Improving collections

As fleets use factoring companies more and more, the need to transmit accurate information is increasing. To solve this problem, Innovative Computing Corp. applied for and received a patent for a method and system for auditing trucking invoices. The patent for the as-yet-unnamed software gives Innovative a proprietary product that will gather actual and accurate data, such as exact mileage, fuel consumption

As fleets use factoring companies more and more, the need to transmit accurate information is increasing. To solve this problem, Innovative Computing Corp. applied for and received a patent for a “method and system for auditing trucking invoices.”

The patent for the as-yet-unnamed software gives Innovative a proprietary product that will gather actual and accurate data, such as exact mileage, fuel consumption and negotiated rates, from a carrier's Innovative Enterprise Software (IES) system and use that information to validate invoices before they are sent out to a factoring company.

Factoring is when a carrier sells its accounts receivable for a discount to a third-party company, which then attempts to collect the amount owed. The advantage to a carrier is access to immediate cash, albeit at a reduced rate, rather than waiting for a customer to pay.
www.innovativecomputingcorp.com

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