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Freight Factoring Is Surging Through Technology and Software
Freight Factoring Enables the Best Fleet Software Solutions
Every home and business delivery requires extraordinary trucking and logistics capabilities to make it happen. Although we all delete successful delivery texts as quickly as they come, when there’s an issue we can start to realize the complications and challenges that each of those deliveries faces. The transportation, trucking, and logistics industry is one of the most challenging industries in the world, yet it runs like clockwork in hundreds of thousands of skilled hands and minds across the nation. And while the human resources and the vehicles command the supply chain, it is the software behind it all that powers the silent successes and enables our capacity to take that industry for granted.
Freight software comes in many forms: dispatch and scheduling, delivery and tracking, and even freight factoring. While fleet management software is the most robust, that investment can sometimes prove to be out of reach for small to medium-sized companies. Freight factoring solutions from companies like FleetOne Factoring can help to enable the purchase.
4 Best Fleet Management Software Solutions
1. Samsara is a cloud-based fleet management solution that offers features such as GPS tracking, trailer tracking, dashboard camera, routing and dispatch, reefer monitoring, and more. It is designed to help small and midsize fleet business operators track the physical location of their fleets and monitor their drivers’ behavior to stay complaint with ELD and FMCSA regulations.
The installed GPS device provides real-time traffic updates and displays the best available route to drivers. It collects data on unnecessary halts, vehicle performance, breakdowns, and fuel waste and sends it to the back-office managers. The solution combines Hours of Service with the GPS tracker and other sensors installed in the vehicle to record the driver’s working hours for HoS logging and ELD mandate.
2. Verizon Connect Reveal is a cloud-based fleet management solution suitable for small and mid-sized companies. Users can view all drivers on a map and automatically detect behavior such as harsh braking, quick starts, hard cornering, and other vehicle misuses. The solution sends real-time push alerts to notify dispatchers and supervisors of dangerous driver behavior. It provides a dynamic map view of drivers so that dispatchers are able to quote arrival time to customers.
Verizon Connect Reveal provides mobile apps for iOS and Android devices so drivers can track their own performance through a smartphone. Once drivers log in, they can view nearby company vehicles and receive their assignment. The Today view shows them what stops are scheduled and a scorecard displaying how they compare with other drivers using metrics such as the number of stops, idling, and speeding. The mobile app provides turn-by-turn navigation through Google maps.
3. AUTOsist is a cloud-based fleet maintenance management solution for businesses of all sizes and types. Key features include maintenance tracking and reminders, inspection checklists, fuel tracking, records, and reporting. AUTOsist includes dedicated service areas to track service and maintenance records as well as fill-ups. Receipts can be attached to monitor budget and mileage. Managers can assign users to vehicles and other assets with permission control. Recurring reminders can be set up for important tasks by mileage and date with the ability to notify multiple users.
4. Silent Passenger from Vehicle Tracking Solutions is a cloud-based fleet management solution that offers resources to track and manage moving assets and vehicles. It is designed to serve businesses of all sizes in construction, field service, utility, and delivery.
Using the built-in Google Maps functionality, users can pinpoint the location of their fleets. The split-screen views and real-time monitoring allow users to track multiple vehicles in different regions simultaneously on a single screen. Businesses can also keep records of fleet maintenance and plan their maintenance schedules and budgets.
Silent Passenger also offers hardware that allows back-office managers to monitor drivers’ activities and behavior such as speeding, hard braking, fuel consumption, and rash driving.
The most critical aspect of managing a fleet is having the resources to enable success. Though in this era and industry human resources can seem abundant, monetary resources are not, which is why fleet managers and owners are turning to freight factoring to help. Freight factoring companies like FleetOne Factoring have become one of the most valuable assets in the industry, providing access to cash exactly when it is needed. A few of the benefits include: quick approval on applications and contracts for immediate emergency cash flow, high initial advances, the ability to take on more loads and new customers, improved customer credit quality, and even access to fuel cards for confidence and convenience. At the heart of freight factoring is the technology driving its effective solutions. The software that many of these freight factoring companies utilize sets them apart.
How Freight Factoring Provides Cash Flow Through Technology
Freight factoring confers many benefits, but there are specific advantages that come with the software, starting with the cloud, which allows users to:
- Review rates and terms electronically
- Use electronic signatures to approve all agreements
- Eliminate the time and expense of mailing out physical invoices
- Monitor the status of factored invoices anytime from anywhere in the world
- Receive funding by wire transfer or ACH – in many cases the same day the invoice is submitted
- Secure quick approval and accounts receivable funding
- Seamlessly integrate factoring invoicing with QuickBooks
- Obtain data on customers’ payment patterns, including speed of payment
- Have 24/7 access to account information
- Garner insights that improve ability to predict cash flow
So while we spend our days making choices no matter what industry we are in, the trucking industry relies on their choices in freight factoring technology to inform many other choices. Companies like FleetOne Factoring have leveraged technology and software to provide a substantial service.
RESOURCES:
https://www.fundera.com/blog/trucking-accounting-software
https://www.fleetowner.com/technology/7-truck-technologies-you-need-and-why