Freight brokers stay busy, whether they are signing up shippers, seeking out drivers, or sorting through paperwork and invoices. As the transportation industry’s “middle man” bridging the connections between manufacturers and their markets, brokers play a critical role in getting products delivered when and where they need to go on time.
To help freight brokers keep their companies running smoothly, they partner with other professionals for specific services. These are the top four services that a freight broker can’t do without:
Legal services
Any business needs to have good legal counsel for its operations, starting with its establishment as a new company and continuing through any areas of risk. The trucking industry comes with its own legal regulations and policies. While you don’t have to know every piece of new legislation from the Federal Motor Carrier Safety Administration and other relevant government and transport authorities, you should have access to a legal advisor who can guide you to stay in compliance with current regulations and give you the information you need, when you need it.
Proper accounting and financial management services
As a freight broker, you may be very clued in to everything you need to know about the transportation industry, but accounting, taxes and financial management may not be among your strengths. While you may proceed with business as usual, thinking that you are making a profit, you might be running at a loss if you aren’t negotiating proper payment terms with clients, keeping track of taxes and all your expenses, and keeping a watchful eye on your cash flow. Professional accountants, tax specialists, and financial consultants can help you succeed.
Credit services and collections services
Determining the creditworthiness of your customers is key to ensuring that you will be paid for freight deliveries and following up on outstanding payments and invoices is critical for your success. These two time-consuming parts of the job can be handled by a good factoring company. Their credit experts can check on the credit history and payment prospects of your customers to protect you against loss and their in-house collections professionals can take the stress away from chasing after payments from customers.
A free online load board
Online load boards allow you to post your available freight for tens of thousands of motor carriers to see. When you register on a free load board and search for thousands of available trucks, you can post loads and reach motor carriers, without spending a dime. Plus, you’ll gain access to motor carriers that are often missing from paid-subscription load boards. Consider joining FreeFreightSearch.com (FFS), the world’s largest 100% FREE load board that’s changing the freight matching game. Register on our FREE Load Board today.