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Monitoring Your Accounts Receivable

10/16/09

Monitoring Your Accounts Receivable

  01:40:29 pm, Categories: efficiencies , Tags: accounts receivable

Why do you own a trucking company? There are probably as many reasons as there are companies. But regardless of your initial reasons, one reason now should be to make money. If you are not making money you will soon have close your doors. You have continual expenses and if you do not have money constantly coming in, you will not be in business very long.

Monitoring your Accounts Receivable (A/R) is essential to continuing to operating. You must not allow your invoices to go uncollected for an extended period. A good transportation management system (TMS) software package should make monitoring your A/R simple and easy.

Your Accounts Receivables software should:

  • Be integrated with your dispatching system to avoid duplicate data entry
  • Allow quick and easy billing, but be flexible enough to allow all types of charges on one invoice
  • Allow various charges to be easily and automatically posted to various sales accounts
  • Allow consolidation of multiple trips on one invoice if desired
  • Allow all, or a portion, of your invoices to be factored and provide an easy way to track factored invoices
  • Provide an efficient method of applying full or partial payments against outstanding invoices
  • provide for a simple method to write off short payments or track the outstanding balances if not written off
  • Have an on-screen collections queue that will allow you see which customers are having payment issues, at a glance, and be able to add collection comments easily and quickly
  • Provide a method for adding interest to overdue invoices if desired
  • Allow for multiple methods of contact (telephone, email, fax, mail…) and allow you to send statements easily by any of these methods.
  • Provide a method to block dispatchers from booking new freight for customers with excessive outstanding invoices
  • Provide all necessary reports (A/R Aging, sales journals, statements, P&L….)
  • Provide an quick way to compare your receivables aging with your payables aging to easily monitor your financial status

If your current TMS or accounting software does not provide all of these features, contact TruckMaster today for an online demonstration. You can’t afford to allow your A/R to go unmonitored and uncollected. Your software should make it simple and easy to monitor your company’s financial health.

Craig Sorensen
TruckMaster Solution Provider
TruckMaster Your Trucking Company

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