The Benefits of Automation in Improving Payment Turnaround Time for Logistics Providers

You know that automation can speed up logistics providers’ back-office operations. But did you know that automating invoice-to-income processes can help retain valuable employees?

“One solid solution to employee burnout and unwanted turnover is the adoption of an automated solution that boosts job productivity,” Supply Chain Dive said. “Instead of putting extra work on the employee, an automated solution can help alleviate the workload. This way, the work gets done quickly and employees have time to focus on other, more specialized aspects of their jobs.”

Simply put, back-office automation can improve all aspects of a logistics provider’s business, from payment processing time to employee retention.

Automation for Strategic Advantage

“One of the biggest causes of low employee retention due to burnout is repetitive, time-consuming, manual data entry. This tedious work, while necessary, can seem to drag on and on – with no end in sight. Make the shift to automated invoice and order entry practices, shipping documentation and invoicing, and employees will have time to be more innovative during their workday,” Supply Chain Dive said.

Co-founder and CEO Charley Dehoney said on “The Freight Coach” podcast that Upwell’s automation tools harness the power of artificial intelligence (AI) to “supercharge” logistics providers’ back offices.

“One controller with a smart team should be able to look at these dashboards and tell their collections people where to go spend their time, and we’re building out the tools and notifications and the suite of products that can help them be better at their job,” Dehoney explained.  

In his book, “How to Make a Few Billion Dollars,” XPO Logistics founder Brad Jacobs called AI the “mothership of the future.”

“Artificial intelligence is emerging as the central determining factor in whether businesses and entire industries will collapse or prosper,” Jacobs wrote.

Upwell is helping logistics providers prosper with its billing-to-cash platform powered by AI.

“At Upwell, we only do transportation and logistics invoicing and collections automation. If you have humans in the loop reviewing documents and verifying references against customer requirements, you’re doing too much,” Dehoney wrote on LinkedIn. “We have the AI to automate the mundane tasks of pre-invoice auditing and invoice generation. Customer invoicing is complex, and it takes technology or humans to get the job done right. If your customers want accurate and complete freight invoices, you need Upwell.”

Upwell’s Approach to Automated Payment Processing

Upwell is an invoicing and accounts receivable automation platform built specifically for logistics and trucking. We help freight brokers and carriers invoice and get paid faster by automating tedious tasks that bog down back offices. From pre-auditing invoices to ensure accuracy to streamlining collections, Upwell’s freight invoice software improves payment turnaround time.

Upwell’s team conducted exhaustive research before the product launch, visited freight brokerages, and watched back-office personnel do “15 clicks here, 27 clicks there,” Dehoney said, explaining that it was glaringly apparent that time-saving automation tools were needed.

A comprehensive, intelligent system that could integrate easily with others also was needed, Dehoney said, as he observed logistics companies’ back-office staff members “just moving information” between disparate systems.

Dehoney loves showing back-office personnel how Upwell can help them and hearing them say, “These are the integrations that can make my life easier.”

Upwell is also winning rave reviews outside the back office. Supply Chain Now recently named it one of nine freight tech solutions “changing the game.”

“Upwell is transforming the back office by streamlining the accounts receivable process for logistics companies. The AI-powered platform automates collections, improves cash flow, and enhances customer experiences,” Supply Chain Now said.  

Three Key Strategies for Improving Payment Turnaround Time

A Transport Topics article concluded that “robust trucking accounting software becomes indispensable, guiding companies through the complexities of the business landscape towards sustained growth and profitability.”

Upwell has quickly become indispensable. Our back-office software automates legacy processes, enabling logistics providers to immediately accept payments and access extra capital. By utilizing our AI, logistics providers and trucking companies can quickly resolve invoice exceptions that are keeping them from getting paid.

Efficient Invoicing Automation

Invoice automation saves employees time, reduces errors, provides real-time insights into payment statuses and cash flow trends, and increases transaction volumes as well as overall back-office efficiency.

Upwell helps improve payment turnaround time with:

• Smart Invoices, which automate the extraction of payment request details using AI, reducing manual data entry errors.
• Distribution Automation, which ensures 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.
• Online Payment Portal & Options, which offers customers a variety of payment methods through a secure, easy-to-use online portal.  

Automated Payment Tracking and Reconciliation

Upwell has revolutionized the payment reconciliation process. Our Cash Application/Remittance Processing feature ensures that payments quickly find their matching invoices, turning what used to be a tedious manual process into a simple, seamless, secure, and error-free task.

Our efficiency-boosting offerings also include an exception management tool, which identifies, addresses, and resolves exceptions in accounts receivable processes in seconds.

Integration with Financial Systems

Upwell’s real-time integrations work with customers’ existing tech stacks — transportation management systems as well as enterprise resource planning and accounting platforms. Upwell integrates directly with such platforms as McLeod Software, Descartes Systems Group, MercuryGate International, Intuit QuickBooks, Revenova, NetSuite, e2open, and Workday.

That seamless integration with existing financial systems and payment gateways enhances operational visibility and simplifies cash management.

Upwell Can Boost Cash Flow and Employee Retention

“There’s nothing worse than spending a day putting in hard work, only to discover an error that negates everything you’ve done,” Supply Chain Dive said. “When automation is introduced into the workflow, employees can be sure that workflows are optimized with minimal touchpoints required. Plus, the work gets completed at a much quicker rate, which means more opportunities to shift the focus onto more strategic work.”

Upwell customers are seeing a four-day decrease in days sales outstanding (DSO). That’s important, according to an article on ways to reduce DSO, which said that “a lower DSO means that a company takes less time to collect a payment, which could signify efficient credit and collections processes. On the contrary, a higher DSO indicates longer collection periods, potentially signaling issues with cash flow and customer payment practices.”

Upwell customers also are reporting a 50% operational expense decrease per employee. “Businesses should continuously monitor and optimize their operating expenses to improve profitability,” a cost management guide said. “This can be achieved through cost reduction strategies, efficient resource allocation, and streamlining processes.”

In addition, Upwell customers, on average, are realizing a 10% increase in cash flow. “Cash flow management is important for many reasons: it allows businesses to easily identify growth opportunities, spot potential problems, and track their overall health. Keeping an eye on cash flow also helps businesses keep their costs in check and plan for future expenses,” a finance insights newsletter said, stressing that “managing cash flow effectively is paramount to ensuring the financial health and sustainability of any business.”

Upwell’s time-saving automation tools also can boost back-office morale and improve employee retention. Upwell is a win-win for all parties.

Get a demo today.

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