Once your company completes a job, your invoice is the next step in getting you paid. The best invoicing practices for trucking companies are ones that get your invoice quickly processed, approved, and paid by the customer. Here are three invoicing habits to follow to ensure trouble-free processing and payment of your invoices.
First and foremost, you want to make sure the Post Office delivers your invoice. Always double check the billing address of your customer. Do they have multiple locations? Have they moved recently? Are you trying to mail your paperwork to a warehouse that has no interest in receiving it? Check the rate confirmation for accurate billing.
You need to make sure the full legal name of your company is listed, so payments are not remitted to another, similarly named carrier. Also, if you work with a factoring company, you should list their full Notice of Assignment (NOA) and remittance address on the invoice. Failure to do so can lead to confusion for the customer, resulting in a much longer time processing and paying the invoice.
The rate confirmation sheet spells out the terms of the work and invoicing rate. The standard over-the-road rate will be a combination of miles traveled and fuel surcharge. Some variables that affect the overall rate may include any accessorial charges such as lumper, pallet, detention, etc. These should always be submitted with your invoice, along with any receipts as many of your customers will require documentation. For best practice, you should contact your broker and have a revised rate confirmation signed and sent to include these charges.
Make sure your drivers send you the best quality BOL available. If you are working with companies who accept copies of the paperwork and your drivers do not have access to a traditional scanner, many phone apps exist, such as CamScanner, which will help guarantee the best possible scan quality. Most importantly, you need a receiver’s signature. The signature is proof the shipment made it all the way from point A, to point B. Make sure your drivers get the receiver’s signature in the designated field. If the only signature is in the shipper’s spot, this could cause confusion that will likely result in delayed payment.
Following these best invoicing practices for trucking companies will build a foundation of better invoicing practices and lead to a healthy relationship between you and your customers.
TCI Business Capital has over 20 years of experience working with the major players in the trucking industry. We know their invoicing requirements, which makes it even easier for you to get paid for the hard work you do. For more information on invoice factoring, please call (800) 707-4845, or submit the contact us form.
Author: Cody S.