There was quip I head in the olden days (for my kids, that means the last millennium – before 2000) that went something like this.
“He was a great man. He was born Owen Johnson………and he died Owin’ Nothing”
It’s easy to see the speedometer and odometer on the dashboard in the cab of your truck. It tells you quite clearly how fast you are travelling, and how far you have travelled. (And if you can’t figure that out yourself, then the authorities can probably help you out with that one).
But the one thing you don’t find in the cab of your vehicle is your ‘owe’dometer – that is, a current picture of how much money you owe, and to whom.
No doubt it’s essential to get those invoices out to your customers but it is equally important to make sure you stay on side with your suppliers – those folks who finance your equipment, provide you with fuel, and drive for you. In many ways they are partners in your success and keeping current with them is an important part of maintaining a viable, ongoing trucking operation.
Cash flow is the life blood of a trucking business and a line of credit and/or and a solid invoicing & payables system can help you ‘makes ends meet’.
Good trucking software should provide you with a solution that keeps you up to date and current on the status of your payables. It should also give you efficiency in paying the operators and drivers who handle your loads. And It should accommodate the complexity of any given load in that you will find that there may be multiple suppliers in moving a load – drivers, tarping, lumper, escort, tolls, fuel taxes, etc.
Trucking software gives you the flexibility and capability to manage your payables with
- Equipment suppliers
- Fuel suppliers
- Owner Operations
- Even the night cleaning crew!
Finally, it should give you an ‘owe’dometer – a dashboard of information where you can track the status of your payables, plus reporting that gives you insight into the amount of money you have paid and owe to particular suppliers of the business.
And while it’s always more enjoyable to focus on revenue generation, invoices and receivables, you too can draw the satisfaction, known only to those people who have built great trucking companies – that in meeting your obligations you have built the loyalty of your staff and suppliers, and becoming a respected business leader in your community.
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