Managing freight costs is no simple task. Between fluctuating rates, various carrier contracts, and unexpected surcharges, shippers often face a constant battle to keep transportation costs in check. Many shippers, especially those like us seeking to scale their operations, turn to freight audit companies like myFreightAudit to help streamline the process and uncover opportunities to save. When freight bills don’t match expectations, the additional charges can quickly add up and impact the bottom line. Here’s how partnering with a freight audit company helped shippers like us catch costly mistakes, hold carriers accountable, and ultimately reduce transportation costs.
Freight bill auditing is essential for identifying discrepancies in invoices that, if left unchecked, can lead to overpayments and unnecessary costs. It’s not just about spotting errors—it’s about recovering those overpaid amounts and ensuring that carriers are invoicing correctly. In fact, audits have become a key tool for businesses to enhance their profitability by uncovering hidden savings. However, a proactive auditing process goes beyond just finding mistakes; it’s about resolving them before they impact your P&L statement.
At myFreightAudit, they understand how crucial this is to our clients. The freight audit service isn’t just a one-time task; it’s an ongoing effort to optimize your transportation costs and ensure that you’re paying the correct rates. As you can imagine, shippers appreciate how they integrate a level of flexibility that meets their needs, from auditing invoices to handling payments and reporting.
The freight audit process with myFreightAudit begins the moment they receive your carrier invoices. Technically it can begin even earlier as they also offer contract auditing itself to ensure it is properly optimized to your actual needs – so historical shipment data is very helpful. Whether through EDI (Electronic Data Interchange) API, or file uploads, their system automatically checks the invoices against your contracted rates. An advanced Audit Engine flags any discrepancies for further review, ensuring you aren’t paying more than necessary.
Once discrepancies are identified, their team of expert auditors takes over. They use their in-depth knowledge of the freight industry to quickly resolve issues, actively working with carriers to ensure that the discrepancies are corrected before they can affect your bottom line. When I get the occasional invoice from a carrier, I simply email it to them and they process it and audit it. Typically carriers are always sending the invoices to them directly and we receive an accrual and final invoice. When there are mistakes they mitigate them with the carrier directly, much different than the canned service of a big box broker. This proactive approach saves you time, reduces overpayments, and ensures that your invoicing is accurate.
One of the standout features of partnering with myFreightAudit is data optimization. By analyzing historical shipment data, they run simulations against our contracts to pinpoint cost-saving opportunities and identify areas for process improvement. This comprehensive analysis enables us to negotiate better pricing with carriers and adjust shipping strategies to align with business objectives.
By optimizing freight spend and identifying pricing inefficiencies, the freight auditors help you lower overall transportation costs. Freight audit processes are designed to scale business operations, ensuring that shippers can keep pace with growing shipment volumes without sacrificing accuracy or efficiency.
At myFreightAudit, they offer a flexible approach to freight auditing that caters to businesses of all sizes. Some clients prefer that they handle payment to the carriers directly, while others prefer to manage payments on their own. They are also equipped to provide detailed accruals and reports, giving you visibility into your freight costs, freight class and performance metrics.
However, the most compelling reason many shippers choose to partner with them is the commitment to proactive cost mitigation. The audit team doesn’t just flag issues; they actually resolve them by actively working with carriers to ensure that discrepancies are settled before they affect your financials. This is the reason we elected to go with them, they actually handle the real mitigation.
Another major advantage of working with myFreightAudit is the simplification of your invoicing process. Instead of juggling multiple invoices from different carriers and dealing with lengthy reconciliations, the audit system consolidates everything into one easy-to-read summary. This reduces administrative work and allows your team to focus on more important tasks.
When discrepancies arise, they don’t just flag them and wait for you to take action. Freight expert auditors proactively research each motor carrier dispute, gathering evidence to support your case. Once the issue is identified, they work directly with the carrier to resolve the invoice dispute, saving you both time and money.
AtmyFreightAudit, they understand that managing costs goes beyond simply checking invoices. Our audit process includes cost benchmarking, where we compare your freight rates against industry standards to ensure that you’re getting the best possible deal, however their system can do this so we delegated it to them. Whether you’re working with LTL (Less-than-Truckload) or truckload shipments, they provide in-depth analysis that helps you stay competitive and ensures that your rates align with the latest market trends.
Their cost allocation summaries and business intelligence reports provide a clear picture of where your money is going, enabling other manufacturing and distribution companies to make smarter decisions about your logistics strategies. By identifying inefficiencies, they help shippers like you optimize your supply chain management and reduce unnecessary expenses.
General Ledger (GL) coding is essential for organizing financial data and streamlining the freight invoice management process. At myFreightAudit, they have built custom Dynamic Rule Sets (DRS) to automate GL coding for our clients. This means that each shipment expense is automatically assigned a unique code that aligns with your company’s chart of accounts, making it easier for finance teams to track and analyze expenses.
This automation not only reduces errors but also speeds up the processing of invoices, enabling you to reconcile costs faster & more accurately. Whether you’re coding by department, product type, or location, the automated freight audit system adapts to your business’s specific needs, ensuring consistent and accurate GL coding every time.
Shippers face an increasingly complex landscape when it comes to managing freight costs and scaling their operation. By partnering with a freight audit company like myFreightAudit, shippers can save time, reduce administrative burdens, and reclaim overpaid amounts. Their comprehensive audit process, combined with cost benchmarking and industry expertise, helps shippers optimize logistics operations and reduce your overall transportation costs. Moving forward with myFreightAudit is a no-brainer if you are not already partnered with a shipping invoice management company.
From automating GL coding to managing invoice disputes and providing real-time visibility into your freight costs, they offer a flexible, scalable solution that adapts to shippers unique business needs. They also offer a proactive approach to freight audit and cost mitigation ensures that you can focus on what matters most: growing your business.
If you’re ready to streamline your freight bill auditing and start recovering savings, it’s time to partner with myFreightAudit. Delegate the complexities of freight auditing while you focus on scaling your operations and improving profitability.