubber Capital of the World"". Akron has won economic awards such as for City Livability and All American City, and deemed a high tech haven greatly contributing to the Information Age.
Current Fortune 500 companies headquartered in the city include the Goodyear Tire and Rubber Company and FirstEnergy. In addition, the city is the headquarters to a number of other notable companies Jewelers. America's biggest tire manufacturer and the fifth largest private employer in Summit County, recently built a new world headquarters in the city. The project, Akron Riverwalk, will feature a large retail and commercial development area. The project began in 2007, but was put on hold due to the financial crisis of 2007 2010, and is now continuing. Bristone built a new technical center with state of the art R&D labs, and relocated its product development operations to the new facility in early 2012. The Eastern Ohio Division of Bank, which has six branches in the city, built a regional headquarters downtown. The city has a free WiFi corridor centered in downtown. Neighborhoods in range include Goodyear Heights, East Akron, North Hill, Firestone Park, Kenmore, and West Akron. Some frequented locations in the area include, Akron Summit County Public Library, John S. Knight Center, and the Robert K. Pfaff Transit Center.
Information for the state of Ohio
"Ohio is highly industrialized, yet it also continues to draw economic riches from the earth. Among national leaders in the production of lime, clays, and salt, it is a historic center of ceramic and glass industries. Ohio's soil supports rich farms, especially where it was improved ages ago by additions of glacier-ground limestone. Although most of the state's income is derived from commerce and manufacturing, Ohio also has extensive farmland, and large amounts of corn, soybeans, hay, wheat, cattle, hogs, and dairy items are produced, although the number of family farms is rapidly dwindling.
Railroads, canals, and highways crisscrossing the state have since the late 19th cent. provided the means for transporting large amounts of raw materials and manufactures. Lake Erie ports, chiefly Toledo and Cleveland, handle iron and copper ore, coal, oil, and finished materials (including steel and automobile parts). In spite of massive industrial decline since the 1960s, which has made Ohio the center of the ""Rust Belt,"" the state retains many manufacturing centers, with an emphasis on heavy industry. Leading products include transportation equipment, primary and fabricated metals, and machinery."
You have things to do and sometimes it just does not make sense to put them off until you get paid
Akron Factoring Companies
Factoring companies will, in exchange for your invoices, provide you with the cash today so that you don not need to worry about the waiting period that could make paying the bills and getting materials more difficult. -Akron Factoring Companies
DON'T EVEN THINK ABOUT GOING TO THE BANK WITHOUT READING THIS REPORT
Akron Factoring Companies Articles
Invoice Factoring: Helping Temp Staffing Agencies Grow
When a temp agency is experiencing a cash flow problem, they generally have two options: the first option is to apply to a bank or other lender for a business loan, and the second is to use Invoice Factoring. In this article we'll take a look at why Invoice Factoring may be the best option.
Many companies who bill their clients have discovered that Invoice Factoring is a very effective way of addressing cash flow issues, and this is also true for temp staffing agencies. Typically, temp agencies don't get paid by their clients until such time as their job vacancy has been filled and the employee hired has actually commenced work, which means that it's very common for temp agencies to experience cash flow problems.
Any advertising required to successfully place job candidates is paid for by the temp staffing agency, meaning that they're not able to invoice their client until they've found a suitable candidate and the candidate has actually started work. So, the temp staffing agency must wait to get paid.
Why Invoice Factoring Works Well for Temp Staffing Agencies
Temp staffing agencies are typically paid per hour, with the amount due being based on the number of hours their placement has worked. Of course, during this time they still have to pay their own bills, and these might include rent, payroll, advertising costs, utilities, and so on. So, it's easy to see that this can put a big strain on a temp agency's cash flow.
Many expenses incurred by a temp staffing agency can't be put off, so the agency must be able to access cash straight away: their employees need to be paid on time, as do their rent and utility bills. All businesses require office supplies, so money must be available to keep the business running smoothly. In addition, temp agencies must have money on hand for advertising job openings. For all of these reasons, it's not either feasible or practical for a temp staffing agency to apply for a business loan, then sit, wait, and hope to be approved.
These businesses need money and they need it now; and that's why Invoice Factoring may be the perfect solution to their cash flow problem.
Explaining Invoice Factoring
When a business makes the decision to use Invoice Factoring in order to generate cash, their cash-flow problem can be resolved almost immediately. In many cases, the business can secure up to 92% of the value of their invoice within 24 hours! A word of caution though: if this is the first time the temp agency has worked with a factor it could take longer - somewhere between four and seven days.
Any temp staffing agency that's experiencing a cash flow crisis, or even agencies that only occasionally experience cash flow problems, should do as much research as they can to learn about factoring and how it might help their business grow. With this knowledge they can then consider Invoice Factoring as and when the need arises. Factoring really is the perfect way for a business to access cash money when it's most needed. In many cases, once a relationship has been established with the factor, the money will be delivered within 24 hours.
Cash When You Need It!
Of course one of the major bonuses of invoice factoring is that temp staffing agencies no longer need to worry about whether they will or won't qualify for a bank loan, because factoring will take care of their cash flow crisis. All they need to do is provide their chosen factor with the invoices they wish to sell, complete with the time-sheets for each employee, and the cash that's due and payable to them can be deposited into their bank account within 24 hours. Now, temp agencies will have no problems meeting their monthly obligations, and best of all, there'll be no need to take on new debt.
You have things to do and sometimes it just does not make sense to put them off until you get paid
Akron 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!
Akron Factoring Companies Articles
Business Is Booming but Your Company’s Cash Strapped!
A business needs good cash flow for many reasons, and many businesses have learned the hard way that business can be booming but they can still suffer from cash flow problems. There are many scenarios where a business might urgently require access to cash: it could be due to the sudden growth or expansion of a business, a major transaction may need to be expanded, perhaps there’s a need to purchase equipment or even to employ more personnel.
Interestingly, research shows that many businesses (both small and medium-size) fail, not because business is bad, but because they experience difficulties when trying to meet short-term financial responsibilities. So how can a growing and profitable business get into serious financial trouble, or even go broke? It seems so contradictory, but on closer examination you’ll see that it’s not surprising at all.
Many Businesses Experience a Cash Flow Dilemma
It’s so easy for a business to get into a situation where they have a cash flow problem: you only need one or two larger accounts to default on payment, or to take an additional 60 or 90 days to pay, and now you’ve got a cash flow problem!
Traditionally, business owners have depended on conventional lending sources for a business Line of Credit, and this often includes short-term Bridging Finance. But there are also many people in business who’ve used their personal credit cards for business-related expenses. Once business owners have exhausted traditional means of funding, the process of acquiring extended financing can become a time-consuming, trying, and often impossible task.
Fortunately, today, we have a viable and effective alternative for business owners to get through cash strapped periods, particularly during periods of expansion and business growth. This innovative form of financing is known as Factoring; it’s also sometimes referred to as Asset Based Lending or Accounts Receivable Financing.
Factoring has become a workable and realistic solution for many businesses, particularly when cash flow is uncertain and threatens the viability, or even survival, of the business.
How Does Factoring Work?
Basically, when a business has credit-worthy accounts receivables, the factoring process provides the business with an instant cash injection on those receivables. So, sometimes, when a lender says ‘no’ to a business, a factoring company may say ‘yes’, thus offering the much needed cash injection that so many businesses require to move forward.
Factoring companies understand the financial needs of their trucking clients and react very quickly to provide them with the professional, personalized, hands-on attention that they require. Freight Bill Factoring is actually a very simple process: it provides a business with instant cash flow in order to satisfy its cash needs, which in turn enables the business to grow and prosper.
It works like this! Your company has quality accounts receivables, and needs a cash boost. A factoring company may purchase just one, or a group of your receivables, and in return will immediately give you up to 100% (less fees applicable) of the face value of these accounts. Once the customer invoice has been paid in full the balance is forwarded on. Yes, factoring costs more than other means of lending, but factoring clients believe the benefits far outweigh the costs.
The Benefits of Factoring
Possibly the greatest benefit of factoring is the short turnaround time, because factoring companies don’t have a lengthy loan approval process, unlike banks and other lenders. This means that, with factoring, trucking business owners can have money in-hand by the end of the same working day!
In order to receive approval as a factoring customer, a trucking business must first-of-all be a reputable trucking business, and secondly, it must have credit-worthy customers. Once a business has been approved for factoring, funding will be provided on the same day. It’s important to note, also, that ongoing financing is only limited by the amount of receivables available for purchase.
In the last decade we’ve seen factoring grow very quickly, and today it’s become a financially feasible alternative for many trucking companies. Many trucking companies have stated that Freight Bill Factoring has made it possible for them to process orders and undertake loads from brokers that would otherwise have been impossible because of a lack of financing. Freight Bill Factoring is here to stay, and it clearly has a place in today’s business environment. Because of factoring, a trucking company can expand its customer base, increase loads, and even survive a seasonal slump. Thanks to Freight Bill Factoring, many businesses have been able to expand and grow, and easily survive in what has become a very competitive industry.
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