A freight audit company can help organizations of all sizes save time, money, and improve carrier relations. Whether your freight mode is Less-than-Truckload (LTL), Full Truckload (FTL), Parcel, International, Intermodal, or any other method, a freight audit company can help you create a competitive advantage.
To truly access the benefits of a freight auditing company, you must have the right partner with the right capabilities. However, this is often easier said than done. To help you make the best decision, the team at TransAudit has outlined what to look for in a freight audit company.
The Freight Audit Company Should Use the Latest Tech
The best freight audit companies leverage the latest, cutting-edge technology to efficiently perform post-bill audits. Technology should be leveraged as a powerful partner to help drive real-time insight and measurable results.
At the same time, the freight audit company should have the ability to audit all modes of transportation, including LTL, barge, TL, ocean, rail, air, parcel, duties, outbound, and inbound shipments, providing a truly ubiquitous solution.
How Does TransAudit’s Technology Compare?
Trans Audit’s proprietary platform and continually updated technology set us apart from other freight audit companies. Our freight audit technology is designed to facilitate the effective and efficient performance of post audits.
Enhanced by smart automation, we provide our clients with industry-leading cloud-based claims analytics. As a Trans Audit partner, you’ll have access to our entire tech stack, including:
- TransPortal is our robust cloud-based, proprietary analytics system and query tool that allows every client to actively monitor, manage, and improve post-audit, carrier billing accuracy, and payment processes.
- TransForm is our global claims calculation, entry, formulation, and generation system.
- CTS or our Claims Tracking System manages everything from claims submission, tracking, imaging, and financial reconciliation.
- TransLogic is the parcel data claims system that simplifies claim submission, claim formulation, and claims management.
- TranScribe is the client relationship management system that is used to track and manage the implementation process, key attributes, scope of work, deliverables, special requirements, contacts, and client profiles.
- TransAuditor is our proprietary workflow, management, and assignment system.
- TransCarrier is the robust carrier relations assignment and management system.
The Freight Audit Company Should Have Industry Experience
While the process for implementing audits are generally the same across sectors, there are nuances associated with every industry. And understanding these nuances can save volumes of time and greatly improve the efficiency and effectiveness of the audit process. When you’re looking for a freight audit company, make sure to choose a firm with specialized expertise within your field.
What Industries Does Trans Audit Specialize In?
At Trans Audit, we are the world’s largest global freight auditing firm. With decades of experience working across various industries, we have established long-term collaborative and cooperative relationships with hundreds of Global 1000 and Fortune companies. Whether it’s in the private or public sector, we offer the proven expertise to deliver results. Some of the industries we’ve worked within include:
|AerospaceAirlinesApparelAutomotiveBusiness ServicesChemicalDefenseElectronicsEnergyEntertainment||FinancialFood & BeverageForest & Paper ProductsHealthcareHome ProductsPersonal ProductsManufacturingMedicalMerchandisersPackaging||Pet ProductsPetro-ChemPharmaceuticalPrintingPublishingRetailSemiconductorsTechnologyTelecommunicationsWholesalers|
Pay Attention to the Freight Audit Company’s Cost
Freight audit companies generally will bill in one of two different pricing models:
- A percentage of audited freight spend
- A flat fee per bill of lading audited, which is called a transactional model.
Both of the pricing structures have benefits and drawbacks. When learning what to look for in a freight auditing company, make sure you understand their billing structure and are okay with it. At the very least, the revenue retrieved through the audit should be more than the cost of the audit
How Does Trans Audit Bill?
At Trans Audit, we bill based on a percentage of the monies we retrieve. Because we’ve invested heavily in state-of-the-art infrastructure and automation, we’re able to efficiently audit and collect on claims. Unlike other freight auditing companies, we work off a contingency fee structure where we only share in the results we produce. This increases the value exponentially for you.
Does the Freight Audit Company Have Proven Results?
If you are approached by an individual who claims to be a proven freight auditing consultant, you should always ask for proof. A reputable and effective freight auditing company will be composed of a robust team of support. These individuals will work on behalf of your company to smooth out conflicts and recover billing errors on your behalf.
Having a team in your corner is critical because the freight audit process is very similar to an insurance claim where the first response to a refund request is usually a denial of a claim. And a one-man show will not have the capabilities or technology to manage the process from start to finish. In either case, if a potential freight auditing partner can’t quickly produce results, the venture may not be worth the time or hassle.
Trans Audit Has Proven Results
At Trans Audit, we pride ourselves on our unrivaled ability to deliver results. For example, helped a Global 300 multinational power and electrical management company recover over $1.2 million in a single year. Errors for this client included:
- Misapplication of rates
- Classification errors
- Various payment issues
- Discount percentage errors
- And beyond
We also worked with a Fortune 200 multinational automotive manufacturing and supply company. Our specialists filed more than $4 million and recovered more than $3 million in a single year. These recoveries were the result of:
- Accessorial charge errors
- Rate, and
- Revised billing
Learn more about some of the ways we’ve helped our clients recover monies owed to them.
Contact Trans Audit for the Best Freight Audit Company
As the world’s most successful and largest global freight and parcel audit specialist, Trans Audit has performed hundreds of contact reviews and post-payment audits for hundreds of Global 1000 and Fortune companies. We’ve successfully recovered millions for our clients over our 40-year history.
No matter the size of your organization, our goal is to deliver bottom-line changing results by recovering overpayments and overbillings, reducing future expenses, and correcting erroneous billing. Best of all, we combine our proven results with unrivaled capabilities, a non-intrusive approach, and a contingency fee structure where we only share in the results produced!
Contact Trans Audit today!