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Freight Audit & Payment Software: 5 Key Features to Look For

As a savvy shipper, you know the key to keeping your customers happy (and your bottom line elevated) is an affordable, reliable freight solution. But do you know if your business partnerships are working in your favor? Could you be missing out on growth opportunities?

Tapping into freight audit and payment software can provide you with the transparency you need to unveil inefficiencies, resolve invoice disputes and discover cost-savings.

An in-house freight audit system puts the control back in your hands. You won’t have to rely on outsourced information; instead, you’ll have all the tools, technology, and clean data right at your fingertips.

By leveraging the power of FA&P software, you can gain the insight needed to develop more strategic decisions based on your budget, business values, and long- and short-term goals.

5 Big Benefits of Freight Audit and Payment Software

When it comes to choosing the right freight audit and payment software program, you’ll want to look for these five business-boosting features:

  1. Clean Data. Dirty, unrefined data is (almost) worse than having no data at all. From inaccurate numbers to reports being delivered in multiple formats, your data isn’t working for you if you can’t decipher it. Make sure your chosen freight audit software ensures your data is accurate and refined, and then optimizes it to save you time and money.
  2. Increased Visibility. Make sure your platform puts actionable information right in your hands, so you can see and react to changes, issues, and opportunities more quickly.
  3. Significant Savings. Research suggests that freight costs account for as much as 10% of your total business expenditures, but up to 30% of carrier invoices are incorrect. By implementing freight audit software, you’ll be able to catch and resolve these inaccuracies automatically. Trax clients regularly see a 2 to 5% cost reduction collected from audit actions.
  4. Improved Carrier Relations. Freight audit software not only benefits you—it can benefit your carriers as well. The information and visibility you provide to your partners may save them money, which results in a quid pro quo situation. At the very least, having accurate information puts you in a better position for negotiating a better deal with your carriers.
  5. Risk Mitigation. Some issues are mission-critical and require immediate action. Without constant monitoring, however, even small issues have the potential to become big problems. Freight audit software allows you to see what’s happening now and what could happen later, and sets controls to ease or erase any risks to your bottom line.

Why Is a Freight Auditor So Important?

If a carrier accidentally duplicates an invoice, do you have the systems in place to catch it, or would it slip through the cracks? Do you have a dashboard view of current carrier rates, allowing you to choose the least expensive (or pragmatic) option? Are controls in place that can reveal when an agreed-upon discount hasn’t been applied, or when a guaranteed delivery is late?

freight auditor at work

To be sure, mistakes happen on both sides of the playing field. Freight audit software catches and corrects those mistakes, resulting in saving—and in some cases, even making—you money.

Big data deals in very small percentages. A large corporation could easily absorb half a percentage point worth of overspend on transportation costs. But for a small business like yours, that half-point could be catastrophic. Freight audit and payment software addresses the challenges and problems you face and offers monitoring and solutions to keep you and your carriers on the same page, and your customers happy.

Freight Auditor Software Checklist

Are you ready to stop wasting time, money, and energy disputing carriers and poring over invoices? Take advantage of freight audit and payment software benefits:

  • Clean, refined data. Because you can’t use what you can’t understand.
  • Versatility. Your software should handle any volume, mode, and geographical location.
  • Control. You shouldn’t have to pick and choose what you want to monitor and when. Make sure you have control of the software – not the other way around.
  • Proven ROI figures. Don’t fall for a cheap fly-by-night program that promises without proof. Instead, go with a reputable software application that backs its claims up with facts and figures.
  • Customer service. Implementing new software isn’t always easy. Does your potential program provide ongoing support, training, and updates?

At Trax, what matters to you matters to us. If you’d like more information on our freight auditing and payment software solutions, contact us today. You can also download our free eBook, Beyond Freight Audit and Payment Processing.

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