Thursday, March 4, 2021
Home Opinion IT in Logistics Uplift Your Freight Forwarding Business by Streamlining Finances

Uplift Your Freight Forwarding Business by Streamlining Finances

Not all businesses have an unlimited supply of capital to be pumped in all the time. Freight businesses do have their crunch times, which in extreme cases can lead to some tight measures being put in place. While bleeding of revenue may be due to various reasons, identifying and fixing potential leaks must always be a proactive endeavor, as efficient management of finances helps avoid unwanted losses.

 

Quotations that Drive Revenue In

In the freight forwarding market, a request for quotation (RFQ) is the first step in building a relationship with your potential customer. The purpose of freight RFQ is to scout the market and get the best available service at the best possible price. RFQ is also the first source of revenue and thus significant from a financial perspective.

 

The right solution can help you respond to a quotation, which results in a win-win outcome for your customer, your vendors, and your organization. A freight forwarder needs to take into account many factors to prepare the customer-specific quotations. These include port charges, container space booking, freight weight, distance, and much more. Insights into your historical data and current trends must influence your final proposal. ERP solutions like Logi-Sys can help you make such informed decisions with an easy-to-navigate interface. Attractive quotations are incentives for kick-starting the revenue stream for your organization.

 

Controlling Your Expenses to Manage Better

Visibility into your receivables and payables can provide the basis for your decisions. With increased cargo movements, your pending invoices will tend to pile up, which can hinder your ambition to grow.

 

Keeping track of your expenses, consolidating various outstanding payments in one report is quite a challenging task. But solutions designed especially for freight forwarding can help bring order to an easily disorganized environment.

 

Streamlining for Efficiency

Choosing to go with individual solutions is an expensive affair in terms of costs, accountability, and time. For organizations seeking simplicity, a single solution for various functions is preferable. Warehousing, customs clearance, container freight station, sales, finance, and accounting can all have a central accessibility point.

 

Business decisions require awareness of the performance of each of these functions. This information, if readily available, can complement quick decision-making. Logi-Sys provides the sales and marketing modules that measure activity from marketing campaigns, revenue targets, leads, and opportunities to client acquisition.

 

Accurate Trail of Records

Logi-Sys provides a full-fledged accounting system that is tightly integrated with operations and sales. It facilitates easy management of credits, cash flow, payment cycle, and tax compliance,enabling greater financial control. Approval mechanisms ensure second-level checks within processes for data integrity. Activities that include monitoring the tasks performed by team members can be useful for stakeholders to identify efficient (and not so efficient) performers.

 

An organization that has visibility into its finances is capable of applying sound decisions backed by data. Forecasting tools available with solutions like Logi-Sys can empower your business to manage and surpass your finance benchmarks.

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