Auditing your parcel and freight shipping invoices can save your company money and support carrier contract negotiations.
Eliminate the need for costly third-party audit and administrative costs by automating the entire carrier invoice auditing process. Varsity Logistics offers two versions of auditing software: one for parcel shipping and one for freight shipping.
ShipAudit is the industry’s first IBM i Series-based shipment auditing solution. Varsity’s ShipAudit auditing software reconciles your actual carrier invoices against your contract costs. This prevents your company from having to pay for:
- duplicate bills
- invalid charges
ShipAudit receives your carrier invoices automatically into the system. The software then compares the carriers’ actual invoices with your pre-negotiated rates, the anticipated costs that were generated at the time of shipment, and any discounts stored in the system.
ShipAudit ensures that any accessorial charges and incentives are correctly applied. When a bill falls within your user-defined tolerances, ShipAudit will automatically authorize payment. When a bill falls outside of those limits, the bill is flagged for internal review, rejected automatically, or short paid.
Automating the entire shipping bill auditing process and focusing on the exceptions makes it possible for customers to eliminate costly third-party audit and administrative costs. Often, the amount of money saved through tighter monitoring of shipping invoices will pay for the auditing software!
Key ShipAudit features:
- Automated Rate Reconciliation
- Line Item Audits
- Electronic Receipt of Billing Information
- Billing Discrepancy Reports
- Interface with Accounting System
FreightAudit, one of Varsity’s advanced supply chain execution modules, automates the reconciliation of estimated LTL, Truckload and Rail shipment costs with actual billed carrier costs. With this powerful audit solution, users can control freight costs and monitor trends. It ensures that the carriers’ claim and dispute deadlines are met, and eliminates the need for expensive third-party consultants.
Key features of FreightAudit include:
Automates Freight Bill Audit Process
FreightAudit compares the carriers’ actual invoices with pre-negotiated rates, anticipated costs generated at the time of shipment, and discounts stored in the system. FreightAudit ensures that all tariffs, accessorial charges and incentives are correctly applied. When bills fall within user-defined tolerances, FreightAudit automatically authorizes payment. When a bill falls outside of those limits, the bill is flagged for review, rejected automatically, or short paid. FreightAudit’s rating capabilities are so accurate that high-volume shippers can use it to perform self-invoicing to further expedite the audit and payment process.
Sophisticated Product Cost Allocation
FreightAudit automatically allocates freight costs to order, product, product group, or business unit. FreightAudit enables partial or complete costs to be assigned to customers, products, or any other account automatically, providing management with an accurate view of actual expenses for more precise cost analysis.
Electronic Data Interchange (EDI) Compatibility
FreightAudit receives freight bill data electronically from carriers via EDI (210). This eliminates manual data entry errors, expedites the freight bill audit process, and reduces billing cycle time.
Analysis and Management Decision Support
FreightAudit automates the aging and allocation of freight bills to financial accounts. Furthermore, FreightAudit’s reporting tools provide details to quickly and easily file claims and resolve outstanding issues with your carriers.
Integrates with Accounting Systems
FreightAudit can be directly interfaced to Accounts Payable systems, allowing unique accounting rules to be applied. All bill-related information automatically passes through to the Accounts Payable system for reconciliation and payment processing.
- Eliminates manual data entry and audit processes
- Prevents erroneous or duplicate charges
- Erases need for costly third-party audit services
- Ensures contract rates and incentives are correctly applied to freight bills
- Quick ROI on your TMS system investment
- Significantly reduces freight expenses by identifying duplicate bills and erroneous payments
- Ensures discounts are correctly applied to LTL, truckload, and rail shipments
- Eliminates manual audit errors and reduces administrative expense
- Simplifies carrier management based on historical performance
- Quick ROI on your TMS system investment