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Accelerate your
Cash Flow

MTA Conference Summary

Posted on June 1, 2017

We had the opportunity to attend a conference put on by the Minnesota Trucking Association several weeks ago.   In addition to meeting/talking with some great people involved in the trucking industry, there were some sessions devoted to different topics. I thought I would recap the notes of interest, below:

Session I – “Nexus” Questionnaire

This is research (in the form of questionnaires sent) that explore the potential of taxing motor carriers that run within a state.  The question asked was how much business do you do in a particular state to determine if income taxes should be paid in that state?   The speaker recommended, if the trucking company gets one of these questionnaires, to contact their accountant to review, first.

Session II – Cargo Theft Summary Points

  1. In 2007, electronics were the target
  2. In 2014, Food & beverage is the target (easier to resell and limited traceability)

This is a shift from high value to high target loads.  Most prevalent areas still the South & NE US.  Two types of theft, shifting to the second:

  1. Straight (truck/trailer stolen)
  2. Strategic (shopping for specific cargo)

Prevention was mentioned – Pre and post trip inspections and check the seal every time stopped

Session III – Electronic Logs

Biggest problem carriers will need to deal with/reconcile:

  1. If “Unassigned time” shows up
  2. If “Personal Conveyance” shows up
  3. Over Hours

Deadline to convert is still 12.31.17.   For those that have already implemented (comments from those on the panel):

  1. Backlash from drivers – did not happen
  2. Fear was losing some of the long term drivers – did not happen

Session IV – Accounting/Finance general discussions concerning:

  1. Lease vs Buy
  2. Type of Corporation to consider setting up
  3. Depreciation aspects

Session V – Marketing

  1. Think about what your mission/vision is for the company-have a compass. What are you aiming for?
  2. Engage in strategic planning – this is the “what”
  3. Watch your Culture – this is the “how”

Resources get funneled through your culture to generate an outcome.  If the culture is dysfunctional the results achieved are not optimum.   Leader, people, systems are crucial.

Please keep in mind these are notes and accuracy should be associated as such. If you would like further information/clarification, contact us and we can attempt to clarify through the speakers that organized the sessions or contact the MTA directly.