Work Your WIPs to Find Money
During the time of this stop-movement order, collecting all available revenue will become even more critical. We are going to continue to share ideas for how our customers can collect all the revenue possible, but today we are starting with some of the low-hanging fruit: handling Work-In-Progress requests for information, or WIPs for short.
What are WIPs?
WIPs occur when Daycos does not have all the billing information needed to invoice and/or collect money on your shipment. They can occur in a couple of different scenarios. The first is when we are creating an invoice, and we do not have the information or documentation necessary to complete the billing process. We put the invoice on hold, and send you a WIP requesting the missing information or documentation. When we get the missing information/documentation from our customer, we restart the billing process to get the invoice sent out.
The second scenario is when a PPSO requests information or documentation to approve an invoice in DPS, and Daycos does not have that information. We will send a WIP to request this information, but often the invoice is denied if we do not get a fairly quick response. When our customer responds to the WIP, we rebill the invoice to collect the amount due that was denied.
Why do WIPs hold up money?
- WIPs prevent billing of invoices: At any given time, we have hundreds of shipments on which we can’t complete the invoicing process because of an outstanding WIP. This is potentially holding up hundreds of thousands of dollars from being invoiced and collected.
- WIPs prevent rebilling of invoices: Even though the PPSO may have denied the invoice, it is still imperative to respond to the WIP as quickly as possible to allow us to rebill the denied items. For most customers, we automatically close these WIPs after 90 days and rebill what we can, but that is still leaving money behind. We currently have over $500K of potential revenue that could be rebilled today if we had WIP responses.
How do I review my pending WIPs?
If you have a login to MyDaycos.com, and the proper permissions, you can see all of your company’s outstanding WIP requests. We have an easy to follow guide that walks you through step-by-step how to view and respond to WIPs. You can view the guide here: MyDaycos Guide to Viewing and Responding to WIPs
We are here to help.
As always, if you have any further questions or need assistance reviewing or responding to WIPs, please contact us at support@daycos.com.
