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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How Can a Virtual Assistants Help Your Business?

Virtual assistants can be of great help to businesses of all kinds, be it a small business, a struggling one or a startup. They help businesses in their operations by working remotely. Some VAs specialize in one or two specific niches or industries. Some focus on marketing aspects of the businesses, while some work only in the tech industry. However, there are some virtual assistants (VAs) that handle that can handle a variety of tasks in a wide range of industries. Outsourcing a virtual assistant will provide several benefits to your business.

What Does a Virtual Assistant Do?

A VA provides various services to entrepreneurs and businesses but from a remote location. From booking and scheduling the appointments to digital marketing tasks and managing events. You can ask a virtual assistant to do almost everything.

How Can a Virtual Assistant Help You?

Virtual assistants are everywhere these days. Several people are hiring virtual assistants because they make things easy to handle in a business. Here are a few reasons why you need a virtual assistant: –

  • A Virtual Assistant Puts Things in Place

Inefficiencies in businesses can lead to a reduction in 20 to 30% of their revenue. That is the result of not having the business processes or operations in place. Many businessmen are too busy to set their business processes to ensure smoothness in the working as they work on the day-to-day operations. Hiring a virtual assistant gives you ways to set up the processes without having to involve yourself in it. A virtual assistant (VA) will help you identify inefficiencies in the work to ensure maximum efficiency.

  • A Virtual Assistant Organizes the Data

Businesses have access to a lot of data. That data and information are crucial for making decisions about the future of your business. But too much of it can get hard to handle and be overwhelming. Collecting and organizing the data consumes a lot of time and effort of the team. But with your virtual assistant (VA) by your side, you can have your web analytics and customer data organized. It allows you to have access to your data at a much faster pace.

  • A Virtual Assistant Completed the Tedious Day to Day Tasks

Tasks like data entry, internet research, etc., are time-consuming. These tasks are also not the core activities but are still essential for the business. Outsourcing these operations to a virtual assistant will make you feel confident as the tasks will be over on time. You will be able to focus on the other business operations and save your specialized employees and managers from wasting time on the non-core tasks of the business.

  • A Virtual Assistant Will Let You Focus on the Best

Most businessmen and entrepreneurs have a speciality. Some develop software while some help in developing marketing plans. But when you have an entire business to handle, you have to take care of the support tasks such as bookkeeping, data entry and whatnot. If you are not good at handling these operations, you might end up wasting time and money on learning the ins and outs.

Outsourcing the tasks to a specialized virtual assistant gets the work in which you struggle done perfectly.

How to Hire a Virtual Assistant?

It is very important to go for a trustworthy and experienced virtual assistant for your company’s operations. Be it hiring a virtual assistant (VA) or a data entry company, you must keep certain factors like scalability, communication, experience, reputation, etc., in mind. You can: –

  • Hire the VA directly. There are several virtual assistant that are freelancers that offer lower hourly rates, specialized skills and flexible schedules.
  • Hire a contract agency that will provide you with an experienced and qualified virtual assistant.
  • Hire a virtual assistant service provider.

Conclusion

Hiring a virtual assistant will lead to growth in your business, increase in efficiency and productivity. VAs will also help your company save money. Computyne is an outsourcing company that provides the most qualified and learned virtual assistant to help you with business operations.

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How to Make the Most of Invoice Processing Services?

Do you want your business process to be streamlined? Then outsource invoice processing services can help. Invoice processing is an important business process and equally daunting. This is the main reason why companies prefer to outsource it instead of making it an in-house project.

When carried out effectively, invoice data entry can help save money, time, and promote overall business productivity. The trick is to understand how to make the most of invoice processing services.

For your invoice data entry services, a well-established outsourcing team can help. They will not only get the job done right but also do it in a way that best suits your business. However, many companies are still hesitant to hire a data entry outsourcing company.

Here’s how you can benefit from outsourcing your invoice processing service.

  • Accurate Results

A major concern for businesses with invoice processing is getting accurate results every time. With an outsourcing team by your side, you can rule that out at once. A reliable data entry team will have the needed resources and manpower to ensure that your invoice processing is done precisely.

Unlike your in-house team, for these professionals, the size of the project is barely an issue. They will work with utter dedication to get the best results for you. The modern tools that they use allow them to handle these operations quite easily.

  • Enhanced WorkFlow

For an in-house team with other projects to take care of as well, it gets hard to work on the invoice data entry services simultaneously. This results in an obvious delay in data entry which affects the entire workflow. On the other hand, the moment you hire an outsource invoice processing service provider, you automatically eliminate this problem.

Since they work on an independent contract basis, you just hand the work over to them and set a deadline. Their team will then work accordingly to get the work done in time. Accurate and in-time invoice data entry will surely benefit your business.

  • Reduction in Cost

Hiring a data outsourcing team might seem like an unnecessary expense to many. But in the long run, it is cost-saving. Invoice processing operations need to be carried out anyway, either you seek help from an outsourcing team or assign an in-house team for the same. However, your in-house team will need to be paid every month regardless of the work.

An outsource invoice processing service provider will work with you on a contract basis. It means you only need to pay them for the projects. Saving decent money off your budget. Besides, the accurate results obtained will prevent errors in the invoice that would also save money.

  • Less Burden on Your Employees

Outsourcing your invoice data entry services to professionals frees up a lot of time on your calendar. But mainly you benefit from the fact that your team is not burdened with pending data entry projects. The lesser the burden, the more they are able to focus on other important business tasks.

The freedom you offer them by taking over and assigning the data entry projects to an outsourcing company will prove crucial for your business. It allows your team to give more time to other challenges and find solutions for them that best suit your organization’s growth.

Conclusion

With a reliable outsourcing team by your side, you can certainly make the most of your invoice processing services. In case, you haven’t been able to find an affordable, experienced, and skilled outsourcing team, visit Computyne. They can help you with your invoice processing tasks and more without denting your pocket.

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Invoice Processing Services: A Detailed Overview

Invoice Processing plays a significant role in handling any business. A mismanaged supervision in invoice processing can cause great harm to the growth and functionality of any organization. This leads to diminished brand recognition. Hence, a firm grip with utmost care is essential when it comes to invoice processing.

What do you mean by invoice processing?

As per the invoice processing definition, it is a process that is performed by the accounts payable department of any company to generate the receipts and payments of the total amount that has to be paid to goods and services vendors, which is frequently updated in the general ledger. This makes invoice processing a must-have procedure for the successful running of any company.

The invoice processing procedure is conducted with the help of automated machines and software, which minimizes the possibility of errors and fastens the entire process.

The importance of invoice processing

The account payable invoice processing is a highly beneficial procedure that is essential to run any business smoothly. This is the reason many people hire other organizations to perform this entire process for their business so that the experts handle the accounts and bills. Hence, there are some companies that prefer outsourcing in invoice processing as the entire process is very time-taking, requires precision, and can eat away the valuable time of a company. This can result in impeded payment dates, which is sure to affect the reputation of any business.

Not only that, conducting invoice processing procedures on time increases the reliability of any business, and the dealers are more likely to indulge in a long-term partnership with your organization. It also ensures timely bill payments, which can help any company from preventing a cash crunch. The involvement of invoice processing services is the need of the hour.

The integration of digital tools in invoice processing not only reduces the rate of miscalculation, but it also saves the expenses by utilization of present resources and keeps you from spending on the training of the employees. This also protects the critical details from breaching. This automated software usually integrates ERP systems, including; Microsoft, Oracle and SAP, etc.

Steps involved in invoice processing

As we have explained that invoice processing plays a major role in seamless management of any business. Thus, an invoice processing company needs to make sure that every essential step is taken care of while performing this crucial task. Let us now look at the steps that are involved in invoice processing.

STEP 1:

  • Invoice processing is used for capturing the supporting documents, including purchase order details and delivery receipts. It also involves updating the general ledger code and matching the information of the documents.

STEP 2:

  • The next step is to check the invoices and sending them to the authorized approvers to make sure which invoices to approve and which ones have to be rejected.

STEP 3:

  • Then comes the authorization and submission of invoices for the processing of payments in the financial system.

STEP 4:

  • The common payment methods are then used for processing invoices for payments. This includes check, ACH, and wire transfer.

STEP 5:

  • The concluding step is placing the invoices and payment information in the general ledger archives for audit purposes.

Looking for an outsourcing partner to avoid invoice processing errors?

Challenges involved in invoice processing

Often, businesses prefer to outsource invoice processing due to the invoice processing challenges that are sometimes hard to deal with and require skills.

Let us discuss the most common challenges that are there when it comes to invoice processing and how to deal with each of them.

Dealing with the invoice receipts:

  • When it comes to preparing an invoice, paper is considered as the most used method. This plays the biggest role in halting the whole process as the paper invoices have to be received, scanned, and verified prior to the beginning of approvals.
  • Also, the invoices are received from different sources such as suppliers, buyers or on the e-mails and need to be centralized before processing. Instead, pre-decide which card type, like virtual cards, declining balance cards, etc, is suitable for which payment type.

Data entry in different formats:

  • Man-handling of entries during invoice processing makes it a tiresome process. Even if there are e-mailed PDFs of invoices or scanned invoices, these then need to be converted in usable formats which require human assistance.
  • Instead, to deal with such invoice processing challenges, it is best to utilize appropriate software that can convert such files into required formats.

Invoice management:

  • Invoice handling is performed in various steps that are essential in the invoice processing procedure. It usually requires a timeline of at least two to four days to process and two-three approvals for its processing. It involves invoice entering the system through a way and then proceeding to ERP and then move to AP.
  • The next and final step is to send it for approvals and finally for the payments. A long list of procedures can also cause errors.

Benefits of outsourcing of invoice processing

Let us look at the advantages of outsourcing invoice processing.

  • Time-saving automated process: The experts who provide outsourcing invoice processing services implement the best ways to analyze and process the business receipts, which saves your time from this mundane task.
  • Real-time services: The best part about hiring companies that outsource in invoice processing is that you can get real-time information about all the crucial details that are related to transactions. It provides you an overview, which is helpful while dealing with vendor payments.
  • Better focus on core business: Outsourcing comes with many benefits, and the most essential is that you get to focus on the true essence of your business instead of dealing with invoice processing steps. This skyrockets your business growth due to enhanced productivity and minimized chances of error in invoice processing.
  • Affordable solution: Every business has to deal with invoice processing challenges. Hiring professionals for this purpose means providing training facilities and infrastructure. Invoice processing services are a much affordable option and also benefit by cost-cutting. These people are professional experts in their field and generate better results.
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Why Outsourcing Invoice and Purchase Order Processing?

Each association manages diverse varieties of invoice and purchase order processing like Insurance forms, invoices, receipts and financial documents and a lot more every day. Correct invoice and purchase order processing will guarantee your business trustworthiness and repute among your merchants.

It is increasingly advantageous to look for an Outsourcing partner’s support from a proficient organization that can assist your company with converting the information to advantageous electronic data. Invoice processing is a methodical work process that takes up a great deal of time and work and by outsourcing this; you can guarantee convenient finish of this significant procedure.

Advantages of outsourcing invoice processing

In the event that you are a B2B or B2C company, you will go over endless invoices every day. This tedious activity will take a ton of valuable worker hours of your in-house group, which you could have generally used to deal with your core business tasks.

Incorrect invoice, receipt and PO processing can result in postponed payments, which can negatively affect your generosity and repute. By outsourcing invoice processing, you get the double benefit of expert ability and technology that will guarantee the convenient handling of invoice and receipts.

When you outsource, you gain from a large group of points of interest separately from accurate data and digitized data that can be effectively comprehended and accessed. Talented experts work at time-bound assignments to finish the work precisely on time. Here are some major points of interest of outsourcing receipt and invoice processing that you probably won’t have anticipated:

  • Outsourcing invoice and purchase order guarantees a smooth and streamlining of the whole receipt handling effortlessly. Outsourcing will likewise enable you to totally emphasis your time and assets towards the more essential parts of your business.
  • Outsourcing will empower you to get basic and easy to apprehend comprehensive and extensive reports and will assist you with making key designs appropriately.
  • No need to invest on framework arrangement and no extra work costs are required.
  • You can use such savings to other principal business activities while your outsourcing accomplice can deal with this procedure for you with expert magnificence and exactness.
  • A range of receipt processing alternatives that suit the requirements of various enterprises are accessible.
  • The primary preferred standpoint of outsourcing is that you can really observe the invoice and purchase order processing in real-time.

Almost certainly, that outsourcing furnishes you with the most elite services for your business. The group, with their skill and understanding will progress in the direction of the powerful management of your prerequisites which will turn out to be preference for your association over the long haul.

Save your time by outsourcing invoice processing

Why you should choose invoice processing services?

Outsourcing invoice processing services furnish you with a wide range of receipt and invoice handling alternatives going from receipts, purchase orders, invoices and contracts and various types of financial documents.

  • Companies can expand and enhance their productivity by outsourcing invoice processing Services.
  • As cost-control is a noteworthy necessity for all organizations so outsourcing invoice processing services turns out to be less expensive making it cost effective.
  • Invoice processing can profit to proprietors of small to midsize companies, start-ups, travel & expense management firms, freelancers & logistic companies.
  • Outsourcing companies offer you a talented team headed to deliver results precisely and with desired turnaround time.
  • Handled data is checked and confirmed and you are provided with exact data with high credibility.
  • The outsourcing service providers can process your data which are in handwritten or printed form, in an organized or unstructured design.
  • The outsourcing partners works consistently and provides services 24/7 throughout with best turnaround time.

If you are yet to make benefit as much as possible from the consistent preferences of invoice processing, it is the correct time to band together with a decent outsourcing service provider that can give the quickest service with cost-proficiency and optimal level of accuracy.

Each entity just requires incredible capability, lower budgetary, quicker processing, and cost effectiveness on manpower for effective development.
It is a keen choice to outsource invoice processing which is an explicit method to expand the efficiency of your company in the most practical way.

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Outsource Invoice and Receipts Processing for an Efficient Account Management

An invoice or a receipt is a business record issued by a merchant to a purchaser that has sold a service or item to another organization. It’s the most widely recognized document that organizations commonly issue after the exchange occurred yet before the payment. The data contained on the receipt can differ depending on the necessities of the merchant, the sort of transaction, and preferences of the purchasing organization.

One of the issues with invoices and receipts, especially paper invoices, is that they don’t generally come in the same format. Invoice processing is a useful mean to manage information and data. It is observed as a basic errand for the advancement of any business. There are distinctive sorts of data like handwritten documents, spreadsheets, and so on.

Most of the organizations outsource these assignments to offshore document processing companies; that is specialized in bulk invoice and receipt processing. With a consistent help from an outsourcing data processing firm, one can indulge in the core and main capabilities of their organization, while they work on these daily tasks.

Why are invoices and receipts important in a business?

Digitizing and processing information is significant nowadays. Digitizing information through manual document processing or programmed process enhances operational efficiencies. In each business, their data is kept up in the forms of records, documents, and databases. It requires a trained professional who is productive to deal with every sort of documents.

Invoice processing includes keeping up information identifying with data like names of customers or providers, due date; amount to be paid and so on. You have to deal with the exactness of invoice information when you incorporate them into the digitized format. Invoice and receipts processing is need of every day, and the volume of data continues mounting, as your business grows.

  • Sorting out the invoices and receipts data encourages your accounts team to contemplate vital measurements about your transactions and execution in the business.
  • Invoice and receipt data processing are one of the basic assignments of your accounts department. Using this information, organizations produce their finance-related reports.
  • The leading organizations offering invoice processing services keep your finance related database refreshed with precise information about your bills and receipts.

What does invoice and receipt processing include?

  • Invoice and receipt data processing includes an extensive variety of services. From incorporating transaction information into your database to producing e-invoice receipts, you can look for an assortment of services from your collaborating firm.
  • The data processing specialists likewise check invoices and purchase orders tickets and produce receipts of invoices from suppliers.

Looking for an outsourcing partner to avoid invoice processing errors?

Benefits of Outsourcing Invoice Processing Services

  • Helps in focusing on main activities – Outsourcing encourages you to focus on your core business. Creating a setup for invoice processing will cost you a ton of time. In any case, when you outsource this activity you spare that time, which can be utilized to focus around your main competencies.
  • Access to trained professionals and the latest technology – By utilizing the outsourcing choice, a business firm can gain the benefit of trained professionals and the most recent innovation without enlisting or buy them.
  • Monitoring invoice processing on a real-time basis – Another big benefit of outsourcing invoice processing is that you get the opportunity to keep a track on the whole task in a real time. This implies you can get any information identified with a specific receipt whenever you need.
  • Saves money and improves cash flow – It spares you a ton of profitable time and monetary assets. Quicker invoice processing gives you the latest information about where your cash is. You’ll get the access to more exact reports and more comprehensive data than is conceivable with a paper-based system.

Outsource your invoice and receipt data processing services to a respectable organization to use the functional effectiveness of your accounts department.

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