Taking the Guesswork Out of 3PL Billing: 5 Ways to Maximize Revenue
By Jim Laverty
How 3PLs Can Capture 100% of Their Revenue
Billing dozens of clients for hundreds of services at different, ever-changing rates is a crucial challenge for third-party logistics providers. Each day, 3PLs are left asking the question, “Am I capturing all of my potential revenue?” The task of properly accounting for every storage, picking, or packing charge in your warehouse is daunting, and even when left to technology, may not be 100% effective.
Unlike most Warehouse Management Systems (WMS), our cloud WMS billing module takes the risk out of the billing process and replaces it with peace of mind. How does our Cloud Warehouse Management System billing module make life easier for 3PLs?Here are five ways:
1) You can easily manage every detail of every contract
The complex 3PL operating environment calls for versatility in every way. There are different customers, rates, invoices, services and billing methods for a large volume of unique customer agreements. User-defined billing codes in our cloud WMS allow 3PLs to track specific client discounts, monthly minimums, special rates, and other individual details that can be applied instantly within the system. Our billing module also allows you to update the effective billing date, eliminating the need to track when a certain price is going into effect.
2) You’ll never ask, “Did we miss something?”
Our WMS records every activity in the system as a transaction – from picking, packing, shipping and beyond. Since all transactions in the system are available to bill, it demystifies where the charges are coming from and eliminates the fear of it going unnoticed. This level of visibility provides a crystal clear understanding of services rendered, and charges billed that are essential for the health of your business.
3) Your clients will never ask “Why were we billed for this?”
Automating the billing process means total transparency for your customers. In the case of a request for a cost breakdown or a charge dispute, our cloud WMS provides verifiable, undeniable proof of all transactions. You can stand behind the accuracy of your billing, and your customers will trust the reliability of your invoices.
4) Your clients will receive the right invoice at the right time
Revenue will only come into your organization if you are sending the right invoice to the right customer at the right time. Our cloud WMS billing module allows 3PLs to bill their customers on whatever timeframe they agree to - weekly, bi-weekly, monthly or more. You have total control to display as much or as little detail as you want, with the ability to add, eliminate or combine service fees. Users can also access old invoices in the system at any time or create custom new invoices for any period.
5) You can bill for any service recorded in the system, at any time.
While most warehouse management systems will only allow you to bill after you activate the billing module, ours allows you to charge for any transaction in the system. You can go back and bill for services that occurred more than five years ago.
When 100% of your organization’s services are recorded and invoiced, it could mean the difference between realizing and losing revenue. Most warehouse management systems make it difficult to produce the right reports, add in the correct pricing structure, and verify the accuracy of the services. Some systems even make you perform calculations outside of the system. Our cloud WMS makes the entire billing process so easy, you’ll forget just how complex it really is. You can rest assured that your clients are being charged for every service you performed, at the agreed upon rate for those services, at precisely the right time.
Are you missing revenue due to errors in your billing process?
Join us on Thursday at 11:00 a.m. CT for a special webinar on 3PL Billing and learn how to capture every last penny with the advanced 3PL billing functionality of our cloud-based warehouse management system powered by the irms|360 Enterprise cloud platform.