Financial Operations Network, a provider of financial and business resources, has created a new resource to help freight businesses increase efficiency, reduce costs and streamline their accounting processes by launching the Freight Accounting and Information Management Association (FAIMA).
"The freight industry is a busy market, and its accounting and finance professionals need to make sure they are keeping up.â Phil Binkow, CEO of Financial Operations Network, continues, âAccounting professionals within freight deal with a high volume of transactions across multiple states, each with their own taxes and regulations. FAIMA gives these professionals broad, deep resources that help manage their responsibilities efficiently."
This member-centered, online organization provides tools and resources for accounting and finance professionals responsible for freight payment and accounting and information management. A subscription to FAIMA gives members access to:
- Best Practices - Latest information and tactics on areas such as internal controls, fraud, disbursements, etc. Includes benchmarks and metrics for operational comparisons and tips for in-house and outsourcing management.
- Tools - Downloadable tools and templates for the immediate and practical implementation. Tax calculators, data interchange standards and descriptions of supplier sources are tools also available at FAIMA.
- Community - a online forum and frequently asked questions (FAQ) where the professional can ask FAIMA experts or pose questions to their peers.
In one convenient online location, FAIMA is able to provide best practices, guidelines, real-world solutions and benchmarking studies, along with exclusive industry news and tax and regulatory guidelines. In addition, the Q & A networking forums and tools can be customized and downloaded.
The job of determining where costs can be reduced can elude finance and accounting professionals because of the complex nature of the freight environment. With the aid of FAIMA, all the varying factors can be broken down, and by not only outlining for the freight and accounting professional the steps to improve within their financial process but also by detailing how this is to accomplished.