Accounts Receivable Management for Transportation and Logistics
Transportation and logistic companies already have a lot to worry about. Between keeping track of shipments and organizing delivery routes, accounts receivable (A/R) is just one more thing you need to spend time and money managing.
What if there was a better way to manage A/R processes that will help cut the time it takes to prepare invoices and keep up with customer payments? Luckily, there is.
How Automated Accounts Receivable Software Can Drastically Improve Your Transportation and Logistics Business.
Your transportation and logistics company needs a steady cash flow to keep up with changes in the industry. Whether you need to purchase new trucks to keep up with demand or adjust expenses for rising fuel costs, cash is king. The more cash you have on hand, the more flexible your company becomes, giving you a clear edge over the competition.
Unfortunately, maintaining sufficient cash flow can be a problem for many companies, especially with inefficient transportation and logistic account receivable processes.
Think about it. How much does it cost your business to get the money you’re owed? Between creating invoices, sending them to the right customers, keeping up with communications, and managing collections, the simple act of getting paid costs your business money!
The key to maximizing cash flow and saving time on AR processes is accounts receivable automation for logistics companies.
How to Improve AR in Transportation and Logistics
Automating processes with transportation accounts receivable software will reduce the time and effort required to keep up with collections and allow your business to get paid faster, leading to a host of benefits for your business:
- Accurate recording – Manual data entry leaves room for human error. For transportation and logistics companies that handle dozens if not hundreds of customers, it’s easy for pieces to fall through the cracks. When you automate AR processes, you eliminate the risk of human error. All the processes are performed correctly every time. You can be more confident in your accounting abilities without needing to spend money correcting errors.
- Time savings – Every time you send a customer an invoice, your accounting team needs to go through several steps to ensure everything is in order. Each step takes time, which in turn costs money. With A/R collections platform, you can automate many of these processes, allowing your accounting team to focus on more important projects and reducing overall labor costs.
- Reduced days sales outstanding (DSO) – The faster customers pay, the more cash you’ll have on hand. Automated A/R software benefits collections in logistics businesses by helping your team stay on top of customer payments. With automatic communication and reminders, outstanding customer payments won’t slip through the cracks, ensuring you get paid for your services in a timely manner.
When you automate and simplify the accounts receivable process, you can free up your accounting team to focus on collections projects to maximize your company’s cash flow. More cash flow means more flexibility, giving your transportation and logistics business an edge over the competition.
Optimize Your AR Processes with Gaviti Automated Software
Maintaining consistent cash flow is essential for transportation and logistics companies to remain competitive in an ever-changing market. By automating AR processes, you can reduce your DSO, increase cash flow, and allow your team to focus on more important projects.
If you’re ready to automate expensive, time-consuming A/R collections processes, Gaviti makes it easy. We offer user-friendly software designed to simplify the collections processes, reduce manual workflow, and improve team collaboration to maximize your cash flow.
Contact us to learn about our outstanding automated A/R collections software and schedule a free demo of our platform.