No matter how big or small your company is across the industry, maintaining accounts are the most crucial task. So far small forwarders tend to carry out their work using tally, spreadsheets, or some solutions. And unlike big freight forwarders, among the list of expenses commonly avoided by the small freight forwarders is software implementation. But this decision has consequences, causing hindrances in decision making due to lack of data availability or mismatch.
Comparatively, specialized freight accounting software allows both saving costs and increasing efficiency as well.
Moreover, an integrated accounting software gives you control of your finances in real-time and conviction to move forward with confidence.
Let us further delve into why small freight forwarders must adopt accounting software to manage their finances.
Software specially designed for you
Choosing freight accounting software specially designed to meet the unique and specific needs of the logistics and freight industry help you drive your financial goals accurately. With accounting software for freight brokers, you can easily access all your accounting, finance data, and documents stored in a single database from anywhere. Moreover, you can manage and control cost, multi-currency, workflow approvals, revenue leakage, cash flow, and all other advanced report functions with a single click. Accounting software helps to reduce the number of steps required to complete accounting routines and also lowers manual inputs, reduces inaccuracies, and saves time.
Consolidation and tax compliant made easy
Recording and filing transaction is just the first step in accounting operations. With tax-compliant accounting software and freight account ERP, you can manage and consolidate the entire accounting data, determine tax liability, and file returns.
The software takes up this complexity and turns it into a simpler and easily manageable process. At one glance, you can find pending invoices, understand the reasons for the delay and act faster. Tailor the required permissions for users and safeguard them with maker-checker approvals.
Keep credit limits in check
Businesses that have a healthy cash flow can ensure uninterrupted operations. Sending invoices and following up for timely receiving of payments is a task that can be well handled by software. While healthy relations with your customers and vendors help you grow, there may be situations where the business requires some more stringent regulations. Defaulting customers can be assigned credit limits of monetary value and be extended in days also.
Data that inspires action
Freight forwarders miss out on the opportunity to take guided actions using the ample amount of data generated. Data insights can validate if the company is heading towards the designated goals.
Accounting software makes management’s tasks simpler via reports. Reports extract the trends in spending and revenue to allow for making projections for the near future. Reports that aren’t complex reduce the management’s time of decision-making. This data-driven approach inculcates discipline into your accounting processes.
Knowing the financial health of your company
Implementing software for managing your finances and accounts is like putting items cluttered in clearly named shelves for easy storage and retrieval. At any given time, as business owners, you must know the status of finances. Duties and payments towards a shipment, whether paid or pending, should be available on demand. Information like this gives you the confidence to make decisions like resolving delayed payments.
Accounting management in one place
Keeping up with monthly GST filings amidst medium to heavy shipment workloads can be both hard and time-consuming. With the complexities in freight forwarding, business owners must realize accounting is best handled by an integrated ERP.
Moreover, with cloud technology, your data is safeguarded with multiple backups and accessible from any device. Freight ERP is a collection of software that increases your efficiency multifold. Get in touch with us to streamline your accounts today.