The Importance of Auditing High Dollar Freight Invoices
Freight Invoices are central to the continued functioning of any logistics business. While every penny counts, High-Dollar Freight Invoices obviously have a more significant impact on the bottom line. While freight audits across the board are necessary, specific and special efforts should be applied to these bills that represent higher costs and payments. Healthy Supply Chain management for shippers and carriers rests on an accurate accounting of cash flow. While mistakes do sometimes happen, when they occur with high dollar invoices, the results can be disastrous.
Large dollar errors in freight invoices can create contract disputes that can create relationship issues between shippers and carriers. These can be caused by a variety of reasons, such as:
For shippers, payments made for high-dollar freight invoices should always be audited to avoid overpayments. Likewise, Carriers must perform the same function to ensure they are not underbilling, overbilling, or missing expenses that should be billed for. All can result in lost revenue or delayed revenue, impacting both the bottom line and cash flow.
How can audits, especially of High-Dollar Freight Invoices, become cost savings and not a cost liability? Simple Freight Invoice Auditing reduces disputes that arise through the creation of errors and the consequent rejection of invoices. It’s a simple process that leads to better discounts, faster payments, cleaner balance sheets, enhanced data quality, and better visibility.
Auditing High-Dollar Freight Invoices Gives your Business:
Cost savings from identifying overcharges
Reduced disputes and Invoice Rejections
Recovery of lost funds from underbilling
Enhanced data quality for decision-making
Improved Accuracy through verification of charges
Better Visibility into Supply Chain Costs
If your organization needs or is looking for an outsourced auditing alternative, iTech has a sizable staff ready to go. These auditors can be available for a 30-day, no-obligation proof of concept.
iTech provides highly trained Rate Audit employees. We use comprehensive and specialized approaches to verify and audit freight invoices and rates. Our experience will ensure identification of discrepancies and errors and ensure that all potential cost savings in your freight billing process are captured.