Running your own fuel distribution company is challenging enough considering how you spend each day dealing with fluctuating prices in a volatile market. That is why accounting automation is essential to remedy any difficulties born out of an inefficient accounts receivable (AR) process.
Manually handling invoices, payments, and reconciliations consumes time and resources while increasing the chances of errors and payment delays, putting a crimp in cash flow and creating a high-stress environment.
The solution is accounting automation.
Here are five ways automating your AR process can benefit your fuel distribution company:
Frequent fluctuations in gas prices make it hard for you to accurately manage cash flow and make sound, well-informed financial decisions when it comes to investments and other expenditures.
Bill360 expedites the AR process and gives you the opportunity to send customized payment reminders to anyone, any time and as often as you choose. Automating your accounts receivable process enables AutoPay, ensuring you receive payments on time, and simplifies the process by offering various payment options through the Automated Clearing House (ACH) network. That way, your company is paid faster than ever. And real-time insight into financial data helps you better manage cash flow even during the most volatile of times.
A successful fuel distribution company provides more than just delivery. Whether it’s cleaning tanks, installing pumps, or adding services such as car washes and convenience store items, you’re always looking to provide customers with whatever they need to succeed.
By handling tasks typically done manually, automating your AR process with Bill360 saves your team up to 15 hours per week. That way, your employees can focus on more strategic projects geared toward servicing customers. Because you’re getting paid faster and more consistently, your employees won’t have to waste any more of their week chasing down delinquent payments.
The fuel industry is highly competitive and requires successful companies to provide something other than a quality product when it comes to retaining customers and recruiting new ones.
One way to stand out is by offering a unique experience customers can’t find anywhere else. Bill360 provides your customers 24/7 access to their own portal where they can make payments, update payment information, and use built-in messaging to chat with you in real time. That way, your customers have the information they need to make prompt, secure payments.
Remaining compliant can be a challenge for a fuel distribution company, especially smaller ones whose employees may not have the time to stay on top
Automated validation ensures your invoices comply with tax regulations and other requirements before they’re sent to customers. Automating data entry eliminates human error that could lead to inaccuracies and fines and reconciles important data – invoices, payments, documents – that is easy to track and access in the event of an audit.
You know how expensive it is to run your fuel distribution company with transportation, storage, and other expenses routinely taking a bite from your bottom line.
Eliminating manual tasks within the accounts receivable process enables your employees to focus more on increasing sales while also verifying fuel deliveries and ensuring accuracy, leading to expedited payment cycles. Your entire company will operate more efficiently, as well, which will drive down costs and increase productivity.
Increase efficiency with Bill360
Automating your AR process works well if you choose the right partner. Bill360 is the first automated payment solution created for B2B businesses such as your fuel distribution company. Our innovative platform enables you to get paid faster, ensuring you have the working capital required to better serve your companies and accelerate growth.
Bill360 requires less than an hour of training and seamlessly syncs to existing accounting software such as QuickBooks and Xero.
Visit our video library to catch glimpses of Bill360 in action and hear testimonials from some of our clients.
Bill360 provides access to a dashboard where you can track invoices, get real-time updates on AR aging, and see how much money you're due in 30 days. This makes it easier to manage cash flow and prepare.
Yes. Bill360 seamlessly syncs with QuickBooks and Xero and enhances each one.
As you know, there is more to your industry than just delivering fuel. By automating time-consuming accounting chores, you and your team can spend more time cleaning tanks, installing pumps, and helping your customers with training activities.