Information for the city of Oakland
Oakland is located in the west central part of California on the east side of San Francisco Bay. It is the seat of Alameda County.Don Luis Peralta first settled the site of Oakland in 1820 when he established the Rancho San Antonio. The gold rush of 1849 attracted more people to the area, and the city's population continued to grow after a ferry service to San Francisco was started in 1851. Oakland was incorporated as a town in 1852 and as a city in 1854. It was named after the numerous oak trees found in the area. Oakland became the western terminus of the Central Pacific Railroad in 1869 and the seat of Alameda County in 1873.In the latter part of the 19th century and also in 1910, additional territory was annexed to Oakland and the city assumed its present size. In 1906, thousands of people fled to Oakland in the aftermath of the San Francisco earthquake and settled there permanently, furthering the city's growth. Oakland's economic development continued to rise with the opening of the San Francisco Oakland Bay Bridge in 1936.Oakland is a major center of culture and commerce.
It is an important container shipping port and the terminus of three transcontinental railroads. Oakland's industries include food processing, transportation, software, telecommunications, pharmaceuticals, and electrical and high technology manufacturing. The city is the headquarters of many national and international corporations.Oakland is a major West Coast port, and the fifth busiest in the United States by cargo volume. The Port of Oakland handles 99% of all containerized goods moving through Northern California, representing $41 billion worth of international trade. There are nearly 200,000 jobs related to marine cargo transport in the Oakland area. These jobs range from minimum wage hourly positions to Transportation Storage and Distribution Managers who earn an annual average salary of $91,520. The Port of Oakland was an early innovator/pioneer in the technologies of Intermodal Containerized Shipping. The city is also home to several major corporations including rox, as well as the corporate headquarters for national brands and in recent years many start up high tech and green energy companies have found a home in the downtown neighborhoods of Uptown, City Center, Jack London Square and Lake Merritt Financial District.
In 2014, Oakland was the fifth ranked city for tech entrepreneurs by total venture capital investment.As of 2013, the San Francisco Oakland Hayward has a GDP (Gross Domestic Product) of $360.4 billion, ranking eighth among metropolitan areas in the United States. In 2014, Oakland was amongst the best cities to start a career, the highest ranked city in California after San Francisco. Additionally, Oakland ranked fourth in cities with professional opportunities. Numerous companies in San Francisco continue to expand in or migrate over to Oakland.Oakland experienced an increase of both its population and of land values in the early to mid first decade of the 21st century. The 10k Plan, which began during former mayor administration, and intensified during former mayor Jerry Brown's administration resulted in several thousand units of new multi family housing and development.
Information for the state of California
The economy of California is large enough to be comparable to that of the largest of countries. FY 2011, the gross state product (GSP) is about $1.96 trillion, the largest in the United States. California is responsible for 13.1 percent of the United States' $14.96 trillion gross domestic product (GDP). California's GDP is larger than that of all but 8 countries in dollar terms (the United States, China, Japan, Germany, France, Brazil, the United Kingdom, and Italy).
California's GDP is larger than the GDPs of Russia, India, Canada, Australia, and Spain; in terms of Purchasing Power Parity, it is larger than all but 9 countries (the United States, China, India, Japan, Germany, Russia, Brazil, France, the United Kingdom, Italy), larger than Mexico, South Korea, Spain, Canada, and Turkey. In terms of jobs, the five largest sectors in California are trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In terms of output, the five largest sectors are financial services, followed by trade, transportation, and utilities; education and health services; government; and manufacturing. Agriculture is an important sector in California's economy. Farming-related sales more than quadrupled over the past three decades, from $7.3 billion in 1974 to nearly $31 billion in 2004. This increase has occurred despite a 15 percent decline in acreage devoted to farming during the period, and water supply suffering from chronic instability.
Factors contributing to the growth in sales-per-acre include more intensive use of active farmlands and technological improvements in crop production. In 2008, California's 81,500 farms and ranches generated $36.2 billion products revenue. In 2011, that number grew to $43.5 billion products revenue.
If you did not have to wait for the cash flow to come in what would you do right now?
Oakland Factoring Companies
Factoring is when a commercial finance company, also known as a factor or factoring company, purchases a business's outstanding accounts receivable. -Oakland Factoring Companies
HERE IS A QUICK WAY TO SHORE UP YOUR CASH FLOW
Oakland Factoring Companies Articles
The Best Kept Secret in Financial Services: Freight Bill Factoring!
If you’re an existing owner of a trucking business, or perhaps you’re planning on starting a trucking business, then you may be interested in Freight Bill Factoring. Freight Bill Factoring helps trucking businesses, both large and small, achieve their overall business goals; but before making any final decision you must fully understand how Factoring works.
Freight Bill Factoring has become very popular with trucking businesses and is often referred to as the financial backbone of the trucking business. If you’re not familiar with Freight Bill Factoring, you may not know that factoring is a financing alternative for business owners: it gives them immediate access to additional financing capital they may otherwise not have access to. The process of Freight Bill Factoring is actually quite straightforward: it involves a factoring company purchasing bill of ladings at a discounted rate. This process is a win-win situation for both the trucking company who receives immediate funds and for the broker who pays for the invoices.
Freight Bill Factoring Is Not New!
Freight bill factoring is not a new idea; in fact, it has a long, rich tradition. Most civilizations that have engaged in commerce have also engaged in factoring in one form or another. For example, business relationships during the colonial period in North America were required to make cash payments in advance against Accounts Receivable in order for the business to continue with its commercial operations, prior to their users being paid for their goods. So, they were engaged in factoring!
Factoring Specialists Have Many Services to Offer
Of course, factoring has become a lot more sophisticated over the years, and today it’s focused on financial management, credit worthiness, and on collections. However, the basic concept of purchasing Accounts Receivable has stayed the same. In addition, the modern factoring company of today can do a lot more than just funding: a factoring specialist can assist clients by evaluating and setting credit limits, verifying customer’s credit worthiness, and professionally managing Accounts Receivable collections. Right across North America we see factoring companies existing in all forms and serving business sectors and industries of all types; and today, many large financial institutions even have their own factoring divisions. Generally, though, factoring companies are smaller, independently owned enterprises.
Banks Step Out as Factoring Steps In
Factoring has become very popular with trucking businesses because, as most business owners can verify, commercial lenders have become increasingly inflexible, with stricter regulations and ever-changing lending criteria. This inflexibility has forced both small and medium sized businesses to search for alternative financing sources, and this is where factoring has stepped in. Factoring is a simple, workable, solution-based process, providing an alternative for trucking businesses when traditional means of financing are not available. Factoring is proving to be a great financial remedy, particularly as banks and other lenders are becoming less friendly to small business owners.
Factoring Companies Operate Worldwide
The volume of factoring around the world has today exceeded the trillion-dollar mark! Factoring companies operate on every continent and, in the last four years, worldwide factoring transactions have increased by 60%. And that’s why we say that Freight Bill Factoring is the best kept secret in financial services!
If you did not have to wait for the cash flow to come in what would you do right now?
Oakland 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!
Oakland Factoring Companies Articles
Why Do Companies Choose Factoring?
We know that factoring is the ideal way for a business to access instant cash on their company’s receivables, but there are other important benefits as well. Factoring can be a very handy financial instrument for many businesses.
Listed below Are Six Key Benefits of Factoring
No. 1: Back Office Solutions
Anyone running a business knows just how time consuming and expensiveit can be collecting payments from customers. When you employ a factoring company they’ll take over that role for you using their own collection specialists: it’s their job to follow up with customers until such time as your account has been paid in full. In addition, some factoring companies use online accounts, which means that you’ll have the ability to track your customers’ payments in real time.
Handing this time consuming part of your business over to the factoring company frees up your time to do what you do best – running your business, looking for new business opportunities, and providing your customers with excellent customer service.
No. 2: Better Quality Customers
Some factoring companies have their own rating systems for companies involved in your industry, in addition to having access to credit data on companies that could well become your new customers, and days pay information. Others create their own rating systems for companies working in your industry, which allows you to make calculated, informed decisions about both existing and new customers.
No. 3: Instant Access to Cash
When a company provides goods or services on credit it usually has to wait somewhere between 30 and 90 days for customers to pay on their invoice, and this very often leads to cash flow problems for the business. And that’s the beauty of factoring! When you use a factoring company you’ll typically receive an advance on an invoice within 24 hours. This immediate injection of cash allows businesses to purchase additional equipment, employ new staff, and cover other business expenses.
No. 4: Growing Your Business
Because factoring provides instant access to cash, it offers you the flexibility to grow your business at a faster pace. In addition, factoring is very simple to set up. A factoring account can be created within a matter of days, whereas a traditional bank loan can take weeks. And, there’s no limit to the amount of funding a factoring company can provide, unlike bank loans. Of course, this is assuming the factoring company you choose to work with has a strong capital structure. Over a period of time, the volume of factoring can increase within months – from thousands to millions of dollars.
No. 5: Funding for Start Ups
Start Ups quite often require financing to get their business up and running; but because they have no cash flow statements or balance sheets, and no business history, they’re highly unlikely to qualify for cash flow or asset based lending.
Factoring is not concerned about these requirements because it’s main interest is in the credit history of your customers. Before a factoring company offers you financial assistance it will examine your customers’ credit scores, their payment patterns, and general financial health. Typically, the factoring company will not be interested in how long your company has been operating.
No. 6: Factoring Is Not a Debt
Factoring does not become a debt to your business because it’s not a loan. Your business receives financial support from the factoring company as and when you accumulate invoices, and the matter is settled once your customers have paid in full. It’s true that if you’re utilizing recourse factoring, you, as the factoring client, assume the risk if your customers default on payment; however, factoring companies usually allow businesses to work off that amount by retaining a portion of reserve payments or future cash payments.
You Can Find More Information at http://accountreceivablefinancing.net/
and at www.freightbillfactoring.org/