Customer Stories
Liquid Gold Trucking had grown modestly since its founding in 2017, working with a hauling company in the Williston Basin that kept the team busy. Several years later, the work slowed down. Owner and founder Ken Miller knew he needed to find new business. When Liquid Gold Trucking won a large new client, it was an exciting milestone; however, the deal came with long payment terms. This created a challenging situation where Ken needed to accelerate his cash flow to take on the contract, keep up with payroll and continue growing.
Liquid Gold Trucking uses OpenTicket®, which enables oilfield service providers to streamline their accounts receivable by generating digital field tickets in real time on the work site. This means Liquid Gold Trucking issues invoices faster and starts the whole process of getting paid sooner. They’ve combined this approach with FundThrough’s Invoice Funding, a trusted Enverus partner that pays the invoices issued to their new client early. This eliminates the wait to get paid caused by long net terms. Liquid Gold Trucking also qualified for FundThrough’s AutoFund so they now get paid instantly–as soon as an invoice is approved–and can put their capital to work right away.
Since adopting the new approach to accounts receivable that enabled them to take on their large new client, Liquid Gold Trucking has achieved 30% revenue growth in 18 months. In three months, they tripled their total number of drivers, including contractors. In a six-month period, they doubled the number of company drivers. And in one year, Liquid Gold Trucking added ten trucks and trailers to their fleet. The company’s DSO also fell from 30 days to zero for invoices issued to the new client.
With instant access to working capital, Liquid Gold Trucking is on the road to success.
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