Maintaining positive cash flow is important for all businesses, but especially for smaller companies with limited cash reserves. Reducing the billing cycle is one way to help improve cash flow and ensure that you keep revenue coming in on a regular basis. If you bill based on time spent at site visits, travel time, mileage, or any other metric related to your fleet, you can use your GPS tracking system to optimize the billing cycle.
Saving time on the billing cycle also means that your administrative staff has more time to focus on other aspects of your business.
Four Ways to Use Your GPS Tracking System for Faster Billing
Quicker billing means quicker payment. Use these four methods to reduce billing time:
- Integrated time sheets – If you bill based on actual time spent, you can quickly determine how much time was spent driving to and from a customer site, and exactly how much time was spent onsite. This is particularly useful if you bill at different rates for travel time and service time.
- Trip reports – Billing based on mileage is useful, but what if the trip took a particularly long time because of traffic or other delays. Trip reports allow you to bill based on actual drive time, not just on mileage alone, so you can account for all of your costs while billing.
- Eliminate manual data entry – Reduce human errors and save time by eliminating the need for manual driver logs. This feature can also help you save time on tax reporting with audit-proof, IFTA-compliant records.
- Field service management tools – Eliminate billing delays altogether by using payment processing tools onsite. If you use the Driver Tablet Site to manage your fleet, all you have to do is upload a third-party payment processing app to get fleet management and invoicing capabilities in one device. You can also use field service management tools to gather and update customer information from the field, so if you do bill from the office you can be confident that you have current contact information.
All of these methods also help free up time for your administrative staff. If you’re an owner-operator that also does administrative functions, you know how valuable this time is. Imagine what you could do if billing took half the time.
Learn more about all the GPS tracking system features that can save you time and money by viewing the GPSTrackIt live demos today.
How much time could you save if you used your GPS tracking system to optimize billing?