Transportation is a primary cost driver for many companies. Research from Accenture shows that transportation represents “upwards of $30-$60 million for every $1 billion in material cost for product-based companies”. Besides the enormity of transportation costs, there is also an astounding amount of cryptic invoices and inaccurate billing floating around. This means auditing procedures that ensure accuracy spell big savings. While freight payments seems like a single function, there are many elements that freight invoice auditing and payment services uncover such as automating labor-intensive processes and most importantly giving customers the data to focus on true savings opportunities.
Automated Freight Invoice Auditing and Payment with IntelliTrans TMS
The IntelliTrans TMS provides a centralized repository for rate, shipment, transaction, and invoice details, helping shippers not only automate invoice auditing and payment but also identify exceptions based on a multitude of variables. The system performs a 3-way match between shipment, invoice, and rate (both contract and tariff) while handling multiple pricing conditions such as Rule 11 shipments and rates based on car type, owner, and net weight. Additionally, our TMS matches invoice fuel surcharge and accessorial charges to accessorial and fuel schedules, mileage, and shipment information already stored in the system. We even offer the ability to electronically transmit approvals to outside payment systems and generate reports of approved invoices. IntelliTrans also performs freight payment services for our clients.
Transportation Spend Analytics & Reporting
Conducting analysis on historical spend data will lead to major insights as to where the most money can be saved, so it is important that your system acts as a single repository for all freight invoice data that can easily be analyzed. Some systems can also present activity-based reporting by cross-referencing active shipments with contract rates and current invoices, which can help pinpoint the greatest areas of improvement.
Don’t underestimate the benefits of automated freight payment and auditing. Easily catching billing inaccuracies and analyzing historical invoices could lead to an array of savings lurking just beneath the surface. Want to see how our TMS helps with rating, auditing, and payment? We’d be happy to schedule a demo!