Invoicing errors or discrepancies in billing charges are the last things shippers need during this tumultuous time for the supply chain. Yet an estimated 20 to 25% of an organization’s shipping invoices have errors that can potentially raise costs.
The challenge for many shippers is how to address these errors quickly and painlessly. Manually editing invoices can be tedious and increase the potential for human error. Still, not auditing freight invoices at all could be the difference between thousands of dollars in billing errors and significant savings.
Now more than ever, shippers need to identify opportunities to cut costs and increase savings. One path to progress? A trustworthy freight bill audit and payment (FBAP) provider offers a consistent, reliable, and efficient auditing process. Learn what to look for in a FBAP provider by asking the right questions.
Is the FBAP reputable and reliable?
Entrusting a vendor with your company’s money is a critical decision with significant ramifications. That’s why it’s essential shippers do their due diligence in researching a FBAP provider’s track record, tenure in the business, and financial stability. These are all important indicators of a FBAP provider’s reputation for accuracy, efficiency, and reliability in moving freight.
Is the FBAP compliant with auditing standards?
Compliance with auditing standards is an essential measure of whether a provider is operating at the highest level, thereby ensuring accuracy. Most FBAP providers follow the auditing standard outlined in the Statement on Standards for Attestation Engagement no. 16 (SSAE 16) by the Auditing Standards Board (ACB). These standards are considered the authoritative voice among North American providers, while international companies may follow the International Standard on Assurance Engagements (ISAE) 3402 auditing standard.
Does the FBAP leverage real-time data?
One of the most significant value-adds of outsourced auditing is detailed data. Logistics and supply chain management is arguably one of the industries that can benefit most from real-time data into how freight moves. Visibility into freight costs, hold charges, hidden fees, and potential errors can help shipping teams plan and mitigate future issues. Greater transparency enables shippers to spot mistakes, save money on current rates, and negotiate more favorable freight terms and rates for the future.
How does a reliable FBAP contribute to savings?
An effective FBAP provider ensures that the right amount of money is charged, received, and reported between shippers and carriers. This means less room for errors and more opportunities for savings. That said, outsourced auditing isn’t only about saving money—it’s also about saving time. Investing in this solution is an important opportunity to streamline the auditing process and increase productivity.
Can the FBAP provider help fulfill long-term goals?
Overworked shipping teams don’t need more manual processes on the workload. Automated, outsourced FBAP providers help teams fulfill long-term goals by giving them back time to focus on what they were hired to do—from strategic planning to project management.
The right FBAP provider will help shippers reach ambitious, long-term goals by creating a smooth, hassle-free auditing process. CTSI-Global is particularly experienced and reliable in the logistics and supply chain management arena. CTSI-Global processes more than 5 million freight transactions every day—that’s over $15 billion in freight every year.
As the above points clearly show, a FBAP provider can streamline shipping options, saving you time and money. The only question is which FBAP vendor should you entrust your freight auditing and payments to.
Talk to the experienced freight auditing experts at CTSI-Global and see what efficient and reliable payment workflows can do for your organization. Contact us today.