Axle, a cash flow management solution for the freight and logistics industry, today announced an integration with Intuit QuickBooks®, a leading financial platform that helps small businesses manage their books, get paid fast, access capital and pay employees with confidence. The new feature, Axle Accountant, automatically records all of the freight broker’s invoices, bills, payments, and other transactions directly in QuickBooks, significantly decreasing accounting errors and simplifying record-keeping.
Axle, a financial services company, helps freight brokers and freight forwarders manage cash flow by providing them with affordable working capital and automating their back-office tasks. Axle also enables freight brokers to offer their trucking company vendors a ready-made “QuickPay” service that strengthens the relationship between broker and carrier.
“The launch of Axle Accountant furthers our company’s mission to reduce the financial risk for freight brokers and freight forwarders, especially small business owners,” said Bharath Krishnamoorthy, co-founder and CEO of Axle. “By integrating Axle’s flexible financing with QuickBooks, we are positioning these freight intermediaries for success, even in today’s volatile market.”
Axle’s new QuickBooks integration “has saved us hundreds of hours,” said customer Dale Prax, President and CEO of Direct Expedite. Since the company adopted Axle Accountant, “what used to take hours now takes seconds, and the accuracy is 100 percent,” he asserted.
“We chose QuickBooks as our first accounting integration at our clients’ request,” explained Shawn Vo, Axle’s CTO. “Many of these freight brokerages are small, family-owned businesses, managed and staffed by experts in transportation and logistics, not accounting.”
“We partnered with Verity Accounting, a CPA firm that specializes in factoring to design a solution to maintain the brokers’ ledgers accurately and automatically in QuickBooks, so the owners can focus on their core business of delivering best-in-class service to their own clients,” Vo added.
Claudia Montalbano, owner of Verity Accounting, remarked, “There has been talk about an automated accounting solution in the factoring industry for years now, but Axle was the first team I’ve seen to deliver a complete solution due to their proprietary factoring software and strong engineering team. I am confident this will be a game changer for their clients.”
Unlike the many specialty finance companies in the US that focus on solving the cash flow problems of trucking companies, Axle offers a unique solution for freight brokers and freight forwarders. Axle’s proprietary, software-based service enables transportation intermediaries to automate their own operational overhead.
“In the US alone, freight brokers and freight forwarders are responsible for over $100 billion in freight transportation every year,” said Krishnamoorthy. “Many of these brokers have struggled during the past year, due to the pandemic and lockdowns, and the resulting roller coaster ride of freight volumes and rates.”
“At Axle, we do our best to make sure these companies have the capital they need to operate and grow, under any economic conditions,” he concluded.
Axle is a venture-backed innovator in the freight finance sector. By combining decades of industry expertise with a next-generation technology platform, Axle is helping freight intermediaries modernize their operations and optimize their cash flows.
Bharath Krishnamoorthy, CEO