Updated: Aug 26, 2022
Fleet invoicing is the main method of income payment for carriers and drivers in the freight industry. Some companies employ the feature of factoring to make invoice payments easier and cover up for slow-paying customers.
Factoring is mainly implemented for fast payments that rule out the lengthy process of invoice payment from brokers or clients by paying directly to the carrier’s bank for multiple fleets at once. The only drawback is that this makes payments harder to track and verify.
Carriers are dependent on factoring platforms or spreadsheets to keep track of invoices and this results in delayed invoices, or some cases missing invoices. These delays may be caused by disorganized documents and mismatched fleets. It is therefore vital to have one system to associate the fleets along with the driver's payments and customer’s invoices
Averagely for up to seven fleets per week, a carrier transports cargo per truck. This may result in seven invoices per week. And under these seven invoices, there are at least three documents per invoice. These documents include confirmation, BOL (Bill of Lading), and invoice documents.
Not having a well-organized invoice recording system could create confusion and mismatching of fleet expenses. These missing fleets usually lead to some invoices being declined by the payee for different reasons such as unreadable BOL and can be especially costly for growing carriers.
But by using carrier-tailored invoicing software like ZTrucking’s integrated invoicing system, you can include all this information and enable payments to be made accurately and on time. Say goodbye to all the hassles, missed payments, and errors that come with you handling your carrier business taxes and invoice. Plus you also save costs of hiring a middleman or an accountant to take charge of your accounts and payments. With ZTrucking you do not need all of that.
ZTrucking's accounting feature of its fleet management system enables you to connect the fleet, expenses, paycheck, and invoice. Additionally, you also get a summary of the status of each component within this same system. Whether there is a rejected invoice or an overdue fleet, it will be included in the status summary.
Benefits of Using ZTrucking
By using ZTrucking's all-in-one cloud-based fleet management software, you are providing industry-leading solutions to transportation companies and carriers of all sizes. You get to stay on top of your business invoicing and billing, send professional invoices and get paid faster.
Plus by having your fleets, expenses, paychecks, and invoices all in one system you get the benefit of identifying fleets without invoices, double invoiced fleets, unpaid or late invoices, fleets, and expenses associated with invoices, and so on.
Here's a detailed list of the benefits of using ZTrucking:
ZTrucking keeps track of invoices by tagging these invoices as processed invoices, paid invoices, and canceled invoices among others.
Factoring accepts invoices along with fleet documents (confirmation, BOL, receipts) via email. That will not be the case with ZTrucking. Those confirmation documents and all invoice-linked documents would be combined and sent directly to the email or through any other means of contact provided on the system. This rules out the need to download and attach multiple documents.
ZTrucking also makes it easier to identify double invoiced or missed invoices or unprocessed fleets and makes it easily identify them on the main page.
Since invoicing and fleet expenses are in the same system, generating driver's paychecks is easier with ZTrucking. You can easily identify what has been paid and hasn't so there is proper and effective communication between you and the drivers. And sometimes resolves any payment issues by simply moving the payment date for that fleet to the future.
Some carrier companies make payments only after they get paid by their customers, and when some drivers do not submit the required fleet document that further delays the payment process. ZTrucking takes care of such cases by easily identifying required documents for efficient preparation of the paycheck or payments to the driver.
ZTrucking generates professional invoice pdf format (with companies logo if applicable)