Why Shippers Choose Freight Invoice Management with Us
Shippers select myFreightAudit for our unmatched ability to improve control over freight spend. We offer a level of service that combines the benefits of both large-scale operations and personalized attention. Our team takes care of the heavy lifting, so you’re not burdened with complex mitigation tasks. Unlike larger competitors, we don’t delegate these manual processes back to you. Instead, we offer stellar customer service, with a focus on making sure your freight invoice management process is as smooth and efficient as possible.
Our solution provides the best of both worlds. While we are big enough to execute the job flawlessly, we remain small enough to deliver personalized service. Many freight audit companies simply provide analytics, but we take it a step further by offering services that support those insights. We automate your procure-to-pay process and mitigate exceptions, ensuring real improvements that benefit your entire organization.
When it comes to invoice audits, our clients typically see savings of 3-8%. Once carriers know they’re being audited, they begin correcting their billing practices from the start. We collaborate with you to cycle invoices to term and analyze carrier contracts against historical data, ensuring every cent is accounted for and optimized for your bottom line.
Benefits of Freight Invoice Management Best Practices
Freight invoice management requires a strategic and automated approach to minimize errors and optimize savings. We’ve refined our processes to automate and streamline every aspect of your freight payment process. From meeting your carrier invoice requirements to paying invoices electronically at the right time, we handle it all.
The complexity of freight invoices makes them prone to errors, which is why an automated and highly customized workflow is crucial. Organizations that rely on manual processes for freight payment leave themselves open to substantial inefficiencies. Our freight invoice management system offers a significant opportunity for process improvement, helping you eliminate mistakes and reduce the time spent managing invoices.
Our system covers every step of the process. We receive all invoices, working with carriers to use the most efficient method possible, like EDI. We digitize paper invoices and audit all charges for compliance with your contracts, identifying duplicates and discrepancies. Our system also handles difficult invoice types, such as balance dues, separately billed accessorials, and corrected invoices, ensuring an easy experience.
How Our Freight Invoice Management Process Works
Our freight invoice management process maximizes efficiency, automation and accuracy at every step. First, we receive all invoices from carriers, working with them to ensure the most efficient submission method—ideally, EDI. Once we have the invoices, we digitize paper submissions and audit each charge for compliance with your contracted rates. Our system flags any discrepancies, and we handle the resolution for you.
Our team also specializes in dealing with complex invoice types. Whether it’s balance dues, accessorial fees, or corrected invoices, we handle each case with precision and care. We interface with carriers directly to resolve disputes, ensuring you pay only what’s due and nothing more. This proactive approach reduces the administrative burden on your team and saves you time and money in the long run.
Finally, we centralize all invoice processing functions into one smart, largely automated system. The invoices essentially run through a decision tree which advises if the quoted rate is equal to the contract rate, and does the invoice total equal this saved contract rate. We consolidate the correct invoices while mitigate the incorrect billing issues with the motor carriers. This eliminates the need for multiple systems and streamlines your workflow. With detailed, correct cost allocation and accrual files delivered directly to your system, we make it easier to manage your freight spend, providing visibility into invoice status, payment information, and operational metrics.
How Freight Invoice Management Drives Business Intelligence
The data generated from freight invoice management is a goldmine for business intelligence. By extracting data at the most granular level from invoices, shipment files, and supporting documents, we create powerful insights that will help you fully understand your freight spend. This data allows you to identify inefficiencies, optimize your logistics processes, and make informed decisions that drive profitability.
Our system integrates seamlessly with your ERP or Microsoft PowerBI, providing a centralized view of your freight invoice, audit, and payment information. This visibility ensures you’re always in control, helping you track payments, resolve disputes, and optimize your shipping costs. You’ll gain the insights necessary to drive continuous improvement and maximize your return on investment.
At myFreightAudit, we focus on delivering superior execution in freight invoice processing. By lowering overhead costs, minimizing exception processing, and delivering the most accurate business intelligence, we help you achieve better financial results. Through continuous improvement and a focus on process optimization, we make freight invoice management an asset that contributes directly to your bottom line.
Freight invoice management is not just about keeping track of payments—it’s about continuous improvement. At myFreightAudit, we place a strong emphasis on refining our processes to drive better results. By focusing on key performance indicators (KPIs), we continually work to improve EDI percentage, rating success, and reduce exception volume. This leads to lower fees, more accurate audits, and more efficient processes.
One of the key drivers of success is improving the rating success percentage. The higher the percentage of rated records, the better the audit quality and accrual accuracy. This streamlines your invoicing process and resolves motor carrier billing discrepancies quickly. By reducing exception volume, we also improve employee productivity, allowing your team to focus on higher-priority tasks.
We also optimize freight spend by leveraging historical data. When a carrier proposes a cost increase, we compare it against your historical data to predict the exact impact on your pricing. This enables you to make data-driven decisions, keeping your carrier contracts aligned with your budgetary goals.