How Do 3PL Freight Bill Audit Companies Simplify the Process?
Freight auditing is a complex process that involves multiple, individual steps. From receiving and categorizing all freight related invoices, reviewing the data, verifying pricing, then submitting payment, many shippers determine that accurate freight auditing is simply put – not cost effective. It is due to these reasons that many professional shippers reach out to 3PL’s […]
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Understanding the Facts About Freight Payment Companies
Accounts payable is a vital component of any professional business. Whether you’re in transportation, warehousing, manufacturing, or retail, those involved in the supply chain depend on efficient processing of invoices for services rendered to keep their doors open. This responsibility typically falls on an accounting or transportation manager within a company – who has the […]
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3 Reasons Freight Bill Audit Companies Are Needed in Logistics
In a perfect world, every transaction would be completed ethically, without errors, and smooth as silk. Unfortunately, especially in the global supply chain, we don’t live in this utopian society of freight billing. In fact, the leading cause of lost revenue and payment mistakes is inaccurate information documented on freight bills. With so many companies […]
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Accessorials in LTL Shipping: What Business Owners Need to Know
Let’s start off by understanding what accessorials in LTL shipping are. LTL means “Less than truckload.” An accessorial in this context is referring to an added service that does not come standard with traditional LTL shipments. There are times where carriers can add accessorial fees to shipments where they were not necessary, which is why […]
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Parcel vs LTL Freight Auditing
Many shippers depend on professional third-party logistics providers (3PL’s) to help them streamline many aspects of their supply chain operations. One important task is freight auditing, where the 3PL will review several aspects of a specific shipment method to determine the legitimacy, and ensure their customers are being charged correctly. While the freight audit process […]
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Freight Payment: How it Works, Benefits & How We Can Help
Shippers reach out to 3PL’s for multiple reasons – including handling freight payment services. Whether it’s managing the direct payment to carriers, to reviewing and auditing freight bills and shipping charges, trusting a dependable 3PL to handle the complete freight payment process can save a shipper a lot of money, time, and reduce stress. Below […]
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How Freight Payment and Auditing Services Work
In its simplest terms, Freight Payment and Auditing Services is a collection of several processes that essentially serves as an account payable service in place specifically for transportation invoices. This third-party service will partner with you to handle your invoices from start to finish, acting as a bridge between carrier and shipper to receive, process […]
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Freight Auditing: How It Works, Benefits & How We Can Help
Let’s face it; the bottom line is what’s most important for any company because it determines the company’s ability to stay in business, it’s longevity. Couple this with the fact that a large portion of overhead costs for nearly any company are freight and you conclude that these charges should be monitored and regularly audited […]
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The Many Definitions of a 3PL (Third Party Logistics)
Third party logistics has simplified shipping for thousands of companies. 3PL’s is the abbreviated term that describes third party logistics, meaning a company that provides outsourced logistics operations and freight management. While there is a lot of great information on what a 3PL is and does, it is also true that there are several definitions […]
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Top Roadblocks to Effective Inbound Logistics Management
The modern supply chain is filled with roadblocks that impact a smooth operation. When it comes to inbound logistics management, shippers must navigate through a minefield of hurdles that range from end-user demands to changes in operational costs of doing business. The truth is that shippers face multiple issues that can throw a curveball in […]
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What are Trends in Automation of Freight Audit Payments?
The process of freight auditing is vital to maintaining a system of checks and balances for any shipper. By investigating freight invoices, a shipper can verify that they are being billed for what was negotiated – and no hidden or inflated costs are being paid. This duty is typically provided by a third-party agency that […]
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What is Freight Auditing and How Can It Help Your Company?
Regardless of how hard you try to avoid them – sometimes, mistakes happen. When it comes to logistics and the transportation of commodities, a mistake on billing can cost a shipper a tremendous amount of money. Due to this fact, most shippers and carriers utilize freight auditing programs to ensure billing consistency, reduce lost revenue, […]
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Why You Should Audit Your Freight Invoices?
We all understand that people can make mistakes. But when those mistakes cost your business money – it can lead to significant problems. For those who ship products, data entry or billing invoice mistakes are leading sources of lost revenue. To reduce the potential of financial losses in shipping, many companies allocate resources to the […]
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5 Tips for Choosing a Freight Audit and Payment Vendor
Using a freight audit and payment vendor is commonplace for many shippers in the US. Since most shippers spend nearly half of their logistics expenses on transportation, it’s typical for shippers to outsource their bill payment and freight audit services to third-parties that specialize in these product offerings. While they can help reduce stress and […]
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Freight Audit and Payment Best Practices
Accurate and comprehensive data is the key to an organization’s success. Proper data enables a thorough analysis of systems and procedures within the business. This, in turn, leads to aligned strategic decisions that can boost the overall profitability and growth of the company. Thorough data, often found through auditing and analysis, helps answer the following […]
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Top Freight Audit & Payment Companies
Freight payment and audit is a necessary evil for businesses consistently shipping materials and goods. Companies who do not specialize in freight payment and audit may be leaving large amounts of potential savings on the table. That is why it is important to outsource freight audit and payment to a reputable third-party logistics (3PL) company. […]
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Benefits That Come With Transportation Management Services
Many shippers handle all of their own freight management services, from calling in pick-up requests, to auditing and paying their own freight bills. In our last article we discussed all the LTL Freight Management Solutions that an experienced 3PL can provide your company, at nearly no cost to you. But at the end of the day, […]
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Consolidated Freight Invoicing: What Is It and How Is It Beneficial?
Consolidated freight invoicing is a practice often overlooked by many shippers, but is a resource that can save both the logistics team and the finance team a lot of time and energy. The LTX finance team not only processes a full freight audit & payment but also implements a consolidated freight invoice program for each […]
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Transportation Management System: The Technology Every LTL Shipper Needs
In the days of modern technology, it’s important to have the most up to date systems in order to keep a competitive advantage. An advanced transportation management system (TMS) can not only increase your efficiency and cut transportation costs but also offer comprehensive solutions to deal with the complexities of global shipping. Here at LTX […]
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Accessorial Charges: How it Affects Your LTL Freight Rate
One of the many factors that add up to your overall LTL freight rates is accessorial charges. Knowing what accessorial charges are, and how to control their occurrence and cost is one way to help reduce LTL freight costs. Many shippers are unaware of exactly what accessorial charges they may encounter and just how much […]
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Will a Third Party Logistics (3PL) Company Increase Profitability and Supply Chain Efficiency?
Are you considering outsourcing your freight logistics to a Third Party Logistics (3PL) Company? Not sure if it will make a difference to your bottom line? If logistics are not one of your company’s core competencies, then the answer is yes. In this article we will discuss the four ways a 3PL can increase your profitability and […]
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What is Freight Audit and Payment and Why is it Important to your Supply Chain?
One out of every four freight bills contains an error that could affect your company’s bottom-line. In fact, here at LTX, we catch over 300 errors a day in our client’s invoices. These errors would often go unnoticed and uncorrected without a daily manual freight audit by the company and their staff. Manual auditing and […]
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