From Invoice to Income: Strategies That Drive Expedited Payment Collection for Asset-Based Trucking Companies, Freight Brokerages & Logistics Providers

In today’s freight market, it’s more important than ever for asset-based trucking companies, logistics companies, and freight brokerages to issue invoices and bring in revenue as quickly as they can. Using trucking invoice software — an automated billing-to-cash platform powered by software designed specifically for trucking invoicing and remittance — is the way to do just that.

An American Transportation Research Institute operational costs analysis showed it’s more expensive than ever to run a trucking business.

The report looked at motor carrier operational and financial data from 2022 and found expenses rose in nearly every cost center. “As a result, 2022 broke the 2021 record for the costliest year to operate in the trucking industry – whether calculated with or without fuel.”

Obviously, there’s a lot that trucking companies can’t control, like fuel costs. But they can accelerate payment collection, going from invoice to income faster than ever before. Ready to upend your back-office processes and supercharge your business?

Invoicing as Usual: Your Back Office Needs Upheaval

It’s vital in today’s freight economy for trucking and logistics companies to optimize the payment process to improve cash flow management and strengthen their finances.

It’s easy to see the need for automation through trucking invoice software. Traditional invoicing processes involve manual data entry, which increases the likelihood of errors. These errors can lead to payment delays, and disputes with customers that negatively impact cash flow. Errors can run the gamut, from sending invoices to the wrong address to not including a due date to mileage and fuel surcharge miscalculations.  

Manual invoicing processes are typically time-consuming and labor-intensive. From generating invoices to mailing them out or manually inputting data into accounting systems, the entire process can be slow, resulting in delays in sending invoices and receiving payments. This sluggishness can hinder cash flow and create inefficiencies in financial management.

Traditional invoicing methods may lack visibility and tracking capabilities, making it challenging for businesses to monitor invoice statuses, track payment history, and identify outstanding payments. This lack of visibility can lead to difficulties in cash flow forecasting, inefficient follow-up on overdue invoices, and missed opportunities to address payment issues promptly.

There’s a laundry list of tasks your back office shouldn’t have to do when automated solutions are available. For example, your back office could benefit from using trucking invoice software because they:

• Shouldn’t have to manually check every invoice against each customer’s specific billing requirements and then manually enter invoice data into various customer portals.
• Shouldn’t be losing time and money due to invoicing errors.
• Shouldn’t experience delays in cash flow due to slow and error-prone manual reconciliation processes.
• Shouldn’t have to manually chase down payments and risk damaging customer relationships with inconsistent or overly aggressive payment reminders.

Turning Invoicing Practices Upside Down With Automation Software

Upwell is an invoicing and accounts receivable automation platform designed specifically for trucking and logistics. We help companies like yours get paid faster by automating the tedious tasks that bog down your back office. From pre-auditing invoices to ensure accuracy to streamlining payment collections, Upwell’s trucking invoice software improves your cash flow while reducing overhead.

Your back-office team probably isn’t made up of TMS super users. In fact, your back office could be in an uproar over the amount of manual tasks required and pressure to invoice accurately and improve cash flow quickly. Upwell acts as the middleware between TMSs and accounting departments. You can go from logging into 15 different systems to simply using Upwell. Upwell can uplift your team by taking all the manual, time-consuming tasks off their plates. Let Upwell’s trucking invoice software be the back-office superhero, the single source of truth to superpower the platforms you already have.

Upgrade Invoice Distribution

Manual invoicing not only drains resources but is fraught with the potential for errors, which can delay payments and strain customer relationships. Upwell’s Distribution Automation revolutionizes the way trucking and logistics companies handle invoice distribution, automating the process to ensure each invoice reaches its destination exactly as your customer requires — whether that’s via EDI, API, email, or directly into online portals.

The automation of Upwell’s trucking invoice software enables a dramatic shift from a labor-intensive, error-prone invoice distribution process to a seamless system that improves cash flow with faster payment cycles due to reduced invoice disputes and delays and allows staff to concentrate on higher-value activities. Timely, accurate invoice submissions also enhance customer satisfaction, fostering better relationships and faster payments.

Upwell’s Last Check feature leverages large language models to pre-audit your invoices against customer-specific rules, ensuring each one is accurate and complete before it ever leaves your system. This eliminates errors, ensures faster payments, and drastically reduces the time spent on manual checks. It’s not just an invoicing tool, it’s a transformation of your entire accounts receivable process, freeing your team to focus on what really matters and improving your cash flow like never before.

This isn’t just about saving time and reducing errors; it’s about transforming your operations to become more efficient, enhance customer satisfaction, and ensure faster payment cycles. With Upwell, trucking and logistics companies move from a constant struggle with invoice distribution to a streamlined and scalable operation that boosts efficiency, reduces errors, and enhances customer satisfaction.

Upend Cash Remittance Processes

With Upwell’s trucking invoice software, reconciliation is revolutionized, and every payment finds its place. The Online Payment Portal & Options feature offers your customers a variety of payment methods through a secure, easy-to-use online portal. This innovation not only accelerates your cash flow but also elevates the customer experience, setting your company apart in a competitive market.

The manual payment reconciliation process is slow, prone to errors, and inefficient. Upwell’s Cash Application/Remittance Processing feature ensures that payments swiftly find their matching invoices, turning what was once a painstaking process into a seamless, secure, and error-free operation. The transformation is profound. Cash flow is swift, financial reports reflect accuracy and confidence, and teams can redirect their focus from the minutiae of reconciliation to strategic financial management.

Upwell’s Cash Application/Remittance Processing automates the matching of payments to invoices, eradicating the tedious manual effort, and bringing unmatched accuracy and efficiency into your financial operations. The streamlined process speeds up the remittance process, allowing for quicker updates to accounts receivable and improved cash flow management.

Upwell transforms your accounts receivable workflow with the power of AI, getting you paid faster and improving your cash flow. With Upwell, you can transition from manual, error-prone reconciliation processes to an automated, efficient, and accurate system; streamline your back-office operations and reduce overhead; ensure the security of online transactions; and build trust with customers.

Upset Collections Practices

Customer relationships are crucial in expediting payment collection. Foster trust, provide transparency, and build collaboration with your customers by delivering exceptional service and maintaining open lines of communication to facilitate prompt payments through trucking invoice software.

Years of experience in trucking and logistics have helped us learn the best strategies for handling overdue payments and minimizing payment disputes. This industry knowledge makes us acutely aware of payment delays common in these fields.

“One of the biggest issues that transportation companies face is slow payment by large corporate customers,” a First Citizens Bank blog post said. “Although the terms may say 30 days, some large companies pay closer to 60 days. One reason for this is internal policy, but another is damaged freight claims. Any claim against a shipment will delay collection as the specifics are sorted out and addressed.”

Accounts receivable teams often find themselves in the painstaking position of manually tracking down payments, a process that consumes valuable time and risks straining valuable customer relationships. Upwell’s Automated Statements & Payment Reminders feature allows companies to set up automated, customizable communication sequences that gently nudge customers toward fulfilling their payment obligations.

Collections can be accomplished with clear communication, proactive follow-ups, and personalized approaches. These automated, customizable reminders ensure that no invoice goes unnoticed, and every customer receives timely communications tailored to their relationship and payment history, transforming the arduous task of collections into an opportunity to reinforce trust and reliability.

Imagine transforming the time-consuming task of managing accounts receivable into a streamlined, automated process that not only ensures timely payments but also strengthens your customer relationships. Upwell’s Automated Statements & Payment Reminders feature does just that by enabling your business to send personalized, strategically timed payment reminders without lifting a finger.

Sign Up for Upwell’s Transformative Trucking Invoice Software

Upwell is your back-office superhero, getting your cash in the door faster. It’s all automated, so you don’t have to do a thing.

Upwell has upset the apple cart, turning trucking invoice software on its head. Upwell revolutionizes the way trucking and logistics companies handle invoice distribution, automating the process to ensure each invoice reaches its destination exactly as your customer requires — whether that’s via EDI, API, email, or directly into online portals.

Is your back office in an uproar, under pressure to distribute error-free invoices every time? Upwell leverages large language models to pre-audit your invoices against customer-specific rules, ensuring each one is accurate and complete before it ever leaves your system. This eliminates errors, ensures faster payments, and drastically reduces the time spent on manual checks.

Uptight about your finances? Upwell ensures that payments swiftly find their matching invoices, turning what was once a painstaking process into a seamless, secure, and error-free operation. Upwell offers your customers a variety of payment methods through a secure, easy-to-use online portal. This innovation not only accelerates your cash flow but also elevates the customer experience, setting your company apart in a competitive market.

Are your payment collection processes in need of an upgrade? Upwell’s automated, customizable reminders ensure that no invoice goes unnoticed and that every customer receives timely communications tailored to their relationship and payment history. This transforms the arduous task of collections into an opportunity to reinforce trust and reliability.

Now you know what we’ve been up to. Ready to get started with Upwell?

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