Currently, most transportation companies rely on either accounts receivable factoring services or freight invoice factoring to speed up their payment processes. However, a study conducted by Ernst and Young shows that services aren’t really working for the transportation industry. In the current state of transportation invoicing, it costs about $2-$5 to create the invoice, another $10 to process the payment and up to $15 per call when a dispute arises. That is a lot of money that is being siphoned out of a company just to get paid what you are due.The transportation industry is a huge makeup of our current economy and, without it, everything we rely on could fail. A grand total of $4,422 worth of goods are moved every second by the transportation industry. You should get paid for all that hard work and implementing a transportation accounts receivable software could be the fix.
A transportation accounts receivable software can do a lot to get you paid faster, while decreasing the amount of man power and third-party solutions needed. Most companies implementing a transportation accounts receivable software see a return on investment in about two months. So where do you start when choosing transportation accounts receivable software?
1. The software should be able to pull in important documents like proof of delivery and bills of lading from your ERP or business software to be used with the invoices.
2. It should have a claims management process and reason code analysis
3. The transportation accounts receivable software should let who know who you need to call and why, once invoices have gone unpaid
4. The accounts receivable software should allow your customers to pay their bills online
5. You should be able to integrate the transportation accounts receivable software with your ERP or transportation management software
Transportation invoicing shouldn’t be as difficult as it is today. Taking advantage of software can keep disputes to a minimum, and payments high. Further, by taking advantage of online bill pay that exists in transportation invoicing solutions, you will be able to decrease invoicing costs even further.
Lockstep Collect, an automated accounts receivable software and transportation invoicing solution, can integrate to most ERP and transportation management software, such as SAP, Oracle, Epicor, Sage, Prophesy Logistics Software, Microsoft Dynamics, Infor and more.