Information for the city of Miami
Miami, the second largest city in Florida and seat of Miami Dade County, is located in the southeast part of the state, on Biscayne Bay.The area was once the home of the Tequesta Indians until they were nearly wiped out by European diseases and warfare brought on by two centuries of Spanish control of Florida. Miami was founded in 1870 near the site of Ft. Dallas, built in 1835 during the Seminole Indian wars. The city's name is probably derived from Mayaimi, an Indian word for big water. Miami is the only U.S. city to have been planned by a woman. Julia Tuttle, a Clevelander, arrived there in 1891 and bought several hundred acres on the bank of the Miami River. She convinced New York financier Henry M. Flagler of the area's vast potential and persuaded him to extend his Florida East Coast Railroad to Miami in 1896, the year the city was incorporated. Flagler dredged Miami Harbor, built the renowned Royal Palm Hotel, and promoted the area as a winter playground. Tourists flocked there, and by 1910 the city was a thriving recreational area.
Miami survived the collapse of a land speculation boom in the 1920s and severe hurricanes in 1926 and 1935 and continued to grow. It experienced a monumental population boost during the 1960s, when about 260,000 Cuban refugees arrived on its shore. They made a great impact on Miami, which is now a bilingual metropolis.Miami is an international banking and finance center and has the greatest concentration of international and Edge Act banks (banks making only foreign loans and deposits) in North America; these constitute a major employment base. Greater Miami has a highly diversified economy with numerous multinational and Fortune 500 companies. It is a national leader in biomedical technology, and the health care sector is a major industry. Greater Miami is also part of an area known as the Computer Coast of Florida, and its growing technologies include computers, electrical engineering, and plastics manufacturing.Miami is one of the world's leading year round resort centers. The city is a major transportation hub, and the port of Miami is the world's largest cruise port and a major seaport for cargo. The famous island resort of Miami Beach, incorporated in 1915, is connected to Miami by four causeways.Miami is a major center of commerce, finance, and boasts a strong international business community. According to the ranking of world cities undertaken by the Globalization and World Cities Study Group & Network (GaWC) in 2010 and based on the level of presence of global corporate service organizations, Miami is considered a ""Alpha minus world city"".
Miami has a Gross Metropolitan Product of $257 billion and is ranked 20th worldwide in P, and 11th in the United States.Several large companies are headquartered in or around Miami, Miami is a major television production center, and the most important city in the U.S. for Spanish language media. Miami is also a major music recording center, along with many other smaller record labels. The city also attracts many artists for music video and film shootings.Since 2001, Miami has been undergoing a large building boom with more than 50 skyscrapers rising over 400 feet (122 m) built or currently under construction in the city. Miami's skyline is ranked third most impressive in the U.S., behind New York City and Chicago, and 19th in the world according to the Almanac of Architecture and Design.
The city currently has the eight tallest (as well as thirteen of the fourteen tallest) skyscrapers in the state of Florida, with the tallest being the 789 foot (240 m) Four Seasons Hotel & Tower.During the mid 2000s, the city witnessed its largest real estate boom since the Florida land boom of the 1920s. During this period, the city had well over a hundred approved high rise construction projects in which 50 were actually built. In 2007, however, the housing market crashed causing lots of foreclosures on houses. This rapid high rise construction, has led to fast population growth in the city's inner neighborhoods, primarily in Downtown, Brickell and Edgewater, with these neighborhoods becoming the fastest growing areas in the city. The Miami area ranks 8th in the nation in foreclosures. In 2011, Magazine named Miami the second most miserable city in the United States due to its high foreclosure rate and past decade of corruption among public officials. In 2012, Magazine named Miami the most miserable city in the United States because of a crippling housing crisis that has cost multitudes of residents their homes and jobs.
The metro area has one of the highest violent crime rates in the country and workers face lengthy daily commutes.Miami International Airport and PortMiami are among the nation's busiest ports of entry, especially for cargo from South America and the Caribbean. The Port of Miami is the world's busiest cruise port, and MIA is the busiest airport in Florida, and the largest gateway between the United States and Latin America. Additionally, the city has the largest concentration of international banks in the country, primarily along Brickell Avenue in Brickell, Miami's financial district. Due to its strength in international business, finance and trade, many international banks have offices in Downtown such as , which has its U.S. headquarters in Miami. Miami was also the host city of the 2003 Free Trade Area of the Americas negotiations, and is one of the leading candidates to become the trading bloc's headquarters.As of 2011, PortMiami accounts for 176,000 jobs and has an annual economic impact in Miami of $18 billion. It is the 11th largest cargo container port in the United States. In 2010, a record 4.33 million passengers traveled through PortMiami. One in seven of all the world's cruise passengers start from Miami.
The Civic Center has the country's second largest concentration of medical and research facilities. It is the center of Miami's growing biotechnology sectors.Tourism is also an important industry in Miami. Along with finance and business, the beaches, conventions, festivals and events draw over 38 million visitors annually into the city, from across the country and around the world, spending $17.1 billion. The Art Deco District in South Beach, is reputed as one of the most glamorous in the world for its nightclubs, beaches, historical buildings, and shopping. Annual events such as the Miami is the home to the National Hurricane Center and the headquarters of the United States Southern Command, responsible for military operations in Central and South America. In addition to these roles, Miami is also an industrial center, especially for stone quarrying and warehousing.
These industries are centered largely on the western fringes of the city near Doral and Hialeah.According to the U.S. Census Bureau, in 2004, Miami had the third highest incidence of family incomes below the federal poverty line in the United States, making it the third poorest city in the USA, behind only Detroit, Michigan (ranked #1) and El Paso, Texas (ranked #2). Miami is also one of the very few cities where its local government went bankrupt, in 2001. However, since that time, Miami has experienced a revival: in 2008, Miami was ranked as ""America's Cleanest City"" according to for its year round good air quality, vast green spaces, clean drinking water, clean streets and city wide recycling programs. In a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States (of four U.S. cities included in the survey) and the world's fifth richest city, in terms of purchasing power
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.
Miami 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. -Miami Factoring Companies
BECOME A WELL PAID BUSINESS OWNER
Miami Factoring Companies Articles
Factoring Companies - Benefits
Factoring companies offer a wide variety of benefits to businesses. Factoring companies conduct financial business by allowing a business to sell its invoices to a factor (also known as a third party business or individual.) The price that the business charges is discounted in order to sell the invoices that are currently held, and make the cash that is immediately needed for any type of expenditures involving the business. A business that has immediate cash needs, but has no cash to pay for the expenditures that has occurred often ends up going under and eventually shutting down completely. This takes a lot of jobs away from people, and can leave you working for someone else, no longer running for your business. No one wants to take this large step down from the current place that they are in. A business owner has worked incredibly hard to get to where he or she currently is, and does not deserve to have their business become obsolete. This is where the factoring companies can be a huge help to businesses.
Keep in mind that factoring companies do not use the same process as invoice discounting. Instead, invoice factoring (also called the “Assignment of Accounts Receivable” by the FASB and GAAP) is the sale of invoices, instead of invoice discounting which involves collateral in order to ensure that the individual who took out the invoice discounting loan will pay it back. Factoring is not a loan; instead, factoring is the sale of invoices in order to get immediate cash. There is no loan in the process of factoring, and you will never have to pay the money back.
Since the invoices that are sold are also called receivables, the entire process of factoring is usually called the sale of receivables. Receivable factoring is much better than trying to take a loan out from the bank. Banks charge interest on any type of loan, and although there is usually collateral, it can put you in even more debt than you currently are. In addition, factoring companies are never going to give you a loan. When a factoring company funds your discounted receivable, he or she will choose to buy the receivable, giving you cash immediately. This cash can pull your entire business out of the hole that it is currently in. Instead of taking a loan out and getting yourself further into debt, factoring allows you to simply sell your own invoices and get back most of the money that you originally put into them. Although this may seem like a bad process since you are selling valuable invoices, it is important to do, as the invoices are completely useless if your entire business goes under. Instead of trying to take a loan out to keep all of your receivables (invoices) factoring companies benefit you directly by giving you the cash you need.
Benefits of Factoring Companies / Invoice Factoring / Receivable Factoring
When you are in a bind and really need money in order to get through the next few months, it can be very troublesome. Although the first thought in most peoples’ minds would be to visit the nearest bank as soon as possible and take out some kind of loan, this is very dangerous. Although the loan may hold your business over for the next few months, it is simply delaying the same money crunch you already had. Unless your business is making an incredible amount of money, the bank loan that you took out has increased in the price that you must pay bank. Interest on a bank loan is how the banks make money and survive. Many loans have a very high interest rate, and if you are unable to pay the loan back in a short amount of time, you are going to be in more of a money crunch than you originally were in. In order to pay back the loan, you would have to make a large amount of money in a very short time, which is unlikely if you needed to take out the loan in the first place.
Rather than bothering with bank loans that will inevitably put you back in the money hole that you were in when you took it out, factoring companies are available to help you. A factoring company is a place where businesses can place their invoices for sale at a discounted price, which will allow them to receive immediate cash. As aforementioned, this money does not need to be paid back, as it is not a loan. Keep in mind, you are not selling your business. You are selling invoices in order to keep your business growing. You will be able to get more invoices in the future when your business is back up and running, but if you do not sell these invoices, you will never be back up and running.
When you are in a money crunch, don’t put yourself back in the money hole that you are in by taking out a bank loan. Utilize factoring companies in order to get immediate cash that will help you get back up and running without putting a loan on your business.
We just collected the money that we were owed a lot more quickly.
Miami 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!
Miami Factoring Companies Articles
How Factoring Saved A Staffing Agency
The Bellosa Temporary & Permanent Hiring Agency has been experiencing a major uptick in business since the unemployment crisis began. The unemployed and underemployed workers have been keeping the phones ringing. The staffing agency is also fielding a lot of calls from employers too, looking for just the right hire. Company President and Vice President, Laurie Bell and Ted Stevens, have not experienced a boom in business since they first opened the doors in 2009, during the recession. They had an idea then that this would be a profitable venture.
The mantra that Laurie and Ted live by is that there’s always going to be people searching for work and of course employers will always be on the lookout for good workers. This is especially true in healthcare staffing, the industry they specialize in. This seemed to be a safe bet for them as they embarked on this venture, but with any small business, the only way to keep the doors open is to keep pressing forward and out perform the competition.
In a relatively short period of time Laurie and Ted had built a nice sized business, they were able to hit the ground running with some brilliant marketing programs and a number of contracts from insiders. They grew rapidly, the timing couldn’t have been better and they were very lucky in this aspect. By the fall of 2011 Laurie and Ted had weathered some ups and downs but they did have some solid clients like a few big insurance companies and a university hospital close by. These clients always paid their invoices on time. But they did start to notice a decrease in accounts receivables from some smaller clients such as rehab centers and private practices.
As winter approached they recalled previous winters and holiday seasons and realized that accounts receivables usually did slow down during this time. Laurie and Ted made the decision to delay their late payments until after the New Year. This plan didn’t really appeal to them as it’s no way to start a New Year, but they seemed to have no other options.
When New Year’s had come and gone they realized that their Accounts Receivables had gone from 30 days past due to 60 days past due. Before meeting with their accountant Scott, they’d decided something had to be done, but they didn’t know what.
Sitting in the conference room with Scott they listened as pulled all the figures up on his iPad saying,“Okay you two, I’ve been looking over the files you sent over and I can certainly see why you’re worried about your late A/Rs but there may be a way to fix this. Do either of you know what factoring is?” Scott inquired.
Laurie and Ted looked at each other quizzically, and then Laurie said “I think it rings a bell, but I’m not really sure. Can you explain it?”
Scott began laying out the details, “You are sitting on a pile of invoices that are past due. The more time that goes by without them being paid, the bigger the bind this puts your business in. It makes it very difficult for you to grow, much less hire anyone new. If you don’t have enough cash coming in . ”
Ted interrupted with, “Then it could make it difficult to take on any new business because we wouldn’t be able to hire the additional personnel we need and meet our weekly payroll. We need an inflow of cash and we really can’t wait. If we have to wait any longer on these invoices we’ll be in trouble.”
Scott jumped in saying, “And this is precisely why I wanted to discuss factoring with you. The factoring company will purchase the invoices you are sitting on that are up to 3 months late, which gives you the cash you need now.” He then showed him a chart on a piece of paper he placed in front of them.
Laurie began to carefully scrutinize it asking, “Is this the fee schedule?”
Scott answered, “Yes it’s all right there. The factoring company makes 1% to 3% of the total amount of each invoice they purchase.”
“That’s sounds like a good deal to me”, Ted said.
The three of them sat there and talked this over for a while and then Laurie and Ted made the decision to go forward realizing this was the best way to keep them afloat. They knew if they couldn’t accommodate all the new clients they were acquiring the competition would get them and they would go down, they could just not afford to turn any business away.
They now needed to fill out an application and submit it to the factoring company and they also needed to show them a few back invoices, undergo a credit check for their company. Credit checks would also need to be done on the companies owing the debts that the factoring company would be purchasing.
It didn’t take long for Bellosa’s credit to be approved and the creditors’ as well. Before long the factoring company purchased the overdue invoices and Laurie and Ted got the influx of cash they needed to cover things and allow them to continue growing their business.
The next time Laurie and Ted met with their accountant Scott, there were smiles all around.Scott said, “I’ve taken a look at your books so I know that factoring was the right solution for you.”
“It worked perfectly”, Laurie stated and went on to say, “The tiny amount we paid out for this influx of cash was certainly worth it.”
Ted chimed in with, “Without a doubt! Whatever the fees were we made back and more since we were now able to hire more personnel so we could take on more business. It worked out for us and for them I would say!”
“That’s what’s great about factoring!” Scott exclaimed with a look of satisfaction on his face.
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