Freight invoicing is a complicated task. A single transaction can involve multiple players, charges and surcharges, and a long and tedious invoice where the opportunities for billing errors are endless.
Surveys have found that up to 20% of freight invoices may contain one or more inaccuracies. And experts estimate billing errors can cost shippers anywhere between $50,000 to $150,000 a year. Even large multinational carriers have admitted that their invoices are replete with errors and that reducing them represents an ongoing organizational challenge.
Last year’s pandemic-induced supply chain snags have only intensified these inaccuracies. Constantly changing spot rates, delays, surcharges, and other problems have created even more room for freight invoicing errors and overbilling.
Navigate a volatile landscape
1- Fast, accurate, and efficient auditing
In-house freight auditing is an expensive and time-consuming endeavor. Most shippers that conduct in-house audits will try to save on time and costs with a spot-check approach. It’s a process where they choose a small percentage of invoices at random to inspect.
Given the frequency of freight invoice errors, it’s not an effective way to conduct audits. Discrepancies can go on for months and compound into costly headaches. Depending on the size and scope of your business, they can end up making a substantial dent in your bottom line. When profit margins are stretched more than ever, every bit counts.
Outsourcing these tasks to a dedicated freight auditing and payment provider allows firms to streamline the auditing process. At CTSI-Global, we’ve refined our auditing process throughout six decades, serving small and large firms. We know when and where mistakes are likely to happen and how to address them effectively. Our experience means we can audit your invoice and payments faster, more accurately, and at a fraction of the cost of an in-house team.
2- Expert contract management
Today’s lengthy and complex supply chains involve an ever-growing number of players—each with different operating procedures, contractual obligations, and fees. These partners will often span multiple countries and regions with various regulatory and tax requirements.
Tracking every carrier, supplier, tax law, and regulatory detail is one of the most challenging parts of freight auditing. And the pandemic’s ongoing disruptions have further complicated this process.
CTSI-Global’s process starts with a full review of our client’s contracts. Next, our experts analyze each document for legal and regulatory compliance. Then, we ensure all contractual obligations are accounted for to avoid additional fines, surcharges, or legal charges.
Our experts are strategically stationed across the globe. They bring local-level expertise on their region’s rules and regulations and have the tools and experience to ensure full compliance every single time.
3- Efficient billing exception management
The pandemic and the disruption on shipping have fueled the industry’s already rife invoicing and over-billing problems. Add to that a market dominated by spot rates and surcharges, and shippers are left with more hands in their pockets than ever before.
In a landscape where exceptions have become the norm, the ability to spot inconsistencies and react to changes nimbly is critical for adaptability and maintaining consistent performance in the face of disruption. With CTSI-Global’s experts on their side, shippers can be confident that all billing exceptions will have a thorough review before they are approved, rejected, or returned for modifications. Our complete supply-chain visibility and transparency provide shippers with the real-time data they need to manage exceptions proactively and respond to new challenges.
Protect your bottom line
A volatile landscape requires a partner with the expertise and global presence to help you navigate any challenges. At CTSI-Global, we know that, in an uncertain landscape, every bit counts towards shippers’ bottom lines. We process over 5 million freight transactions every day. And we know exactly how to maximize every opportunity for recouping losses, cutting costs, and catching errors.
Our team of experts has the experience and the technology to audit invoices and handle billing exceptions better and faster than any in-house team. In addition, our customizable freight audit and payment solution can accommodate a multitude of carriers, modes, coding requirements, and local laws and regulations. And finally, our business intelligence tools equip shippers with the real-time insights they need to make data-driven decisions and adapt to ever-changing conditions.
Contact us today and get the support your business needs to succeed.