Factors to consider while selecting Top Freight Bill Audit and Payment Companies

Posted by maxbpoblog Feb 15,2021

If your company is incurring loss due to errors and discrepancies in freight bill payments, you should understand that it may be time to do freight bill audits before making payments, to avoid these losses.

A freight bill audit is the process of identifying errors and eliminating these discrepancies. This audit may result in your company recovering 3-7% of your overall freight expenditure if you engage services of one of the top freight bill audit and payment companies.

The freight audit and payment services include services such as freight bill audit, discrepancy reporting and freight bill payment. This includes all bills in paper as well as electronic format and should be carried for all modes of freight and also parcels.

But how would you ensure that you have engaged the services of the top freight audit and payment providers?

It is essential to remember a few key points while selecting freight bill audit and payment companies.

Key Points for selection of Freight Bill Audit and Payment Companies

Experience and Expertise

While deciding on selection of freight bill audit and payment companies, it is essential to check if the company has enough experience and expertise to handle the kind of freight bill audit work which you want them to do. Experience in your industry can be useful. You may also opt to prefer those companies who are technologically strong.

Customer Satisfaction

You will want to know if your partner company providing freight audit services truly cares for your business and will be available as per your requirement. They should be flexible to take more pressure if it is the need of the hour.

Effective Audit Process

The process followed by all freight audit companies is not the same. It might be a good idea to request for a demo from the prospective company you want to partner for freight audit. You may also opt to visit their company to take a look at their infrastructure, technological tools and processes followed by them.

Data Capture & Accessibility

How the companies providing freight audit and payment services capture data, record and retain them will be different from company to company. You should ask questions and find out the processes they follow and check if it matches your organization’s requirements. Having a web based system can be useful for real time assessing of data.

Reports, Analytics & Insights

The reports which freight audit and payment companies provide is much more than just reports on Carriers payments and allocation of costs. Hence you need to find out from the prospective freight invoice auditing companies what reports they will provide. They should be able to provide valuable analytics and insights which will be able to help you take meaningful decisions regarding freight expenditures.

Reputation with Carriers

You may find it easy to work with freight audit and payment providers who have a good name with the carriers. This is important because your freight audit and payment partner’s interaction with the carriers can impact your work relation with the carrier and can be helpful in gaining the freight capacity at the best price.