Automate GL coding with TLI’s myFreightAudit to streamline freight billing and simplify financial tracking.
What is GL Coding, and Why Do Shippers Need It?
GL coding, or General Ledger coding, is essential for organizing financial data. Each shipment expense is categorized using a unique code tied to the company’s chart of accounts. This coding process assigns each cost to specific departments, products, or locations, making it easier for finance teams to track and analyze expenses.
The four biggest champions of automated GL coding are often the owner, CFO, controller, and COO. Each plays a vital role in managing costs. The owner drives the vision, ensuring the company remains profitable. The CFO focuses on financial health and accuracy, making cost control a priority. The controller oversees day-to-day accounting, using precise GL codes to streamline reporting. Finally, the COO needs clear data to make strategic decisions that enhance operational efficiency. Together, these leaders understand that effective cost management supports wise business decisions and drives long-term success.
Every shipper has unique needs for GL coding. Distributors may code by product type to see how shipping affects their inventory costs. Manufacturers might code expenses by vendor to track the costs of raw materials. Companies with multiple facilities often assign expenses by cost center, helping each location manage its budget. TLI’s myFreightAudit adapts to these different needs, creating an automated GL coding system that’s custom-built for your business.
Automate Your Freight Invoice Processing with Custom DRS
Manual GL coding can slow down freight invoice processing, causing delays in financial reporting. The other problem I have witnessed, is when the GL coding is done manually there are errors, along with a lack of systemic consistency. At TLI, we build custom Dynamic Rule Sets (DRS) to automate GL coding for freight invoice management. These DRS configurations follow each company’s specific coding requirements, automatically assigning the right code to each expense as soon as an invoice enters the system. This streamlined process reduces errors, improves accuracy, and saves time, allowing teams to focus on more strategic tasks.
With automated GL coding, shippers can track and reconcile costs faster. Every charge, from basic freight fees to accessorials, is recorded accurately and linked to the correct code. This automation ensures that freight invoice processing happens smoothly and efficiently, minimizing manual intervention.
ERP Integration with TLI’s TMS for Complete Control
TLI’s myFreightAudit service also integrates with the ViewPoint TMS system, creating a seamless flow between your freight invoice management and broader financial systems. Our TMS software doesn’t just code and record invoices; it audits every line item to ensure that charges match the original contract or rate agreement. This dual capability of coding and carrier contract auditing ensures precise freight invoice processing and reduces the risk of overbilling.
For shippers who need ERP integration, we can link the TMS directly to your ERP. This benefits you by empowering CFOs and Controllers to view all GL-coded invoices in your central finance system. By automating GL coding, you maintain complete control over freight expenses and gain a clear, organized picture of your shipping costs across every department or location. Partner with TLI today to streamline GL coding and elevate your freight invoice management!