COVID-19 Pushes Industry to Implement New Accounting, Bookkeeping Methods
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COVID-19 has created challenges throughout the trucking industry, but it also has created opportunities, especially when it comes to fleets’ accounting processes.
Work-from-home initiatives and social distancing have accelerated the transition to paperless transactions, emailed invoices and electronic payments, which are helping some fleets collect payables faster.
Before the pandemic struck, J. Rayl Transport still had many customers requesting mailed invoices.
“Once our office started working from home, a lot of our customers who started working from home asked us to email invoices going forward. That helps our billing time and our day of sales outstanding,” said Kerrie Mars, financial processing supervisor for the fleet. “We’re getting paid sooner because our customers are getting invoices 7-10 days sooner.”
Andrew Fletcher, a supervisor at John Bunning Transfer Co. Inc., based in Rock Springs, Wyo., has also seen customers request electronic transmission of invoices and opt to pay with electronic fund transfers.Coronavirus News
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“We find our payables go from 45-60 days to as little as 10-15 days. With the economic insecurity, it is nice knowing I can get an invoice, get it over there, someone is looking at it almost in real time, and it is going to be paid,” he said.
Fletcher uses Axon Software, which he said made social distancing seamless, so there was no delay in the fleet’s accounting processes.
“Without changing anything, all I have to do is give my employees access to a remote desktop, and they can work from home,” he said.
The amount of time between delivering a load and getting paid is a critical metric for fleets, said Jerry Robertson, chief technology officer at Bolt System, a cloud-based fleet management software provider.
“If you’re working from home,