Information for the city of Spokane
Spokane is a city located in the northwestern United States in the state of Washington. It is the largest city of Spokane County of which it is also the county seat, second largest city in the state of Washington, and the metropolitan center of the Inland Northwest region. The city is located on the Spokane River in eastern Washington, 92 miles (148 km) south of the Canadian border, approximately 20 miles (32 km) from the Washington Idaho border, and 232 miles (373 km) east of Seattle.David Thompson explored the Spokane area and began European settlement with the westward expansion and establishment of the North West Company's Spokane House in 1810.
This trading post was the first long term European settlement in Washington and the center of the fur trade between the Rockies and the Cascades for 16 years. In the late 19th century, gold and silver were discovered in the Inland Northwest. The Spokane area is considered to be one of the most productive mining districts in North America. Spokane's economy has traditionally been based on natural resources, being a center for mining, timber, and agriculture; however, the city's economy has diversified to include other industries, including the high tech and biotech sectors. Spokane is known as the birthplace of Father's Day, hosted the first environmentally themed World's Fair, Expo '74, and is home to Gonzaga University and Whitworth University.The city of Spokane (then known as ""Spokan [sic] Falls"") was settled in 1871 and officially incorporated as a city in 1881. The city's name is drawn from the Native American tribe known as the Spokane, which means ""Children of the Sun"" in Salishan. Spokane's official nickname is the ""Lilac City"", named after the flowers that have flourished since their introduction to the area in the early 20th century. Completion of the Northern Pacific Railway in 1881 brought major settlement to the Spokane area.With a population of 208,916, according to the 2010 Census, Spokane is the second largest city in Washington and the 102nd largest city in the United States. Spokane is the principal city of the Spokane Metropolitan Statistical Area, which is coterminous with Spokane County. As of the 2010 census, the county had a population of 471,221.
The Spokane Coeur d'Alene Combined Statistical Area has about 609,000 residents.Spokane became an important rail and shipping center because of its location between mining and farming areas. In the early 1880s, gold and silver were discovered in the Inland Empire; as a regional shipping center, the city furnished supplies to the miners who passed through on their way to mine in the Coeur d'Alene, Colville and Kootenay districts. The area is considered to be one of the most productive mining districts in North America.Natural resources have historically been the foundation of Spokane's economy, with the mining, logging, and agriculture industries providing much of the region's economic activity. After mining declined at the turn of the 20th century, agriculture and logging replaced mining as the primary iuence in the economic development of Spokane. As with the mining industry, the lumber industry in the city contributed to the economy by the means of outfitting the lumberjacks and millmen working in the hundreds of mills along the railroads, rivers, and lakes of northern Washington and Idaho. Agriculture has always been an important sector to Spokane's economy; the surrounding area, especially to the south, is a productive agricultural region known as the Palouse. This setting supports many vineyards and microbreweries that reside in the Spokane area. By the early 20th century Spokane was primarily a commercial center rather than an industrial center. As the metropolitan center of the Inland Northwest as well as southeastern British Columbia and Alberta, Spokane serves as a commercial, manufacturing, transportation, medical, shopping, and entertainment hub.
The Old National Bank BuildingIn Spokane, wood and food processing, printing and publishing, primary metal refining and fabrication, electrical and computer equipment, and transportation equipment are leaders in the manufacturing sector. Fortune 1000 company,Corporation, which operates as a real estate investment trust is headquartered in the city proper. Forestry and agribusiness continue to be important elements in the local economy, but Spokane's economy has diversified to include other industries, including the high tech and biotech sectors. Spokane is trying to reinvent itself into a more service oriented economy in the face of a less prominent manufacturing sector, particularly as a medical and biotechnology center. Genetics company, and Fortune 1000 technology company, Itron are headquartered in the area. Other companies with head offices in the Spokane area include technology company The top five employers in Spokane are the State of Washington, Spokane Public Schools, and Spokane County. The largest military facility and employer, the 92d Air Refueling Wing is stationed at Fairchild Air Force Base near Airway Heights. In 2000, the leading industries in Spokane for the employed population 16 years and older were educational services, health care, and social assistance, 23.8 percent, and retail trade, 12.7 percent. The health care industry is a large and increasingly important industry in Spokane; the city provides specialized care to many patients from the surrounding Inland Northwest and as far north as the Canadian border.Companies have located or relocated to the Spokane area, drawn by the easy access to raw materials and lower operating costs, such as cheap hydroelectric power. Economic development in the Spokane area primarily focuses on promoting six industries which include manufacturing, aerospace manufacturing, health sciences, information technology, clean technology, and digital media
Information for the state of Washington
"Puget Sound is the heart of Washington's industrial and commercial development. It is navigable and has many beautiful bays, on which are situated such commercial and industrial cities as Seattle, Tacoma, and Everett. Seattle, an exporter and importer in trade with Asia and a gateway to Alaska (because of the protected Inland Passage), is a major U.S. city and a center for the manufacture of jet aircraft (as well as missiles and spacecraft) by the Boeing Corp. In recent years, computer software (Microsoft Corp. is near Seattle), electronics, and biotechnology have become increasingly important to the economy. Washington's huge food processing industry is based on the state's diversified irrigated farming and dairying as well as on its abundant fishing resources. Salmon is the biggest catch, but halibut, bottomfish, oysters, and crabs are also significant. Much of the land in E Washington is used for dry farming. Irrigation, however, has converted many of the river valleys east of the Cascades (especially the Yakima and Wenatchee) into garden areas.
This region contains most of Washington's vineyards; from the 1980s the state has developed an important wine industry. Washington leads the country in the production of apples, sweet cherries, and pears and is a major wheat producer, chiefly in the hilly southeastern Palouse area. Washington is also a major producer of corn, onions, potatoes, apricots, grapes (including those made into wine), and other fruits, nuts, and vegetables. Cattle, dairy goods, sheep, and poultry are also economically important. Spokane is the commercial and transportation hub of the entire ""Inland Empire"" region between the Cascades and the Rockies, which extends into British Columbia, Idaho, Montana, and Oregon. Despite the vast semiarid expanse E of the Cascades, more than half of the state's area is forested, and the lumber and wood-products industry, so important in the early development of the state, remains one of its largest.
Many of Washington's cities (among them Tacoma, Bellingham, Everett, and Anacortes) began as sawmill centers, Seattle itself was home to the original ""Skid Road"" and lumber, pulp, paper, and related items are still among their major products. Other important manufactures in the state are chemicals and primary metals, especially aluminum. Abundant water power and the rich aluminum and magnesium ores found in the Okanogan Highlands in the northeast part of the state have made Washington the nation's leading aluminum producer. Washington's chief minerals are sand and gravel, cement, stone, and diatomite. Gold, lead, and zinc are also found in the Okanogan Highlands. Tourism is an increasingly important industry."
You are about to be relieved of the stress and time consuming process of collecting on your accounts receivable.
Spokane Factoring Companies
Factoring is available for companies of all sizes, ranging from a one person business to Fortune 500 companies. Every business can use factoring as an effective way of increasing their cash flow -Spokane Factoring Companies
NEW FACTORING PROGRAM LEAVES YOUR COMPANY ROLLING IN PROFITS
Spokane 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 are about to be relieved of the stress and time consuming process of collecting on your accounts receivable.
Spokane 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!
Spokane 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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