Accelerating Receivables: Streamlined Invoicing for Broker Back-Office Optimization

Streamlining freight invoice processing utilizing broker back-office software is one way to accelerate receivables. Choosing Upwell to optimize your back-office operations is a sure way to get cash in the door faster.

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

Automating AR Is Vital in a Fast-Paced Industry

Upwell harnesses the power of artificial intelligence (AI) to transform the AR workflow.

“If a company has receivables, this means that it has made a sale on credit but has yet to collect money from the purchaser. Essentially, the company has accepted a short-term IOU from its client,” Investopedia explained.

Collecting an IOU can be a tedious and time-consuming process. Upwell has revolutionized the AR workflow.

The benefits of automating AR with Upwell include:

• Improved cash flow.
• Modernization of legacy processes.
• Enhanced customer experience.

With Upwell, freight brokers and trucking companies can avoid some AR situations entirely by automating the payment reconciliation process. Upwell’s Cash Application/Remittance Processing feature ensures payments quickly find their matching invoices, transforming what used to be a painstaking process into a seamless, secure, and error-free operation.

Automating the matching of payment to invoices streamlines the billing-to-income process and enables faster cash reconciliation, makes back-office operations more efficient, and reduces overhead. Upwell’s Cash Application/Remittance Processing also ensures the security of online transactions and helps build trust with customers.

Upwell Eliminates Risks and Increases Opportunities with Automation

An article on the advantages and disadvantages of AR said the risks of being owed sums of money from several customers include:

• Invoice disputes.
• Delayed cash flow.
• Risk of non-payment.
• Administrative burden.
• Relationship strain.

By automating the invoice-to-income process, Upwell eliminates risks and increases opportunities to strengthen customer relationships, win more business, and improve cash flow.

Investopedia said that when looking at AR, financial analysts often assess days sales outstanding (DSO), which is defined as “the average number of days that it takes to collect payment after a sale has been made.”

Upwell customers are seeing a four-day decrease in DSO, as well as a 50% operational expense decrease per employee and a 10% increase in cash flow.

Upwell: Transforming Accounts Receivable in Logistics

AR teams are often forced to manually track down payments, a process that eats up valuable time and can push customer relationships to the breaking point. Upwell’s Automated Statements & Payment Reminders feature allows freight brokerages and trucking companies to set up automated, customizable communication sequences that gently push customers toward fulfilling their payment obligations.

The Upwell team knows that collections can be accomplished with clear communication, proactive follow-ups, and personalized approaches. These automated, customizable reminders ensure that no invoice goes unnoticed, and every customer receives timely communications tailored to their relationship and payment history, transforming the arduous task of collections into an opportunity to reinforce trust and reliability.

Upwell transforms the time-consuming task of manually managing AR into a streamlined, automated process that not only ensures timely payments but also strengthens customer relationships. Upwell’s Automated Statements & Payment Reminders feature enables brokers to send personalized, strategically timed payment reminders without human involvement.

Upwell is Upending the Back Office

“Accounts receivable is one of the most important line items on a company’s balance sheet,” Investopedia said. “It is money owed to a company from the sale of its goods or services to customers that has not yet been paid. The shorter the time a company has accounts receivable balances, the better, as it means the company is being paid fast and it can use that money for other business aspects.”

Upwell transforms the AR workflow with the power of AI, getting freight brokers and trucking companies paid faster and improving their cash flow. With Upwell, freight brokerages and carriers can transition from manual, error-prone reconciliation processes to an automated, efficient, and accurate system; streamline trust back-office operations and reduce overhead; ensure the security of online transactions; and build trust with customers.

But Upwell does much more than wrangle AR. Among our other features are:

• Smart invoices, which automate the extraction of payment request details using AI, reducing manual data entry errors.
• Distribution Automation, which ensures that invoices reach customers as they require them, whether that’s via EDI, API, email, or directly into online portals.
• Last Check, which leverages large language models to pre-audit invoices against customer-specific rules, ensuring each one is accurate and complete before it ever leaves your system.
• Integrated payments, which allow customers to make immediate, secure transactions with multiple payment options.

Get a demo today and see how Upwell can transform your back-office operations from invoice to income.

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