The Latest Invoicing Trends for Bulk Commodity Trucking Companies

In the fast-paced world of trucking, invoicing plays a central role in a company's finance and administration departments. Stagnant invoicing methods no longer cut it, and short-haul, bulk commodity trucking companies everywhere are seeking out the latest trends in their respective industries to maintain a competitive edge. Here are four of the biggest and latest invoicing trends that can help your company improve its practices, stay ahead of the game, and scale up.

Trend One: Increased Presence of Automation 

Automation is a trend that's gaining traction among companies looking to streamline their invoicing processes. Automating your approach to invoicing, can save your company time, reduce errors, and improve overall accuracy. Partially or fully automated invoicing eliminates the need for hefty manual data entry and helps companies quickly identify potential issues or discrepancies. With the benefits of automation, it's no surprise that more and more companies are adopting this trend in their invoicing practices. 

Trend Two: Integration with Accounting Software 

Integrating invoicing systems with accounting software is another trend that's gaining popularity among short-haul, bulk commodity trucking companies. This integration allows for the automatic transfer of invoicing and payment data into accounting systems, such as QuickBooks Online, reducing errors and increasing efficiency. With real-time financial insights, you can stay on top of your bottom line and make informed decisions. A company embracing this trend will likely see faster turnaround times on their jobs than those who aren't. It's nice when money can go back into your pockets a whole lot faster, don't you agree?

Trend Three: Customizable Invoicing 

Invoicing systems now offer customizable invoice templates that can be tailored to the specific needs of your business. This feature can help you create professional, branded invoices that are easy for customers to understand and pay. Additionally, customizing the invoice can help meet specific legal requirements or customer preferences, improving invoicing accuracy and efficiency. 

Trend Four: Turning Toward a Single Source of Truth 

Short haul, bulk commodity trucking companies are moving towards a "single source of truth" for invoicing data. This means that all invoicing data is stored in a centralized location, like a transportation management system (TMS), which can be accessed by all relevant parties in real time. This approach eliminates the need for manual data entry and reduces the risk of errors or inconsistencies between different systems.

Some systems, like Qv21's, even offer a centralized data source for information like PADD pricing, allowing you to easily access and compare pricing across multiple regions and more accurately forecast costs/revenue. 

The Challenges and Opportunities to Consider 

While the latest invoicing trends offer many benefits, they also come with their own set of challenges and opportunities. Let's explore a few of them.

One of the challenges is understanding how to evolve what’s already in place. It’s important to work with an experienced technology provider who understands your business landscape and then guides you toward a realm of solutions that fit your needs best.

It can be nerve-wracking to try something new, but by investing in a strong invoicing solution, you can count on seeing an equally strong return on investment. This will be through improved company-wide efficiency and accuracy, benefiting every department, team member, and stakeholder alike.

By adopting the latest invoicing technologies, your trucking company can also offer a faster, more accurate experience with your customers allowing you to take on more work and grow your fleet.

Want to Learn More?

The future of invoicing is here. To learn more about these trends and how they can help your business, visit our solutions page here or reach out to us directly via email: tms@qv21.com