Freight Audit Companies

Top four factors in choosing the best Freight Audit company

by BlogFreight Audit

Geopolitical disruptions require resilient supply chains worldwide. Many logistic firms are aiming for complete automation of the freight audit and payment processes. In addition, the global freight audit and payment market will have consistent growth. The market valuation will be at a CAGR of 17.68% between 2024-2032.

Businesses need freight audits and payment providers for enhanced supply chain visibility. Moreover, freight audits provide insightful data for assessing financial risks. They help in identifying billing errors and timely payment to shipping carriers. Discussion on freight audits was a part of our earlier articles. This article aims to help shippers choose the best freight audit company.

Freight Audit and payment solutions

Freight audit services include invoice verification and processing. The services provide great insights into a shipper’s transportation expenses. A freight audit and payment provider eliminates manual freight audit processes. Manual freight audits are prone to errors and increased spend over resources. Freight auditors scrutinize the complexity of freight rates of multiple carriers. A data-driven freight audit and payment (FAP) provider provides shippers with a competitive edge.

Freight payment companies

Outsourcing Freight Audit and Payment (FAP) processes help companies in strategic decision-making. It helps in saving money on freight spend. Freight audit companies use cutting-edge technology to give insights into data. Freight payment resolution is quick with automation. The role of the freight payment companies is paramount. It is for the seamless processing of freight invoices.

So, choosing the right freight audit company is vital for business growth. Shippers can choose the best freight audit company based on their business needs.

How do shippers choose the best Freight Audit company?

It is crucial to have information about the services of the various freight audit companies. The services could be across all transportation modes. In addition, the methods of conducting freight audits also vary. The range of technological solutions differentiates each freight audit company.

Freight audit software automates freight bill invoicing. Further, freight data in analytics can help streamline business operations. Collaborating with a freight audit and payment provider is a long-term partnership. However, selecting the best freight audit company requires some consideration.

Four points to consider for choosing the best Freight Audit company

Shippers have to evaluate the services of each prospective freight audit company. Selecting a freight audit provider involves scrutiny and insightful research. Here are four points to consider

  • Seasoned experts in the freight audit process

The freight audit and payment provider should have expertise in freight auditing. Shippers have to check their reputation and their longevity in the industry. Further, companies need to ask questions about their success stories. And whether they have robust and secure freight audit software. Shippers have to ask for references and reviews about their expertise. Their response to these questions will help in evaluating their expertise.

The right freight audit company will provide unique freight audit and payment solutions. They should have varied experience handling freight invoices, interacting with shipping carriers, and resolving mistakes. In addition, attention to detail for each service will benefit businesses.

Audintel’s experience, expertise and state-of-the-art technology provides freight audit services that encompass all transportation modes. Freight audits cover modes such as LTL, Truckload, ocean freight, air Freight, intermodal, and more.

  • Easy-to-use technology with integration capabilities

Evaluation of the freight audit company’s technology is necessary. Their robust software platforms should seamlessly integrate with the existing platforms. For instance, their Freight Audit Platform should integrate with Enterprise Resource Planning (ERP) Systems. The software platform should have an easy-to-use invoice UI, dashboards. The UI should help identify freight bill inaccuracies and automatically notify the stakeholders.

Monitoring the Key Performance Indicators (KPIs) of shipping carriers is a part of the evaluation. The freight audit and payment software should automatically track orders and check duplicate invoice errors. Further, auditors should communicate with shipping carriers for dispute resolution. It gives real-time data for improving freight delivery. It also increases the shipping efficiency of business operations.

The agile platform of Audintel provides real-time analytics and systematically audits freight invoices. We identify invalid, inaccurate charges and process refund claims. Our intuitive dashboards are customizable for companies to make faster decisions.

  • Transparency among stakeholders

Freight audits and payment providers have to provide transparency during payment. Freight payment accuracy increases with invoice audit. Invoices stored in electronic format are easier to audit and ensures that all freight invoices are accurate. It allows freight invoices to be up-to-date before freight payment processing.

Detailed data analytics gives transparency in evaluating shipping costs associated with freight invoices. Auditors check the freight invoices against the agreed terms of the carrier contracts. In addition, shipping reports give insights into the shipping operations of businesses. For example, shipping reports help in as feed for Accounts Payable (AP)

Our intelligent SaaS portal provides greater visibility into the shipping carrier performance metrics. Audintel Transportation Spend Management (TSM) tool avoids disruptions through strong shipping carrier relationships.

  • Customer support and user experience

Error-free freight invoice automation solutions are integral to a good freight audit company. They have to provide proactive customer support throughout the partnership. In addition, timely updates on the freight auditing process are vital. Shippers have to assess the cost-effective aspects of the partnership. Freight audit companies need to comply with all industry data protection regulations.

Shippers need to explore the pricing of the freight audit and payment software. Choosing the best freight audit company involves perusal of their automated systems. Comparing labor costs, extra charges, etc., against their competitors is equally essential. Ideally, freight audit companies can have a dedicated support staff for a business.

Audintel’s Transportation Spend Management (TSM) services reduce shipping costs and improve profits. We enable freight invoice processing with accurate bill payments.

Audintel’s Audit Advantage

Our automated full audit and claims process successfully processes claims. We have a “Line-Item” invoice Audit process that saves money for clients. Also, Audintel has a comprehensive Billing Error identification process powered by Amazon Web Services. Our technology saves 5-20% of annual shipping expenses for clients.

Audintel’s cloud-based platform is secure and encrypted. It helps in cost saving and improves operational excellence. Further, our customizable, intuitive dashboards give deep insights into shipping spend. We help businesses streamline their shipping processes.

Final thoughts

Firms need technological advancements to reduce discrepancies and financial losses. Automated freight audit processes are necessary to manage the complexities of logistics. Streamlined freight payments can reduce supply chain delays. It will have a positive impact on supply chain efficiency.

The benefits of outsourcing to FAP providers can eliminate freight invoice discrepancies. Freight audits reduce shipping costs and identify any problems with shipping carriers.

The above four points need consideration when choosing a freight audit company. The FAP provider should help shippers make informed decisions about their business. The experts at Audintel can advise businesses on the freight rates of different shippers. We can help shippers take care of their freight payments. Our freight audit services and technology are the best fit for shippers.Reach us at 619 354 8539 for information on freight audit services. For further Transportation Spend Management (TSM) solutions,  visit our Audintel website.

freight audit services

Global freight audit: essential for freight services worldwide

by BlogFreight Audit

Has it become difficult to daily track and monitor freight consignments and bills? Are you sure your company has not overpaid or underpaid for freight? Are the administrative and logistics resources hired for global freight monitoring suitable for the job?

Freight audit services resolve the above questions for companies. We had earlier discussed freight audit services in our previous blog. This article gives further details on global freight audits and freight audit companies. In addition, we explain the terms of freight reconciliation, freight audit, and payment.

Global freight audits

It is the examination and verification of freight bills on an international scale. Some companies manually analyze each freight invoice in-house. This manual audit process is time-consuming and prone to human mistakes. On the other hand, partnering with freight audit companies saves time and money for shippers. Freight audit companies monitor critical parameters such as shippers’ data management, shipping carriers’ contracts, and payments.

Freight bill auditing

Global freight audit services offered by freight audit companies help in checking invoices for freight billing errors. The errors include inaccurate shipping weight, incorrect time mileage, miscalculation of discounts, wrong freight rates, and more. Auditing freight bills is vital for improving shipping companies’ overall performance. Proper shipping data utilization reduces extra expenses of surcharges and accessorials. Freight bill auditing involves:

  • Centralizing invoice data for quick retrieval
  • Grouping freight bills by shipping carriers
  • Auditing for errors and verifying freight charges with SMC/ carriers’ contracts
  • Auditing Fuel Surcharges and other accessorial.
  • Providing bill payment reports for client

Freight bill auditing helps shippers save money and recover payment for billing errors.

What is Freight reconciliation?

Freight rates are a part of freight bill generation when the freight load is confirmed. Shipping carriers submit freight invoices to shippers. Freight reconciliation is a method of matching each freight bill with its corresponding freight invoice. The reconciliation process is manual or automatic. In either case, the reconciliation process involves submitting the freight invoice for payment by vendors.

Streamlining the freight reconciliation process

The freight reconciliation process may appear simple for one or two shipments a day. But, it is a complex process for businesses having thousands of freight shipping in a day. Freight audit companies use automation to streamline the reconciliation process by eliminating paperwork. In short, there is a consolidation of accounts payable and paperwork from multiple vendors. So, shippers receive a weekly freight invoice consisting of weekly freight shipping and vendor payments.

Understanding freight audit and payment

Inaccuracies in freight invoices and freight payments result in errors and high costs for shippers. Freight audits are essential for global shippers to prevent potential overcharging by parcel carriers. Freight audits reduce shippers’ transportation expenses. According to reports, the global freight audit and payment market will rise exponentially. It is due to an increase in demand for management systems in the transportation and logistics industry.

Freight audit and payment providers

It is challenging to manage freight payment processes due to inconsistencies. Thus, it is vital to partner with freight audit and payment (FAP) providers. FAP providers have the tools and expertise to manage global shipping transactions. They can root out duplicate invoices, verify freight rates, resolve claims, etc. In addition, FAP providers manage transportation spend on a global scale.

How to select the best freight audit and payment providers?

Freight audit and payment (FAP) providers have to use the latest technology in all aspects of shipping. So, reporting and collecting data in real-time ensures freight payments are on time. Shippers have to verify the business intelligence and reporting tools of FAP providers. In addition, verification of FAP’s software programs and reviewing their financial and credit history is essential. The FAP providers should increase their invoice capacity spend with the shipping needs of shippers. Finally, the freight audit and payment provider should have friendly business relationships with multiple shipping carriers to make matters easy for shippers.

Taking your freight auditing process to the next level with Audintel

Global freight audits identify errors and request refunds from global shipping carrier companies. Audintel analyzes complex freight data and provides customized shipping reports to our clients. Further, our team analyses shipping carrier contracts to lower shipping costs. We streamline freight payment processes to improve your company’s bottom line. Audintel conducts freight audits based on parameters, such as invoice date, invoice amount, shipping weight, bill of lading, etc. In addition, we have experts in freight contract negotiations to help shippers get the best freight carrier contract deals. Our freight audit services provide valuable insights into transportation spend.

Finally, shippers find it difficult to calculate freight rates for each freight shipment. In addition, freight rates and other surcharges change periodically. Freight audit services track and monitor changes in freight rates and accessorial charges and help shippers take the necessary action. Our team in Audintel deals with both freight and parcel audits, you can reach us for further discussions or you can call us at +1 (619) 354 8539. Further, you can also learn about our services on Audintel website.

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A simple way to verify freight bills, using freight audit services

by BlogFreight Audit

Freight Audit Services help in auditing the process which is essential for shipping companies. Shipping large volumes of goods at a fast pace and at less cost is vital for shipping businesses. Freight are shipments that weigh more than 150 lbs. Transportation of freight is a complex logistic process. Shippers have to pay freight bills to shipping carriers for freight transportation.

Factors like modes of freight transportation, distance, type of shipping goods influence the invoice amount. An audit is required to verify the invoices. In this article, we will discuss freight audits, their types, and the benefits of using freight audit services.

Overview of Freight transportation modes

There are different modes of freight transportation: road, air, maritime, rail, intermodal, and multimodal.  Transporting goods by these modes have a different impact on businesses.

Road transport is the most popular mode of transportation used by shippers. Businesses that transport thousands of packages use trucks or trailers. There are two types of road transport: Full Truck Load (FTL) and Less-than-Truck Load (LTL). In FTL, shippers can ship a truckload of freight and pay for the full truck. While, in LTL, shippers only pay for the part of the truck that contains their goods but takes a longer shipping time.

Maritime (Ocean) transportation is the slowest mode but transports the highest volume of freight. They are two types: Full Container Load (FCL) and Less-than-Container Load (LCL).

Air cargo transportation is the fastest mode of transportation for shippers. Shipping carriers transport high-value freight and require quick delivery by this mode.

What is Freight Audit?

A business process where a shipper’s freight bills undergo examination, analysis, and verification is a Freight Audit. Freight bills are invoices from a shipping carrier to a shipper. Advanced software is in use to analyze freight bills for accuracy. A freight audit finds billing inaccuracies and saves money for shipping businesses.

Types of Freight Audit

A freight audit process can be manual, automated, or a combination of both. A Manual Freight Audit process is time-consuming and may lead to errors. The Automated Freight Audit process uses sophisticated software to give consistent and quick results. There are different types of audits based on factors affecting the freight invoices.

1. Freight rate audit

Shippers and carriers decide on a tariff for freight transportation.  Freight rate auditing checks the freight bill entry process. The audit is on the transportation charges and discounts. The shippers find it hard to calculate tariff rates as it varies based on a variety of parameters like shipper address (city, state, country, zip) to consignee address (city, state, country, zip), the permutations and combinations are generally exponentially high. Automated freight rate audit of Audintel can verify the freight rates charged by shipping carriers. We identify if there is overcharging or tariff rate change by the shipping carriers. We will raise a dispute with the carrier and get the carrier to properly charge the client.

2. Duplicate Invoice audit

An audit helps in identifying shipments that have multiple duplicate invoices. For example, if a single consignment has two closely matching invoice numbers, shippers may end up paying twice. Audintel conducts audits on shipments based on parameters such as invoice date, the weight of the shipment, bill of lading (BOL), invoice amount to prevent duplicate invoicing. Invoices that are duplicates are moved to zeropayclose and not forwarded to the client for payment.

3. Three-way Match audit

A three-way match audit involves three parties, the shipper, shipping carrier, and the auditor. It requires matching the invoice of the shipping carrier with the shipper’s match file. The match file comprises invoice records and estimated shipping price. The auditor compares the files and invoices to check for any errors in the invoice of the carrier.

4. Surcharge Audit

Other than transporting charges, freight carriers offer facilities to shippers. The facilities include lift gate charges, toll fees, additional handling charges, and more. There is an agreement between our client and shipping carriers regarding fees. Audintel audits surcharge levied by the shipping carriers and ensures that there is no overcharging.

5. Fuel Surcharge Audit

Fuel costs vary every day. The U.S. Energy Information Administration (EIA) announces weekly fuel prices on its website. The freight carriers adjust the fuel surcharge amount based on EIA published fuel prices based on the pre-agreed weekly days with the client. Audintel is a freight audit service provider that monitors any additional fuel surcharge applied by the shipping carriers during shipment.

Benefits of Freight Audit Services offered by Audintel

Audintel saves money for its customers with its freight audit services. It is a tall claim. Our customers can see the benefits of partnering with us. Our software helps customers

  • Review freight invoices
  • Minimize billing errors
  • Save time and money
  • Optimize supply chain operations
  • Calculate fuel surcharge rates
  • Make the freight billing process simple

Audintel has the best freight audit software that takes care of shippers’ freight billing.

To summarize

Shippers need to invest time and resources to verify freight bills.  Businesses are losing money and time by manually tracking freight bills. Shipping businesses recover 5% to 10% of their freight costs through auditing. By using freight audit software, shippers have better control over their transportation expenses. Freight auditing is a way to control a shipper’s freight spend. Audintel is providing real-time information through its intuitive dashboard. We use state-of-the-art technology to audit freight invoices and save money for our customers. For further details, write to us at [email protected] or please visit our Audintel website or call us at +1 (619) 354 8539.