Freight bill management and auditing is a major cause of headaches for a number of companies. This is because freight bills can be complex, are often inaccurate and not always sent in a timely manner. However, the freight bill management process can be simplified.
Companies can outsource their freight bill management to ensure it is handled properly and timely. Of course, this service can cut into a shipper’s revenue, which is why more and more companies are bringing freight billing and auditing in-house. But there are ways to improve the process internally, and that involves automation.
Adding Automation to Your Freight Billing and Auditing Process
According to a study by ControlPay, only 17% of freight invoices are accurate. That is an alarming statistic and proves the importance of properly auditing and handling your freight bill management. Additionally, the study found that 53% of bills are invoiced at too high a rate while 24% are not consolidated. Yet, companies need to pay their freight bills on time to become “shippers of choice,” a designation that helps them secure carriers and move freight reliably. Therefore, while companies can save a significant amount of money by ensuring accuracy of their freight bills, they must also move quickly. The best way to be accurate and efficient is through automation.
Implementing a transportation management system equipped with APIs is a great place to start in automating your freight bill management process. With the data collected through the APIs, your company will be able to increase efficiency and make better decisions regarding all aspects of freight management including auditing and billing.
To fully realize the potential of automating your freight bill management process, you will need advanced logistics technologies, such as Freight Bill Management from Banyan Technology, an automated exception audit tool that simplifies LTL invoice processing.
Programs like FBM, use real-time data to determine potential errors in freight bills and manage exceptions. They will also help your company regulate invoices from different carriers into a single management tool and then exchange the accounts payable and receivable data with your accounting system as well as communicate directly with the carrier. They aggregate and digitize all order documents into one place to ensure accuracy and reduce time to payment.
The Benefits of Improving Freight Bill Management through Automation
Through automating your freight bill management, your company will experience a number of benefits that significantly outweigh the initial investment in the software. Auditing and billing accuracy will increase as will your savings on freight spend. Additionally, you will reduce human error and eliminate the use of paper, which also contributes to cost savings. Your company will have real-time visibility into invoicing and be able to pay directly through the automation software as well as manage all carrier invoices in one place. The benefits are clear and start paying off immediately.
Ask a Banyan Technology representative today about Freight Bill Management and its benefits.