Late Payments Are Often a Process Problem
If some customers are consistently late with their payments, it’s not always due to poor credit practices. The delays may stem from incomplete or inaccurate paperwork generated by your team.
- Real-Life Example: A mid-sized freight brokerage handling LTL loads for multiple clients faced consistent late payments. They found that delays often occurred from missing PODs or incorrect BOLs sent to customers. Every time paperwork was inaccurate, payment terms restarted—leading to cash flow issues.
Automating Document Management
All relevant paperwork—invoices, PODs, and BOLs—must be collected and audited to invoice customers accurately. Without two-way digital carrier integrations, your team may need to manually download and store paperwork from emails in various places. This increases the risk of human error, lost documents, and delays.
Introducing Tai’s Document Processor
Tai TMS automates document collection. It pulls paperwork from the carrier’s platform as soon as it’s available. The system securely stores all documents in the load activity log, including bills of lading, confirmation alerts, shipping labels, and quotes. Once the paperwork is gathered, Tai seamlessly moves it to the next stage of the billing process.
- Real-Life Example: A freight broker working with a large retail chain significantly reduced payment delays using Tai's automated document processor. Before Tai, their reps spent hours each week manually downloading load paperwork. After implementing Tai, they cut their invoic
Accelerating Auditing with Automated Variance Reporting
Auditing load paperwork is another area where many brokers lose time. Without automation, your team must check every document for accuracy. They must also follow up with carriers on missing info and address billing disputes. This can delay invoicing and payments.
Tai Makes Auditing Transparent and Efficient
Tai TMS includes real-time variance reporting, which reviews paperwork automatically and flags any discrepancies for follow-up . Parameters can be set based on your Accounts Payable tolerance, so your team only needs to review flagged issues. All flagged documents are visible on a single screen. This simplifies the dispute resolution process by showing exactly where and why the variance occurred.
- Real-Life Example: A freight broker struggled with disputes due to minor billing errors. By setting a $50 tolerance parameter in Tai, they avoided wasting time on trivial disputes and focused only on critical variances. As a result, they improved relationships with their carriers and customers and developed smoother payment cycles.
Frictionless Invoicing: Closing the Gap Between Carrier and Customer Payments
The final step in the LTL process—issuing invoices—is essential for maintaining healthy cash flow. Payment delays are often compounded by the difference in terms between your carriers and customers. While many customers operate on net-30 or net-60 terms, carriers usually expect payment within 7 to 15 days, forcing brokers to float payments for weeks.
Tai TMS Makes Invoicing Instant and Seamless
Tai TMS integrates with your invoicing and payment platforms, like QuickBooks, Synergize, Authorize.net, and Triumph Audit. It automates the entire invoicing process. When all load paperwork is approved, Tai generates and sends an invoice to the customer. Invoices include a payment link, making it easy for customers to settle the bill with just a click.
- Real-Life Example: A freight brokerage using legacy systems had cash flow issues due to delayed invoicing. After switching to Tai, they cut their invoice-to-payment cycle by 20%. This was due to automated invoicing and integrated payment options. With faster payments, they improved cash flow and could reinvest to grow their business.
Automating Collections and Payment Notifications
A traditional TMS requires manual work to manage overdue payments and collections. This includes sending reminder emails and tracking past-due accounts. With Tai, these processes are automated. You can schedule updates, past-due notices, and collections notices. No extra tools or manual work are needed.
- Real-Life Example: A freight broker serving manufacturing clients used Tai’s automated collections feature to send polite but firm reminders when payments were overdue. This proactive approach reduced overdue accounts by 15% and improved their cash flow consistency.
Delivering a Top-Tier Customer Experience
With Tai TMS handling the paperwork, auditing, and invoicing, your team can shift focus. You can book more loads, build relationships with carriers, and provide outstanding service. Consistent cash flow lets you meet carrier expectations, maintain good relations, and reinvest in your growth.
Tai streamlines your LTL accounting process. It’ll end inefficiencies and create a foundation for growth. Empower your business to thrive. Take control of your operations and see for yourself. Schedule a customized demo today.
