Improving cash flow can seem pretty challenging. But what if there was a fairly straightforward way to get paid faster?
1) Leverage an automated invoicing system
Sales and invoices are the lifeblood of a small business. You can’t get paid if you don’t send invoices. It’s as simple as that. Make sure you stay on top of invoicing your customers. If your current invoicing process is tedious, consider switching to a cloud-based accounting app with attractive, easy to create invoices.
2) Accept electronic payments
Make it easy for your customers to pay you. By accepting online payments, credit cards and/or ACH transfers you can see your money faster. If you aren’t accepting more than one form of payment today or have an outdate process for handling payments, consider an upgrade.
3) Increase prices
You want to strike a balance between keeping your prices competitive and fairly compensating the hard work you and your employees do. At the end of the day, you want to make sales, but you also want to make a profit. If your prices are too low, you may be selling yourself short. In some cases, lower prices can also make your company seem less qualified.
4) Get customers to pay invoices on time
We know this is easier said than done, but there’s one big change you can make to increase the likelihood of getting paid on time, ensure your quotes match you’re invoices. If your invoices are disputed because they don’t include all of your accessorial charges, you’re likely spending extra time and potentially sacrificing profitability to get your payment.
To get your invoices paid quickly, use a rate management system like DrayMaster.
- Create profitable rates with access to industry standards for mileage and fuel surcharges
- Ensure your coverage is complete and rates are in alignment with DrayMaster’s rate analyzer
- You can even get more business to increase your cash flow by providing controlled access to your rates when searches are made for a lane you service
Looking for better cash flow for your trucking business? Schedule a demo here.