Modern-day supply chain management has so many components that need to be overseen, and in the chaos of trying to manage your entire network, it is easy to forget about your crucial back-end processes such as accounting. One of the biggest challenges facing accounting and financial planning today is a lack of visibility. The truth is, if there are too many silos preventing your most important employees from having visibility into your accounting processes, this can significantly impact operational efficiency in a negative manner.
What a Lack of Accounting Visibility Looks Like
Without a proper transportation management system in place that offers valuable tools to manage your accounting, you will watch expenses pile up without having a good understanding of what expenses your organization can cut back on, how to reduce spending where you can, and how to lower fees and overhead expenses. What you really need is real-time visibility into both income and expenses so that you can actively respond to any issues or adjustments as needed while having data insights about each action that you need to take.
Benefits of Enabling Visibility in Your Accounting Processes
The benefits of gaining visibility into your accounting are many. Your team members are in a better position to prioritize operations to become more productive. You can be more in the know about which activities are giving your company the most return on your investment, how your budget is panning out, and you can project future expenses and income.
Invoicing accuracy drastically improves with more visibility. With better planning and foresight, it is easy to see into the full shipment lifecycle which includes invoicing as part of the accounts payable process
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A good transportation accounting visibility software will likely have the option to automate your mundane processes. This can free up significant time for your employees to focus on other activities that are harder to automate. Automation also helps reduce paperwork to help your company meet green initiatives. Lastly, accounting visibility software also allows your entire network to view important documents. For example, a driver from your network can upload a BOL and POD for a shipper in your network to see. This reduces the need for excessive questions and confusion about orders.
All of this directly impacts your company by improving your cash flow, boosting 3PL partnerships, keeping clients happy, boosting your team’s productivity levels, providing operational efficiency, and helping your supply chain director(s) become more confident with your company’s financial stability.
The Role of Analytics in Lowering Back-Office Costs
Strong analytics are the backbone of a good accounting management strategy. Luckily, this is made possible with the use of the right technology to help you improve your accounting to make life easier for both your employees and clients. Maintaining proper accounting visibility helps you boost profits, automate your setup, and improve the overall shipment process and efficiency.
Zara Raza is a Digital Marketing Specialist at Turvo Inc.. She graduated from University of California – Irvine in 2019 and has written several blogs on topics such as technology and supply chain management.
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