The freight economy may not fully recover for another two years, according to analysts on a late-August Stifel conference call, and brokers are still fighting for freight to survive. However, they also need to be as efficient as possible not only to survive but also to thrive. Back-office automation isn’t something to fight. The gains achieved by optimizing accounts receivable alone through automation will prove invaluable as the economy improves.  

The Evolution of Accounts Receivable in Freight Finance

Accounts receivable (AR) tasks are notoriously tedious, time-consuming, and error-prone. To say AR processes have been conducted nearly the same way for centuries would be an understatement — the Mesopotamians are credited with the creation of a buy now and pay later program in 2000 BC.

3 Key Trends in Accounts Receivable Automation

According to The CFO Club, AR automation software should enable your business to:

• Create, send, and monitor invoices.
• Manage customer account credits and payments.
• Process transactions automatically.
• Match invoices to credits and customer payments.
• Deliver analytics and reports on the current status of receivables.
• Build customer workflows to define rules, exceptions, and best practices for AR processing.
• Integrate with existing accounting and ERP systems.

The latest AR automation tools incorporate key trends that take back-office efficiency to the next level.

Integration of Advanced AI and Machine Learning

The benefits of leveraging the power of artificial intelligence (AI) and machine learning include:

• Optimized invoice processing.
• Enhanced error detection.
• Improved accuracy.
• Predictive analytics.
• Automation of routine tasks.

Increased Use of Cloud-Based Platforms

The benefits of utilizing cloud-based platforms include:

• Scalability.
• Real-time data availability.
• Ease of collaboration.

Enhanced Focus on Data Security and Compliance

Secure and reliable back-office platforms provide peace of mind when dealing with:

• Sensitive financial data.
• Strict industry regulations.
• Fiscal compliance.

Upwell: The Frontier of Freight Finance

Upwell stands at the forefront of the freight finance revolution. The benefits of embracing automation today are many and include:

Improved Cash Flow Management

Improved cash flow management can be achieved through automation, which:

• Speeds up invoicing and payment cycles.
• Reduces days sales outstanding (DSO).
• Accelerates cash flow.

Greater Operational Efficiency

Operational efficiency gains can be obtained through automation, which:

• Streamlines administrative tasks.
• Reduces manual errors.
• Increases back-office productivity.
• Lowers operational costs.

Enhanced Customer and Vendor Relationships

Enhanced customer and vendor relationships can be won through automation, which:

• Provides better visibility.

• Enables complete transparency.
• Improves customer satisfaction.
• Strengthens business relationships.

Upwell is an invoicing and accounts receivable automation platform designed specifically for logistics and trucking. We help freight brokers and trucking companies get paid faster by automating the painstakingly slow tasks that back down their back offices. From pre-auditing invoices to ensure accuracy to streamlining payment collections, Upwell’s industry-leading software improves cash flow while reducing overhead.

Upwell has transformed  —  and automated  —  the entire billing-to-cash process. Through our invoice distribution process, 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 helps cash come in faster with our Automated Statements & Payment Reminders, which help freight brokerages set up automated, customizable communication sequences that nudge customers toward fulfilling their payment obligations.

Our Cash Application/Remittance Processing feature ensures payments nearly instantaneously find their matching invoices, turning what used to be a slow, manual process into a seamless, error-free task. Our remittance processing tool provides automated data capture and validation, integration with existing financial systems and TMSs, and real-time tracking and reconciliation of payments.

Other efficiency-boosting Upwell tools provide exception management, which identifies and resolves exceptions in AR processes in seconds; custom reminders, which deliver automated messages that match the customer’s brand voice; and real-time integrations with nearly all transportation management system (TMS), enterprise resource planning (ERP), and accounting platforms.

With Upwell, the Future of Freight Finance Is Now

“Automating key accounts receivable tasks can free up significant resources within your organization,” The CFO Club said. “Even if you’re already utilizing general accounting software like QuickBooks, adding a dedicated AR automation solution is worth looking into.”

Some of the largest freight brokerages in the country are finding that Upwell is worth looking into. Our customers are seeing a 50% operational expense reduction per employee, a four-day decrease in DSO, and a 10% increase in cash flow.

You’ll find Upwell is worth it, too. Get a demo today.

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