With rising inflation forcing interest rates upward, the cost of doing business in every industry will inevitably go in the same direction. For transport operators, that means maximising your cash resources in every way possible, including getting money you are owed into the bank ASAP. Fortunately, there is a way that outcome can be achieved without capital expenditure and that’s by utilising the financial reconciliation capability of your transport management system (TMS).
Using your Software-as-a-Service (SaaS) based TMS as a financial reconciliation tool not only transforms what was a balance sheet item into a direct cost of doing business, it allows for the resolution of discrepancies as quickly as possible and smooths the path from invoice (dispatching it the instant the relevant service or product has been delivered) to receipt of payment as expeditiously as possible. In other words, your TMS can streamline your Order-to-Cash cycle to the utmost.
Of course, not every TMS has financial reconciliation capability: only a SaaS-based TMS such as our own CarrierNet can perform that function. If you would like further information about how this approach can impact your transport operations for the better, please contact Bashir Khan and he will be happy to show you how using the financial reconciliation aspect of CarrierNet compares with your current way of working.