Upwell’s invoicing and accounts receivable automation platform was designed specifically for freight brokerages and trucking companies. We help brokers and carriers get paid faster by automating the time-consuming tasks that slow down their back offices.
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The benefits of freight invoice automation are so glaringly apparent that they may overshadow the actual return on investment (ROI).
Understandably, maximizing ROI is top-of-mind for businesses of all kinds. In the pursuit of high ROI, companies are increasingly turning to back-office automation solutions powered by artificial intelligence (AI), according to MetaSource. “Business process automation (BPA) driven by AI has emerged as a transformative force, promising to revolutionize processes, optimize operations, and drive profitability to new heights.”
Before AI was revolutionizing processes and optimizing operations, freight brokerage back offices relied on manual data entry, which increases the risk of such errors as incorrect billing, duplicate invoices, or misplaced documents.
There often is no visibility into the status of freight invoices. It’s like a black hole when paperwork slowly moves through the mail or email, sits in a physical inbox on someone’s desk or in an email inbox, and then makes its way back to the biller with payment.
Assess repetitive, time-consuming, manual, and error-prone processes that leave your business vulnerable to inefficiencies and find opportunities for improvement — and significant ROI — by streamlining those tasks with automation.
The importance of back-office automation even became the subject of a Harvard Business Review study that looked at Walmart Canada’s implementation of an automated system to manage invoices from 70 carriers.
“With over 200 data points that needed to be factored into invoices, it is easy to see how the invoice and payment process could be fraught with data discrepancies,” it said. “And with 70% of invoices requiring reconciliation efforts, there were increased transaction costs and unhappy carriers waiting for payments.”
The root cause of the problem was determined to be the use of multiple systems that could not talk to each other. Thus, payment reconciliation had to be performed manually.
After Walmart automated freight invoices, “less than 1% of invoices have discrepancies, and these disputes are easily flagged and quickly resolved. Gone are the days of payments taking weeks or months; carriers are now getting paid on time,” the Harvard Business Review study said.
Like Walmart, freight brokerages that take advantage of automated invoicing are realizing cost savings, operational efficiencies, and benefits from increased cash flow.
Freight invoice automation reduces labor costs eaten up by manual processes. Improved accuracy achieved through automation also lowers operational costs and improves cash flow.
“With an automated back office, you can expect substantial cost savings. Why? Because manual processes — which are prone to errors and inefficiencies — can often be costly and time-consuming to rectify,” Rev.io, which serves the communications industry, said. “Back-office automation will help minimize these errors, reducing the need for duplicate work and any associated expenses. Also, automated back-office software will help streamline processes to lower your overall operational costs, contributing to a healthier bottom line.”
Upwell users, for example, are seeing a 10% increase in cash flow.
Back-office automation ensures faster invoice processing and payment cycles; enhanced visibility and tracking of invoices; and improved compliance and audit trails.
And Upwell users are realizing a 50% decrease in operational expenses per employee.
“A series of sequential tasks, often constituting back-office processes, can yield substantial efficiency gains when automated,” the American Management Group said. “Automation eradicates bottlenecks linked to manual procedures and facilitates swift, consistent execution. Consequently, tasks that traditionally consumed hours or days now finish in a fraction of the time; this enhances overall process efficiency significantly. This acceleration is particularly beneficial in meeting tight deadlines and ensures timely deliverables.”
The benefits of freight invoice automation include better cash flow management and the potential for negotiated discounts due to timely payments. And Upwell customers, for instance, are reporting a four-day decrease in days sales outstanding (DSO).
“Automation emerges as a transformative catalyst in the landscape of back-office operations,” the American Management Group said.
Upwell delivers real, measurable ROI through freight finance automation.
Upwell harnesses the power of AI to transform the order-to-cash process. We have automated the freight invoice distribution process to ensure each bill reaches its destination exactly as customers require, whether that’s through electronic data interchange (EDI), application programming interface (API), email, or directly into online portals.
Upwell’s invoicing and accounts receivable automation platform was designed specifically for freight brokerages and trucking companies. We help brokers and carriers get paid faster by automating the time-consuming tasks that slow down their back offices. From pre-auditing invoices to ensure accuracy to streamlining payment collections, Upwell’s freight invoice software improves cash flow while reducing overhead.
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