Information for the city of Tampa
Service, retail, finance, insurance, shipping by air and sea, national defense, professional sports, tourism, and real estate all play a vital role in the area's economy. Hillsborough County alone has an estimated 740,000 employees, a figure which is projected to increase to 922,000 by 2015. Many corporations, such as large banks and telecommunications companies, maintain regional offices in Tampa. Tampa Convention Center, built at the site of Fort BrookeSeveral Fortune 1000 companies are headquartered in the metropolitan area, including .MacDill Air Force Base also remains a major employer as the parent installation for over 15,000 active uniformed military, Department of Defense (DoD) civil service and DoD contractor personnel in the Tampa Bay area. A significant majority of the civil service and contractor personnel are, in fact, themselves retired career military personnel. In addition to the 6th Air Mobility Wing, which is ""host wing"" for the base, MacDill is also home to Headquarters, United States Central Command (USCENTCOM), Headquarters, United States Special Operations Command (USSOCOM), the 927th Air Refueling Wing, Headquarters, United States Marine Forces Central Command (USMARCENT), Headquarters, United States Special Operations Command Central (USSOCCENT), and numerous other military activities of the active and reserve components of the armed forces.Downtown Tampa is undergoing significant development and redevelopment in line with a general national trend toward urban residential development.
The Tampa Downtown Partnership notes development proceeding on 20 residential, hotel, and mixed use projects as of April 2007. Many of the new downtown developments are nearing completion in the midst of a housing market slump, which has caused numerous projects to be delayed or revamped, and some of the 20 projects TDP lists have not broken ground and are being refinanced. Nonetheless several developments are nearing completion, which city leaders hope will make downtown into a 24 hour neighborhood instead of 9 to 5 business district. As it stands, Tampa residents face a decline in rent which has decreased an average of 2% next year. Nationally rent has decreased 4%. The Tampa Business Journal found Tampa to be the number two city for real estate investment in 2014.Tampa's port is now the seventh largest in the nation and Florida's largest tonnage port, handling nearly half of all seaborne commerce that passes through the state. Tampa currently ranks second in the state behind Miami in terms of cruise ship travel. T.MacDill Air Force BaseMain article: MacDill Air Force Base A KC 135R stationed at MacDill flying over Tampa Bay.MacDill Air Force Base, located in south Tampa, was constructed as MacDill Field just prior to World War II. During the 1950s and 1960s, it was a Strategic Air Command base for B 47 and B 52 bombers. In the 1960s, it transitioned to a Tactical Air Command installation for F 4 Phantom II fighters, followed by F 16s in the 1980s.
It is currently an Air Mobility Command installation, home to the 6th Air Mobility Wing, and includes both the 310th Airlift Squadron, flying the C 37, and the 91st Air Refueling Squadron, flying the KC 135. MacDill AFB is also home to the headquarters for two of the U.S. military's joint warfighting commands: Headquarters, United States Central Command (CENTCOM), and Headquarters, United States Special Operations Command (SOCOM). Both commands are independent from one another and each is commanded by a respective 4 star general or admiral.The MacDill AFB flight line was temporarily closed and the 56th Fighter Wing transferred to Luke AFB, Arizona following the 1991 round of base closings under the Base Realignment and Closure Commission (BRAC) discussions; at the time, the base was used for F 16 fighter training and operations and increasing level of civilian air traffic in the Tampa Bay area was considered detrimental to training.
The noise produced by the fighter aircraft was also considered inappropriate in a densely populated area. However, despite committee recommendations, the base remained open to house and support CENTCOM and SOCOM under the cognizance of the newly activated 6th Air Base Wing. With the disestablishment of Tactical Air Command a few months later, claimancy for MacDill passed to the newly created Air Combat Command.The MacDill flight line was initially reopened in 1992 to temporarily support F 16 aircraft from the 31st Fighter Wing and the Air Force Reserve's 482d Fighter Wing, following the destruction of their home station, Homestead AFB, Florida, in the wake of Hurricane Andrew. In 1993 the MacDill flightline was permanently reopened for NOAA WP 3D ""hurricane hunter"" operations, which had relocated from Miami International Airport.In 1996, the 91st Air Refueling Squadron moved to MacDill from Malmstrom Air Force Base, Montana, the 6th Air Base Wing was renamed the 6th Air Refueling Wing. It was renamed the 6th Air Mobility Wing after the 310th Airlift Squadron was activated on the base and the installation officially came under the Air Mobility Command.Approximately 14,000 people work at MacDill Air Force Base, with a significant number of military personnel and their families living on base in military housing, while remaining servicemembers and military families live off base in the Tampa Bay area.
MacDill AFB is a significant contributor to Tampa's economy and the city is very supportive of the military community. In 2001 and 2003, the Tampa Bay area was awarded the Abilene Trophy, which annually honors the most supportive Air Force city in Air Mobility Command.MacDill also hosts an annual air show that is enjoyed by thousands of spectators each year. However, there were no shows in 2002 and 2003 due to 9/11. The 2006 show was also canceled due to security concerns on base, but was reinstated in 2008. In 2008, pursuant to BRAC 2005, the Air Force Reserve Command's 927th Air Refueling Wing (927 ARW) relocated without aircraft or equipment from Selfridge Air National Guard Base, Michigan to MacDill AFB, where it became an ""Associate"" wing to the 6th Air Mobility Wing sharing the same KC 135R Stratotanker aircraft.Tampa is a city in and the county seat of Hillsborough County, Florida, United States located on the west coast of Florida on Tampa Bay, near the Gulf of Mexico. The city had a population of 346,037 in 2011.The current location of Tampa was once inhabited by indigenous peoples of the Safety Harbor culture, most notably the Tocobaga and the Pohoy, who lived along the shores of Tampa Bay. It was explored by Spanish explorers in the 16th century, resulting in brief and violent coicts with the native peoples and the introduction of European diseases, which wiped out the original native cultures over the next few decades. While Spain claimed Florida as part of New Spain, it did not found a colony in the Tampa area, and there were no permanent American or European settlements within today's city limits until after the United States had acquired Florida from Spain in 1819. In 1824, the United States Army established a frontier outpost called Fort Brooke at the mouth of the Hillsborough River, near the site of today's Tampa Convention Center.
The first civilian residents were pioneers who settled near the fort for protection from the nearby Seminole population, and the small village was first incorporated as ""Tampa"" in 1849. The town grew slowly until the 1880s, when railroad links, the discovery of phosphate, and the arrival of the cigar industry jump started its development, helping it to grow from a quiet village of less than 800 residents in 1880 to a bustling city of over 30,000 by the early 1900s.Today, Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area. For U.S. Census purposes, Tampa is part of the Tampa St. Petersburg Clearwater, Florida Metropolitan Statistical Area.
The four county area is composed of roughly 2.9 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C. and Atlanta. The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47 percent, or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million population mark on April 1, 2007. A 2012 estimate shows the Tampa Bay area population to have 4,310,524 people and a 2017 projection of 4,536,854 people. In 2008, Tampa was ranked as the 5th best outdoor city by Forbes.] A 2004 survey by the NYU newspaper Washington Square News ranked Tampa as a top city for ""twenty somethings."" Tampa also ranks as the fifth most popular American city, based on where people want to live, according to a 2009 Pew Research Center study. Tampa is now ranked as a ""Gamma+"" world city by Loughborough University.
Information for the state of Florida
"In the twentieth century, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state's economic development. The Gross Domestic Product (GDP) of Florida in 2010 was $748 billion. Its GDP is the fourth largest economy in the United States. In 2010, it became the fourth largest exporter of trade goods.The major contributors to the state's gross output in 2007 were general services, financial services, trade, transportation and public utilities, manufacturing and construction respectively.
In 2010 and 2011, the state budget was $70.5 billion, having reached a high of $73.8 billion in 2006and 2007. Chief Executive Magazine name Florida the third ""Best State for Business"" in 2011. Agriculture is the second largest industry in the state. Citrus fruit, especially oranges, are a major part of the economy, and Florida produces the majority of citrus fruit grown in the United States. In 2006, 67% of all citrus, 74% of oranges, 58% of tangerines, and 54% of grapefruit were grown in Florida. About 95% of commercial orange production in the state is destined for processing (mostly as orange juice, the official state beverage). Citrus canker continues to be an issue of concern. From 1997 to 2013, the growing of citrus trees has declined 25%, from 600,000 acres (240,000 ha) to 450,000 acres (180,000 ha). Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about 60 million visitors to the state every year. Florida was the top destination state in 2011. 42% of poll respondents living in the Northeast United States said they planned on visiting Florida over spring break.
Amusement parks, especially in the Orlando area, make up a significant portion of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months. 23.2 million tourists visited Florida beaches in 2000, spending $21.9 billion"
We just collected the money that we were owed a lot more quickly.
Tampa Factoring Companies
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 is serving. -Tampa Factoring Companies
I GAVE AWAY MY RECEIVABLES AND MADE MORE MONEY TOO
Tampa Factoring Companies Articles
The Difference between Accounts Receivable Financing and Factoring
Today, it’s not as easy for businesses to access finance as it was in past years, and more companies are being forced to look for alternative, non banking financing options in order to access the capital they require to help their business grow.
Two of the more popular tools available to cash strapped business owners are Accounts Receivable Financing (A/R Financing) and factoring. Some business owners believe these two are the same, but there are, in fact, some small yet significant differences.
What Is Factoring?
Factoring is when a commercial finance company, also known as a factor or factoring company, purchases a business’s outstanding accounts receivable. At that time, the factor will typically advance the business somewhere between 70% and 90% of the invoice’s value. Then, once the invoice is collected from the customer, the remaining balance – minus a factoring fee – is released to the business. The factoring fee could range from between 1.5% and 5.5%. It’s calculated on the total face value of the invoice and depends on how many days the funds are in use and other aspects, like the collection risk.
When a business has a factoring contract they can usually choose which invoices they want to sell to the factor: it’s not generally an all or nothing process. Once the factor has purchased an invoice they become responsible for managing the receivable until the account has been paid. Essentially, the factor becomes the business’s accounts receivable department and credit manager, analyzing credit reports, performing credit checks, mailing invoices, and documenting payments.
What Is Accounts Receivable Financing?
Accounts Receivable Financing is more similar to a traditional bank loan, however there are some key differences. Bank loans are secured with collateral; which might be real estate, the business owner’s personal assets, or plant and equipment; whereas Accounts Receivable Financing is backed by the business’s assets related to the Accounts Receivable. When a business has an Accounts Receivable financing agreement, a borrowing base is established at each draw against which the business is able to borrow money: this would typically be between 70% and 90% of the qualified receivables.
Between 1% and 2% is typically charged as a collateral management fee against the outstanding amount, and interest is only calculated as and when the money is advanced. An invoice must be less than 90 days old in order to count towards the borrowing base, and the finance company must deem the business credit worthy. There may also be other conditions to fulfil.
So, you can see that there are many similarities between Accounts Receivable financing and factoring; however, one is the sale of an asset (receivables or invoices) to a third party, while the other is actually a loan. In many ways, though, they do act similarly. Below we’ve listed the main features of each so you can determine which would be the best fit for your company.
Accounts Receivable Financing
• Generally, Accounts Receivable Financing is not as expensive as factoring;
• It can be easier to move from this type of financing to a traditional bank line of credit once a business becomes bankable again;
• Typically, a minimum of $75,000 per month is required in sales to qualify, so this type of financing may not be available to small companies;
• Due to the fact that the business will be required to submit all of its Accounts Receivable to the finance company, this type of financing can be less flexible than factoring.
• It’s quite easy to qualify for factoring, and factoring is the ideal solution for start ups and financially challenged companies;
• Because businesses can decide which invoices they want to sell to the factor, factoring offers more flexibility than Accounts Receivable Financing;
• The company is able to track total costs on an invoice by invoice basis because factoring has a simple and straightforward fee structure.
Today we see both Accounts Receivable Financing and factoring as traditional sources of financing; effective when traditional bank financing is not an option. Factoring can carry a business through a period when an immediate cash input is required.
Somewhere between 12 and 24 months most companies are generally able to repair their financial situation and once again become bankable. However, some companies in certain industries continue factoring their invoices indefinitely.An example of this is the trucking industry, which relies heavily on factoring for cash flow injections.
We just collected the money that we were owed a lot more quickly.
Tampa 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!
Tampa Factoring Companies Articles
Oil Well Cleaning Owner Interview
The oilfield services industry is certainly a booming one these days thanks to a renewed emphasis on searching and drilling for oil on private and state properties. One of the more profitable ventures in this field is not the drilling for oil, but the cleaning of oil and gas wells to keep them operating at full efficiency. Oil and gas drilling is a dirty business and wells will quickly become clogged even with regular maintenance.
Jeffrey Fielding is the owner of an oil well cleaning company who works with several drilling companies in providing cleaning and maintenance of oil wells. Over the past couple of years, Jeffrey has managed to grow his business considerably thanks in large part to his perseverance and determination. However, things were really tight when Jeffrey first started up his company and at one point he was faced with a dilemma that he didn’t know how to overcome.
The following interview with Jeffrey tells how he managed to expand his company at a crucial time thanks to oilfield services factoring. If it wasn’t for the presence of factoring companies that worked in his field, Jeffrey might be in a completely different business today.
“Hello, Jeffrey. It’s good to talk with you and I’m glad you were able to spare the time to share your story with us.”
Jeffrey Fielding: “Thanks, I’m glad to be here.”
“Jeffrey, tell us a little about how you got into the oil well cleaning business first as it’s something our listeners may not be fully aware of.”
JF: “No problem, I’ll start at the beginning. About ten years ago I joined an oil well crew as a roughneck, working my way up through the business. It was hard work and our crew was usually out in the middle of nowhere, but the money was good and the opportunities kept building for me. I quickly learned the job and was hired by a number of drillers to work their rigs over the next few years during the boom in the oil industry.”
“Right from the beginning, I took notice the oil well cleaning crews that would work each rig and started talking to the guys who were a part of that business. After a few years it became clear to me that oil well cleaning was really where it was at ‘cause the work was really steady and the money was just as good, if not better than what I was making. So, with the money I had saved up along with a couple of partners I opened up an oil well cleaning company of my own.”
“It certainly sounds like you struck gold so to speak. So tell us how your business started.”
JF: “It was pretty straightforward as we got our business loan, purchased the equipment and hired a couple of experienced people to help us clean oil wells. We had some pretty good connections and the orders started to pile in, but then we ran into a problem that none of us could even dream of happening. We became victims of our own success.”
“I don’t think I quite understand, could you explain just how that happened?”
JF: “Sure, about six months in we suddenly got new drillers who wanted to use our services, but we didn’t have the money to expand. We get paid by invoice which can take up to 60 days to see the cash which meant that we trying to pay down our loan, the payroll and the equipment, fuel and other costs and didn’t have enough cash on hand to expand. We knew that if we didn’t hire new people and buy new equipment that we would miss out on a golden opportunity. However, one of my friends told me about oilfield services factoring companies that could help us out.”
“What are factoring companies?”
JF: “Basically, a factoring company will buy the invoice and get us the cash immediately. We had good credit and our invoices were certainly good as well. By using their services, we were able to get the cash in our hands quickly and pay for new equipment to then expand our business efforts.”
“It certainly sounds like the factoring companies saved the day for you, but just how do they work?”
JF: “Well, it was a pretty simple process. We just filled out a few forms with the information that they requested and then we sold the invoices we had already collected, but had not collected to the factoring company. We got the cash we needed immediately and they collected the invoice.”
“It certainly sounds pretty straightforward, but why didn’t you just get another loan?”
JF: “My partners and I went over that and another loan would just be too big a burden. We were already paying off our old loan which was considerable and didn’t want to have more debt hanging over our company. By going with the oilfield factoring companies, we didn’t owe anyone, anything. We just collected the money that we were owed a lot more quickly.”
“So, how is business now?”
JF: “It’s better than ever. By using a factoring company I was able to buy new tubing, cleaning fluids, a new vehicle and other equipment that let us take on the new orders. We were able to expand the business quite a bit and our reputation is such that we work with several drilling companies.”
“It sounds like a dream come true.”
JF: “It really does, but I don’t know what we would have done if factoring companies didn’t exist. We still use them when we need cash for new equipment or products to do our job. It’s quick, safe and brings us the money we need to continue our business.”Jeffrey’s company really benefitted from using oilfield factoring companies that served his industry. There are factoring companies for other types of businesses as well that can take invoices and turn them into quick cash for businesses that need to expand. For Jeffrey and many other small business owners, factoring companies can make the difference in the success of your efforts.
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