It’s been a busy season of tradeshows! This week’s stop was Birmingham Alabama for the McLeod Software User Conference. If you haven’t heard of McLeod Software, it is a leading trucking software that helps LTL and Truckload businesses manage all aspects of their business.
Myself with two of my colleagues, Craig O’Neill (CEO) and Mislav Majic (VP of Sales Engineering) had a great time at the show and the conference was a great affirmation of the need for innovation in the trucking and logistics industry.
On the first day, the opening keynote presented by Tom McLeod, President of McLeod Software, was thought provoking. Mr. McLeod stressed the need for businesses to adjust to the changing times and not get left behind on the road to innovation. It was a message that resonated with the crowd. He highlighted the importance of frictionless information to foster connected enterprises and how this requires change. He went on to say that even though change is difficult, it represents a great opportunity. I couldn’t agree more, especially after my conversations with attendees at the show.
Challenges with cash flow management in the trucking and logistics industry became apparent. Carriers are faced with operating a business with low margins and no cash flow. They can be strapped and need to sell their assets, to get cash back into the business –most times that means factoring their Accounts Receivables. Do these challenges sound familiar?
With technology like VersaPay ARC, there is opportunity for accounts receivable and cash flow management success, but as Tom McLeod suggested in his keynote, it requires change. This change is a move from traditional processes that are costly and ineffective.
With VersaPay ARC, you can change the way you handle your accounts receivable by automating manual tasks that your team undertakes daily. This helps refocus their time on higher value work, such as improving customer experience. Using an online portal to present invoices and accept payments, not only helps improve customer experience, but will also help you get paid faster.
When striving to remain competitive, and making your business successful, you have to consider more than simply focusing on the latest gadgets for your fleet. Strong cash flow is where true company stability lies and this is why accounts receivable collection is so critical.
By re-evaluating and changing your accounts receivable process, you can realize true success for your business – happier customers who pay you faster.