5 Freight Audit & Payment Best Practices – A Complete Checklist

It is getting difficult every single day for several groups within the organization, transportation and logistics to do more under all the pressure. They always have the need to find the best freight audit solutions in order to maintain the morale and development of the organization. In addition, they also have to find some ways to control the financial situation and manage the movement of goods as well.

There is a great opportunity for you when you are auditing and payment of freight bills. You can save loads of money during the process. However, you should first know what a freight audit company is. A freight audit company helps in providing valuable services to several shippers and reduces the stress right out. However, you should first get a clear idea about the term “Freight Audit.” Here’s the correct explanation of Freight Audit for you.

What is the meaning of freight audit?

Freight audit is designed to provide international business support and optimize operation and expenses. In addition, it also helps in improving logistics processing. So, a simple definition of freight audit would be that it is performed to verify and analyze the freight bills.

The main goal of freight auditing is to get an idea of deep logistical insights. In addition, it also includes the purpose of cost savings with that. That is why different companies need freight auditors in order to maintain their business profits. Freight audit is done by manually evaluating freight bills or advanced software.

Although a freight audit company provides a lot of help to your company, if you are able to know the freight audit checklist by yourself, wouldn’t that be great? Well-designed, implemented, and maintained systems will lead you to a great freight audit practice. However, you will need a little guidance, and we are here to give you that in an effective manner. So, make sure that you read everything in this article. If you select a freight audit company, then you should keep these pointers in mind before making any decisions.

  1. Verify every collection and analytical data capability of the company
  2. Ensure that they use the best and latest technology
  3. Choosing a well-experienced company is the key to success
  4. Ensure that they have the best carrier relationships
  5. Business Intelligence Reporting
  6. Request for Proposal (RFPs)
  7. Tenders
  8. Freight Management technology systems
  9. Freight Benchmarking

5 Freight Audit & Payment Best Practices

To perform freight audit best practices, you will need this ultimate checklist guide to perform freight audit best practices. However, you will need to devote additional resources that can help you achieve the main goal. It may also let you implement a whole different plan than usual to reach the goal. Read all the pointers carefully and implement them accordingly.

1. The use of electronic invoices should be mandatory and maximized.
Transmitting invoices and related documentation via electronic invoicing is the best freight audit practice that you can do in order to go to the top. You will be starting to feel several positive outcomes if you do this, and it will definitely show a payback. Automating invoice receipts is also a good way to achieve immediate improvement. Here are some of the other benefits of electronic invoice:
  • Reduced costs.
  • There will be Fewer disputes and rejected invoices.
  • It Improves customer satisfaction too.
  • There is increased productivity as well as automation.
  • The risk of putting the input wrong will also reduce.
  • There will be fewer freight bill expectations as well.

Find out more: 5 key benefits of outsourcing freight auditing

2. A good investment will be needed to develop and integrate the matchpay system highly.
First, let us know what matchpay is. It is a way of tracking the shipment and freight movement by matching invoice files to shipment files. It allows the company to get better processing control, better quality and increased volumes of data, and expanded options for cost allocation at several levels. Matchpay system uses much more sources than usual which means that nothing will go to waste if your company chooses to use this system. You will be getting several benefits from this method of payment practice. Some of the best shippers in the world are using this method to provide themselves with the best freight audit practice.
3. Manage your rating system of freight.
You need to enable the audit of the carrier invoices and generate freight accruals, which only the freight rating system can help you with. A freight rating system is just as good as transportation pricing agreements. In simpler terms, Freight payments need to be audited in order to attain successfully good freight audit practice. Suppose the rates are on a per-kilometer basis, then the agreement should also state that the mileage source, version, and any parameters, including trailer length, may apply with it.
4. Take advantage of full payments and use the maximum value of the data.
There is a heavy chance that your payments are being scheduled based on the invoice process date rather than the due date, even if your partner pays the freight bill. As a result, the carrier payments are to be made accordingly.
5. Advanced duplicate protection controls
You need to expand in order to add new data fields, including Bill of Lading (BL) number, Purchase Order (PO) number, type of invoice (line-haul vs. balance due vs. separately billed accessorials), shipment date, and type of charge (service, accessorial, etc.) It will help you set up an invoice number data mask that enforces the pro number pattern for each carrier, which makes it important to achieve freight audit and payment best practices. You will also get the feature of using sophisticated logic to detect suspect invoices.

Conclusion:

Best practice freight bill audit and payment processing will lead you to save money and then you can use that money and something more important such as buying new inventory, or any other types of equipment. Investing your precious time in the best freight audit practice will be worth it, once you will see the result.
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Need to Outsource Freight Bill Processing

There is a need for a skilled workforce for companies dealing in any business. As the world is moving to the digital age, companies have to document everything digitally and physically. That is why freight bill processing has to work according to the updated techniques to cope with the ever-changing business world. Outsourcing freight bill auditing services is a great way to deal with the cutthroat competition without compromising the technology needs or work quality. Business companies can save up to 70% of their logistics costs if they work with logistics BPO companies.

How Does Freight Bill Outsourcing Work?

All the data information, terms, and conditions, convenient to both parties are stores in a secured database. These files are sent to the outsourcing company in a secured manner as electronic files or as scanned images.

A team of experts extracts the required information in whatever formats the client demands. Freight bills are sorted according to the date, category, time, etc. Freight bill auditing with proper bill details including quantity, weight, rates, taxes, and other factors. Bill auditing and payments take place after proper validation.

Benefits of Outsourcing Freight Bill Processing

Let us dig a little deeper and learn what all benefits it brings to you: –

Centralized Processing 

No matter how successful you are, getting your freight processing tasks done by an expert service provider will help you centralize it all over your departments in your organization. If the system is decentralized, it will pull you back from making the right decisions as you will only get a certain piece of payment on time.

Improved Work Quality

With the enormous amount of files and documents, it gets tough to maintain accuracy. The chances of errors increase when there is human involvement. But in this pandemic-affected world, when the competition has drastically increased, a single mistake can lead to a huge loss, even if it is because of human nature. The third-party service provider ensures multiple quality checks before they send the documents for final payments. It increases the trust of your regular customers and improves efficiency.

New Technology Updates

Even if errors occur in the logistics operations, they can be removed with the help of updated technology innovations. Most BPO and data entry companies use technology innovations along with human resources. Various tasks that come under freight bill auditing services such as data analysis, shipment planning, data analysis, inventory control, error analysis can be handled in no time with just a few clicks.

Customer Satisfaction

Everything that happens in a business is for its growth. Growth and expansion of business pass through one line, and that is customer satisfaction. More satisfied customers more will be the profits and success. If you centralize the freight bill processing, improve the work quality and accuracy in billing, reduce as many errors as possible, and implement technological innovations in work, it will give your customers satisfied outcomes. It will also lead to a considerable increase in productivity levels. The world demands efficient methods for data processing and freight bill processing. That is why you need outsourcing.

Foreseeing the Future

When there is a use of some data while making important business decisions, you can not just do it based on mere guesses. With efficient bill processing, you can have a clear picture of the data that will allow you to concentrate on the areas that need special attention. It will also get you better insights into the data, hence, better decision making.

Conclusion

Transfer of products happens all over the world across various platforms. All of them have seen a huge rise as the digital era has begun to develop. It leads to an increase in the need for physical and digital data in large amounts, thus more work in freight bill auditing and processing field. For your company to move in the right direction according to the fast-moving business world, you need to work using an effective strategy like hiring freight invoice data entry services. Several BPO companies provide logistics and freight processing services. You should choose the best provider for your business operations that is flexible in providing its services and is ready to customize them for you. Computyne is one of the top outsourcing service providers.

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Major Freight Bill Auditing Mistakes to Stay Clear Of

Freight bill auditing services for every business are tricky. Perhaps, trickier than you realize. On average, one out of every four freight bills has an error. This means your entire freight bill record might be full of mistakes leading to unwanted overpayments. And in case, you are about to claim your manual bill auditing has zero errors, you might want to hold onto that notion for a while.

Manual data entry operations carried out by your in-house team have more chances of mistakes than any other. Data entry is a mundane and time-consuming task that is bound to go wrong at some point if done manually. Therefore, smart business owners decided to hire a data entry outsourcing company instead. They can not just get the job done on time but prevent major freight bill auditing mistakes.

Some of these basic errors to avoid are mentioned below:

  • Error in the Bill of Lading

The bill of lading is the list that contains the complete shipment information provided by the carrier. Being among the most crucial documents, a single error in the bill of lading can affect the overall business. The document contains every major detail regarding the shipment from contact and weight information to address and more.

So the bill of lading must be formulated very carefully. An experienced freight invoice data entry service provider will know that. Freight bill auditing mistakes can lead to delayed delivery, overcharge on the bill, etc.

  • Detention Errors

Further, detention error is the penalty fee charged when the pickup time is delayed than its original schedule. Per diem and driver detention are two types of detention errors. Per diem is the penalty put on the shipper for keeping equipment with themselves more than the agreed time, whereas driver detention is incurred by the shipper and receiver when driver wait time exceeds the free time for loading and unloading.

Your freight bills invoices that contain detention errors also are very much prone to mistakes. You must go through the details thoroughly to ensure that the detention error rate set is followed precisely so that everyone is charged exactly how much they should be.

  • Inaccuracy in Discount Rates

A lot of shippers have special rates including exclusive discounts. When negotiating discounts with a carrier, you must also maintain an agreement to audit the invoices to make sure that the rates are shown in the charges. The freight team works hard on these contracts, so you must make certain that these terms are followed.

When you keep an agreement between you and your vendors, you can prevent inaccuracy in the discount rates. It will allow you to keep your freight bill auditing services in check. You must prepare an agreement for the discount rate before the bill is past due.

  • Not Hiring an Outsourcing Data Entry Team

As mentioned above, freight bill auditing when done manually can lead to a lot of errors. But it can be easily avoided by seeking service from a high-quality data entry outsourcing company. Companies tend to think that they are saving their money by not choosing to outsource, but it is the opposite.

By investing in a reliable data entry service, you are saving a lot of your time and decent money too. These professionals have the right resources and manpower to provide accurate results for your invoice every time. With their help, your freight invoice data entry would get easier than ever.

Conclusion

In case, you were having trouble with your freight bill auditing services too, these given points might help overcome the issues. If you are wondering where you can find an experienced, skilled, and affordable outsourcing company, check out Computyne. They offer quality freight bill auditing services and more.

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Beginner’s Guide to Data Entry Outsourcing

Data entry might look simple but is a complex business activity and consumes a lot of effort, time, and money. That is why companies opt to outsource data processing services to invest more time in the core activities of their organization. Data entry is not the job for everybody and must be handled only by professionals and skilled people who can work under pressure with accuracy and excellence. The data entry outsourcing companies have the best people for the work with a lot of experience. For those who are not familiar with data entry outsourcing, here is a guide for them.

What Is Data Entry Outsourcing?

Data entry outsourcing is like an external help for your business in which a third party takes care of your business’ data entry operations on its behalf. It provides outsourcing services such as filling the MS Excel sheets, creating the product and claims data, transcribing the handwritten documents and a lot more. The third party takes care of all these tasks for you. The time and effort saved can be utilized on the other crucial tasks of your business.

Why Should You Consider Outsourcing Your Data Entry Needs?

If you are not sure about outsourcing the data entry tasks of your company, here are a few reasons that might convince you: –

Saves Money – Hiring a third party for outsourcing data entry, accounting, freight bill auditing services, etc., only when you need them will save a lot of money. If you hire somebody with experience, there will be no need to spend money on their training. Also, you will not have to waste time on the entire recruitment process as the third parties already have the best human resources for the work.

They have the right software already with them. That means you will not have to spend money on the software too. All you need to pay for is the fees for handling your company’s operations.

More Accuracy – The data entry professionals get extensive training and work with perfection. With outsourcing, you will not have to worry about work not being done with accuracy. Find a reliable and trustworthy outsourcing company for your organization’s data entry operations for high quality and accuracy in work.

Increased Productivity – Outsourcing data entry tasks to a third party does not mean that it is not a vital part of the company. Companies outsource it to a data entry outsourcing company because the work is repetitive and very time-consuming.

As time is a precious asset for a business, your employees need to use it to focus on crucial tasks like marketing, decision making, etc. Outsourcing can save a lot of time and will probably be a great decision for your company.

How Do You Know If Your Company is Ready to Outsource?

Do some calculations before hiring a third party to outsource services like data entry, freight invoice data entry etc. Sit down and access the amount of money that you will save and spend after outsourcing. Even though outsourcing will help you manage your costs, but it is always better to estimate the amounts yourself so that you can make a better decision. 

Do not forget to ask about the security measures taken by the outsourcing company to protect your company’s data from theft or breaching. Know the tasks you want to outsource, and then start looking for outsourcing companies. If you are looking for some negotiable or customized services, state the requirements in front of the company beforehand. 

Conclusion

If your company has to deal with a lot of data, hiring a trustworthy, reputed and experienced outsourcing company will be of great help. You can contact Computyne for data entry outsourcing services of the best quality with an extreme level of data security. 

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Importance of Outsourcing Your Freight Bill Auditing Services

These Covid-hit times have been hard on many companies, but it has affected the logistics industry the most. Managing the freight invoice data entry operations effectively has been among the biggest challenges. The ongoing pandemic brought out the flaws in the shipping companies and their working mechanism.

Dealing with tons of data and taking care of other things together became harder and harder. This is where companies started to outsource their freight bill auditing services. Outsourcing data entry has been around for a while. However, its need has never been so significant as it is now. Besides, with reliable data entry companies available with just a click of a button, you cannot help but get lured into it.

Although the question is how outsourcing data processing services can benefit your shipping company? Let us dig deep and learn about more outsourcing freight bill auditing.

  • Time is an Asset

Freight bill management is confusing as it is. On top of that, it can consume a lot of your valuable time. Time in any business establishment is the biggest asset of all. So you must ask yourself, are you willing to waste hours on a task that could be easily outsourced?

Once you hand over these operations to a data entry outsourcing company, you free up time on your schedule. The freed-up time can be further put to use for other important tasks. If your in-house team works on freight bill data entry, they will be too exhausted for anything else.

  • Improvement in Results

Freight bill auditing deals with numbers in bulk. It means while carrying out data entry, the chances of errors are extremely high. And the moment a number goes wrong, the entire record goes wrong. Since an in-house team might not have an expert team or enough resources to ensure accuracy every time, outsourcing is done.

An experienced service provider of freight invoice data entry will have a team who can handle big or small projects. They will use modern tools and skills to determine the results. Without their help, you could still be spending more than you need to!

  • No more Delayed Payments

If your company, even unintentionally has had troubles paying the carriers on time, well no more. With the help of a data entry outsourcing company, you can make sure that the billing is completed within time. When you work on freight bills yourself, you can at times get late addressing them due to many reasons that eventually delay payments.

However, an independent outsourcing service that you hire is there specifically for that. Therefore, their main job is to audit your freight bill precisely and on time. For this, you need to check the turnaround time of the company you hire.

  • Data Transparency

As mentioned above, the chances of errors in a delicate project like this one are high. Your employees who are working on other things, when given bulk data entry tasks are bound to make mistakes. These are mundane tasks and needs the complete attention of the expert working on them. Sometimes, due to any reason, your employees might skip on something or don’t bother to correct mistakes.

This isn’t the case with your freight bill auditing outsourcing company. They will take a completely ethical approach to your job. With them, you get the luxury of data transparency throughout the process.

Conclusion

Are you convinced now that you need to outsource your freight bill auditing services? Then the only thing needed now is to hire a data entry outsourcing company. In case, you haven’t been able to find a reliable service for the same yet, you haven’t been looking right. Computyne offers expert data entry and data processing services at reasonable prices.

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A Guide on the Basics of Outsourcing Freight Bill Auditing Services

Many businesses consider freight bill auditing services a simple task. But in reality, it is time-consuming and very hectic. Because it is a pretty challenging business activity, it is always better to outsource the freight bill auditing operations. Outsourcing various business services has made it easy for many businesses to work smoothly and efficiently. Let us learn in-depth about freight bill auditing and why it’s better to outsource its operations to a third party. 

What is Freight Bill and Auditing?

A freight bill is a legal contract between the shipper and the carrier in the logistics business. It consists of the transaction data that is signed by both parties. The freight billing and auditing services include analyzing the bills and auditing the documents to determine their accuracy. Freight bill and auditing also include freight invoice data entry as a part of its process. For the data entry tasks, outsourcing companies have particular software. 

Manually entering all the data can lead to wastage of time. No business can afford a loss of time as it is equivalent to money. This is why outsourcing these services will always be the best option for your business. 

How can Outsourcing Freight Bill and Auditing Services benefit your business?

Better Visibility
  • Logistic operations involve a lot of paperwork on all days. There are large stacks of bills with various shipments and cargo. Distributing the freight bills and auditing activities to different departments might lead to miscommunication, lack of accuracy, and lack of visibility.
    • Outsourcing these operations to an experienced third-party provider will be highly beneficial for your company. It will help you in centralizing the freight bill processing. All the billing data will be handled at one location which increases your business’ visibility.
    Improved Bottom Line
    • With outsourcing, you can see a wonderful improvement in your bottom line. This is because by outsourcing your freight bill and audit services, you will not be having any lost or missing payments. This leads to saving of the operating costs thus leading to an increase in the revenue. Allocating the freight billing tasks to an experienced and qualified team of logistics will ensure that your work is done efficiently and promptly. It will also reduce the burden of work on your in-house team of employees. This will further lead to an increase in employee motivation and overall productivity of the company.
    Save Cost
    • Freight auditing is the process of checking the details and data about the freight bills, delivery details, and the payment made. Auditing helps in identifying the billing errors and working on the missed payments. It is also useful in claiming missed revenues from the missed invoices, therefore saving cost.
    Improves Focus on Business
    • If you outsource the billing department of your business, your company can save much time and resources. You can use the saved time for accomplishing the important objectives of your business. Outsourcing is an impressive way of improving your business’ work. It helps in improving your business’ sales, its management or any other core operations without losing the efficiency over other business activities.

Checkpoints to consider while looking for a freight bill auditing outspreading company

If you outsource freight bill auditing and invoice data entry services, your company will benefit from it. But before you do that, here are a few points you need to look into so that you can pick the best third party for your freight billing operations.

  • Tools – Do not just look for the cost factor. These days, freight bill and auditing services offer a lot more than just cost-effective services. Ask about the additional tools they provide and how well their tools meet your needs and requirements. 
  • Experience and Expertise – While you select a company for the freight bill and auditing services, don’t forget to check the experience of the company. Make sure to check if the company has enough expertise and talent to handle your business company’s work in the right way. Experience in the auditing industry is crucial. Technologically strong companies will be a plus point. 
  • Technology – Go for a service provider that uses the up yo date technology and automated processes for your work.

Conclusion :

Data entry is one of those tasks that might seem simple and mundane but are very essential. But since the data entry operations consume a lot of time and effort, it is best to outsource invoice processing services and invoice data entry operations. It would also help your company on focusing on the core business objectives. For the best quality outsourcing services, contact Computyne. 

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Understanding The Basics of Freight Bill Auditing

For a deeper logistics insight, freight bill auditing services for your company is a must. Freight audit is one of the basic business processes that particularly includes analysing the freight bills & auditing to determine the accuracy of the data. The growth and overall success of your business depend on the efficiency of your shipping to a greater extend. However, it is quite complex with tons of data to be maintained and the chances of errors have to be zero otherwise the company’s entire finance is affected.

As far as practising freight bill auditing is concerned, it includes freight invoice data entry, which is either done manually or with the help of software. Manual data entry and auditing can be time-consuming and relatively less reliable, therefore, for major freight audit projects, it is ideal to go for software for better accuracy and less wastage of time.

Freight Bill Auditing Types:

Manual Freight Audit Process

  • The possibilities of errors in manual freight auditing is very high. Freight auditing when done manually can soon get tedious and become more and more challenging. Your auditing team can get bored and lose track of the work making room for errors. Besides, the time and effort invested in a manual freight bill auditing service are not worth it if the results aren’t going to be accurate.

Automated Freight Audit Process

  • With the help of freight bill audit software, you ensure consistency in results and save a significant amount of your time. An in-house team can work on the software for your automated freight audit process. You should hire trained and experienced professionals for your outsource freight bill auditing services. Make sure the software you go for is the latest option available.

Common Freight Invoice Errors to Avoid:

Freight bill auditing mistakes can occur anytime during the process. Out of many, there are a few common mistakes that are made time and again. Find out what these mistakes are below to avoid them while carrying out auditing for your freight bills:

  1. Duplicate Invoices: Be careful that you aren’t working with duplicate invoices as it will end up causing numerous data entry problems. Plus, you probably will be charged twice or even more for a single shipment. Go through the invoices thoroughly to check there aren’t any same purchases with identical information on both.
  2. Shipper Inaccuracy: Mistakes that occurs during the hipper. These errors include measuring the incorrect weight of the shipment which can lead to unwanted charges. Ensuring that the density and weight of your shipment are accurate is more important now than ever. It is so because density-based pricing is being popularly practised today and any inaccuracy is more likely to cost you big.
  3. Accessorial Charges: Lack of effective communication between the shipper and receiver brings about unexpected accessorial fees. This is why to avoid these little fees that can collectively cost a lot, make sure the BOL includes everything clearly and everything is communicated between both parties. The location must be precise including the shipping drop off point, etc.

Importance of Freight Bill Auditing:

Freight bill inaccuracy is more common than you think it is. Unintentionally, many carriers are making frequent freight invoice errors that are proving costly in many ways. This is why freight bill auditing is how you are going to put an end to it.

Saves Big Money:

  • With the help of freight bill audit software, you ensure consistency in results and save a significant amount of your time. An in-house team can work on the software for your automated freight audit process. You should hire trained and experienced professionals for your outsource freight bill auditing services. Make sure the software you go for is the latest option available.

Transparency in the Shipping Process:

  • A freight invoice contains every little information about the company’s shipping and billing. When you carefully conduct an invoice audit, you get to learn more about the process. Through this data analysis, you will gain a deeper insight into the freight expenses, logistics data, and carrier performance as well.

Conclusion :

In case, you want freight bill auditing for your company but don’t have enough resources or time, outsource these tasks to Computyne. They are well-established outsourcing services that can assist you with freight bill auditing and more outsourcing services.

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