Guide To Managing Cash In A Carriers TMS
COVID-19 was not long ago when the number of businesses closing in the trucking and transportation industries was high. It's important to focus on how our economy can thrive with the current pandemic.
It is no secret that money must be spent to make it. But how and when you spend your money is critical to managing your cash flow. You need to stay on top of your numbers, no matter if you're a fleet manager or a new owner-operator.
Car haulers don't have time to waste and can leverage technology such as a transportation system (TMS), to keep accurate financial information, better visibility into cash flow, and track revenue and payments.
These are just a few ways that car haulers can manage their cash flow using an auto transport TMS.
Tracking of Expenses
Your business's health is at stake if you don't have visibility into your variable and fixed expenses. The right TMS will give you greater control over cash flow, from on-the-road expenses to daily costs of running a business.
A TMS organizes your expenses and helps you keep an accurate view.
Sometimes, additional expenses such as broker fees may be added to an order list. These extra expenses are not always easy to locate. A TMS dashboard with advanced features automatically detects these fees and organizes them by date on accounts payable.
It's expensive to run a business. It's easy to forget where your expenses come from and what bills still need to get paid. TMS helps you organize all your expenses and allows you to keep track of all outstanding invoices.
If you are jumping from one document to another when calculating the cost of payment, it can become a tedious and inaccurate process. The TMS can integrate with accounting software to simplify payroll once deliveries have been completed. The TMS also makes it easier to calculate deductions such as fuel taxes, pulling fees, and storage expenses. The right TMS will allow you to easily separate pay rates for each driver from one place.
"The TMS not only saves you time in managing and calculating your payroll but it also helps you to get more visibility ..."
The TMS not only saves you time in managing and calculating your payroll but also gives you greater visibility into the contribution of each carrier to your revenue.
Create and Send Invoices
To manage your cash flow, it is important to keep track of invoices and ensure they are accurate. Once orders are completed, invoices can be sent easily through the TMS. It's easy to invoice for loads using the TMS. Simply fill out the required information and attach any additional documents like the BOL. Then hit send. Advanced TMSs allow you to split orders by vehicle and then combine the invoices for clearer communication with the shipper.
"It shouldn’t be difficult for you to get paid. So leveraging a TMS will allow you to submit payment quickly. This will help ensure that your information is accurate and up-to-date."
It shouldn't take long to get paid. A TMS will allow you to submit payment quickly and track any outstanding invoices or identify anyone who has not been invoiced.
You can give cash flow management a try without any risk. Register to get a free trial of the Move Car Carrier TMS.