Srinath Transportation Solutions provides both PRE and POST audit services…

Why Freight audit is important?
At a conservative estimate, the US, business community is overpaying its transportation bills by more than $1 billion per year.
The reason for most of this fiscal wastage can be gleaned from an interview excerpt published not long ago in a transportation trade magazine. The interviewee—a leading Midwestern traffic consultant—was asked: “Do you mean to say that shippers often pay the same freight bill twice?” “Yes” the consultant replied. “In the 14 years we have served our clients, we have discovered duplicate pay-ments that would make your hair stand on end. There was not one client of ours who was not billed twice for the same shipments.”
On a percentage basis, estimates of the frequency of duplicate billing, extension errors and application of incorrect rates and charges range between about 1-1/2 and 3-5 percent of total billings. And most of these erroneous bills were paid blindly, and trustingly, by shippers who had no inkling that they were being unwittingly overcharged.

What we have stated above are the industry challenges. To counter that, we have trained professionals who understand the challenges and provide top-notch Freight audit services that ensures you pay only what's owed, helps in proper dispute management, promotes better relationships with freight carriers & helps optimize logistics costs.

Srinath Transportation Solutions experts are well trained in all types of freight invoices, Logistics Pricings/contracts, carrier Rule tariff and TMS functionalities. All this knowledge together brings in best in class freight audit.

One of the remarkable achievements that our auditors achieved recently is to bring down the billing variance tolerance level from $20 to $5 and then finally reducing it $0.

Importance of Freight Bill Audit and Payment

Data captured by a TMS creates a record of truth for freight bill audit and payment. FBAP encompasses several key steps contributing to the smooth execution of the audit and payment process.

Verification: FBAP professionals meticulously review carrier invoices against negotiated rates, contractual agreements, and applicable industry regulations.

Validation: If discrepancies are found, FBAP professionals work with carriers and vendors to resolve them promptly and ensure correct invoices are generated.

Approval: FBAP professionals review validated invoices to confirm they meet internal policies and procedures.

Processing: Timely payment processing involves disbursing.

Top Reasons to Outsource Freight Auditing Services

Knowledge and Proficiency:Suppliers of freight auditing services are experts in the complexities of logistics and transportation. Their proficiency in comprehending intricate freight contracts, tariffs, and industry regulations guarantees precise and effective auditing.

Ongoing Process Enhancement: Partners in outsourcing frequently bring a plethora of best practices and experience to the table. Companies can gain from ongoing process improvement and eventually optimize their logistics operations by collaborating with freight auditing professionals.

Optimization of Resources: Businesses can free up internal resources to concentrate on strategic initiatives and core capabilities by outsourcing freight audits. As a result, businesses are able to better distribute their labour, focusing on regions where they have a competitive advantage.

Decreased Administrative Stress: Internal freight auditing procedures can be laborious administratively. Businesses can delegate these responsibilities through outsourcing, which lowers administrative burden and frees up internal teams to concentrate on strategic projects.

Scalability: Businesses can scale their auditing operations in response to changing cargo volumes by outsourcing. Outsourcing partners can swiftly adjust and handle heavier workloads during peak seasons or times of heightened activity, offering flexibility that could be difficult to achieve with an in-house team.

Risk Reduction: It is common for outsourcing providers to be knowledgeable about industry rules and compliance specifications. Businesses can lower their risk of regulatory infractions and the fines that come with them by utilizing their experience.

Achieve Bottom-Line Savings

Outsourcing freight audit and payment to a service provider creates savings in many ways. First, by unloading a process that’s draining resources, shippers can divert both logistics and accounting resources to higher-value, more efficient functions. Second, with a precise invoice audit system in place, overpayments and duplicate payments disappear.

These results are considerable and will yield a positive ROI. Yet the largest savings are often achieved when shippers leverage the visibility they've gained.

Choose Srinath Transportation Solution your outsourcing partner for all your freight audit needs. Email us today…

Freight Bill Pre Audit vs Freight Bill Post Audit Services

While the pre-audit focuses on prior to you paying, a post audit helps you determine whether you have been overbilled or overcharged for different aspects of your bill. And at Srinath Transportation Solutions Audit, our freight post audit process is much more extensive, which increases the likelihood we’ll find an error. On a broader sense, we will establish a recurring, ongoing feed to scrutinize all of your payments.

As valuable as the pre-audit is, it can’t provide you with the holistic picture on its own. Instead, a pre-audit should almost always be correlated with a comprehensive freight bill post audit. The post audit is integral in helping you determine whether your account has been incorrectly charged or overcharged.

Another key area that differentiates the freight bill pre-audit vs post audit is the time span. The pre-audit will be performed prior to paying a specific set of bills. In contrast, the post audit can be conducted a few months after you’ve submitted payment for the bill.

Companies that fail to perform regular post audits are at risk of sustaining large, ongoing, significant losses. Instead of hemorrhaging losses, chose Srinath Transportation Solutions to offer a comprehensive freight bill post audit service designed to generate real savings and dynamic intel.