A freight invoice audit provides you with a deep overview of how your freight invoices are stacking up against your organization’s accounting. Proper freight invoice optimization saves your organization money in two ways. First, it checks for any areas where your numbers don’t align to make sure you’re not being overcharged by your carrier. Second, it checks for any inefficiencies in your shipping processes and supply chain, which provides you with new ways to lower costs and increase efficiency the next time you enter a contract negotiation with a carrier.
Streamline your freight payables with a freight invoice audit.
As ecommerce continues to grow, the need for tools to report, audit and control package spend are paramount alongside managing your carrier relationships and delivering on customer expectations. It’s complex and Körber’s in-house team of experts can help.
Freight invoice audit solution
The Körber team is uniquely able to maximize carrier credits and deliver optimal client results through an auditing and analyst team with decades of experience and an internal call center. Our team will audit every detail of your freight bill invoices, comparing the actual rates and accessorial charges billed to you with the rates in your tariff(s) on all domestic and international freight shipments. Our freight bill audit solution utilizes a call center to maximize parcel credits, which helps companies receive 30 percent of credits that are denied by other carriers’ automated systems.
Payment processing
Körber offers a secure managed payment solution so you can trust your funds are handled safely and the right carrier is receiving the right payment every time. Backed by JPMorgan Chase, one of the largest and most well-known banking partners in the country allows Körber the flexibility of paying across multiple currencies in multiple countries.
Körber’s payment processing capabilities:
- Transactions in over 168 currencies
- Payments in over 38 currencies with 10 preferred
- KYC/AML and OFAC screening
- Client-specific bank account
- Read-only access for client users
- Executive-only approved enVista access
Carrier services
Körber’s Carrier Services team is dedicated to providing your carriers direct support from implementation, invoice receipt, and resolution through payment reconciliation.
Körber’s carrier portal and training center:
- Supports >5,000+ carriers today
- First line of support for payment processing questions
- Multi-lingual training center for carrier success
- Individualized system training
Audit capabilities
Körber’s leading global freight invoice audit and payment solution, myShipINFO®, ensures that no matter how complex the agreement, our freight invoice auditing software has the ability to model your rates to ensure 100% audit compliance.
Körber’s audit capabilities:
- Invoice automation
- Global freight audit
- Detailed billing and service audit
- Operational controls
- Data normalization
The freight bill audit process starts with a deep dive into invoices, physical or electronic. This data is entered into a ledger, which allows the auditor to check for discrepancies and compare current invoices with past ones.
Common discrepancies found during a freight invoice audit include:
Wrong classification
The National Motor and Freight associate’s annual classification guide puts all commodities into a class, ranging from 50-500. These classes all have different freight rates that are created based on a variety of factors; liability, handling, storability, etc. The wrong classification can result in incorrect upcharges, increasing your organization’s transportation costs.
Duplicate invoices
Duplicate invoices, which can cause a double charge for a shipment, are actually very common in the freight industry. They are usually caused by issues such as the carrier using multiple methods for processing an invoice. These costly errors can easily be found by examining shipping bills and invoices during a freight audit.
Accessorial fees
Accessorial fees are common, but they can sometimes be avoided and are sometimes wrongly assessed. Any assessorial fees will be checked during the audit process.
Discounts
Missing discounts are another area commonly addressed during the audit process. If your organization made a deal with a carrier for discounts, the auditor will make sure they were applied correctly. A good audit company can sometimes negotiate additional discounts based on things such as late delivery of a shipment.
Zip code and mileage
Since shipping items for longer distances generally costs more, one of the things a freight audit checks is that the zip code and mileage in the invoice are correct.
Calculation errors
Lastly, a freight audit makes sure that all the numbers and calculations add up. Mistakes happen, especially in manually created invoices, so checking for calculation errors can lead to lowered costs.
- An in-depth freight bill audit will help lower your shipping costs quickly. You get a fast return on investment.
- Freight invoice auditing software can lower in-house expenses related to invoice management
- Freight auditing software can quickly have detailed logistics and shipping reports at your fingertips.
- Be able to quickly interpret shipping data and draw conclusions.
- Understand exactly what your shipments cost.
- It provides a data set for leverage when you want to negotiate better carrier rates. This will enable you to deliver inventory to customers more quickly and at a lower cost.
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