The handling of freight audit and payments involves a lot of steps. There’s the process of sorting through invoices, looking up rate quotes, verifying the accuracy of invoices and resolving discrepancies, to name a few.
While each task may seem simple on its own, the combination of these responsibilities can be a time-consuming process for businesses. What’s more is that it also introduces the potential for error such as inaccurately matching up a freight invoice with the original quote from a carrier.
IL2000’s proprietary freight audit & payment system (TIBER) provides companies with a means to effectively manage their freight audit processes. With this shift comes the opportunity to increase productivity, reduce freight expenses and stay compliant with tight financial regulations.
The system itself automates the entire freight payment process and tracks how accurately carriers are billing your business as well as how actual costs match planned costs. This automated approach to freight audit allows our team to accurately process thousands of invoices each week, with over 50 data check points examined. The list of checkpoints includes base rates, classification, carrier terms, routing instructions and shipment date.
With the understanding that errors can occur during invoicing, our team of professionals aim to resolve these errors and work with carriers to mitigate future problems. We work as an advocate for your company and make it a point to keep you informed along the way.
IL2000 also aims to help your accounting department comply with stringent regulations on financial transactions as demanded by Sarbanes-Oxley. We image and save historial shipment documentation for reference when you need it and generate reports that tie freight charges to the general ledger at the item level. This includes accrual entries for unpaid or uninvoiced charges incurred during a given financial period.
Further benefits of the freight audit system include the ability to allocate costs by specific coding, freight invoice visibility, customized reports and consolidated invoicing.
Handling freight audit manually is a time-consuming and error-prone task.
With IL2000’s freight audit system, you can increase the accuracy of your freight payment processes while accommodating the unique needs of your business. Contact us to learn more about how we can help your organization.