Freight audit and payment service offered by Vee Technologies serves as a facilitator between shipper and carrier to receive, process, and pay freight invoices. We have developed an automated Freight Audit and Payment Portal (FAP), which is used to quickly resolve the freight bills and make the freight bill audit and payment process completely stress-free. Being completely automated, the portal ensures higher savings on freight cost, data transparency, etc.

Our portal is designed to automate the process of investigating, adjusting, and conforming to the freight bills for accuracy. This quick and efficient mode of freight bill audit and payment helps manufacturers, businesses, and individuals who transport goods regularly by helping them save up to 5% of the transportation cost while reducing their full-time resources and helping them manage their contracts with the carriers.

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Our Freight Audit Process

  • We receive invoices directly from the carriers through e-mails (Word/Excel, PDF, TIFF), e-fax, EDI, .csv, .txt files, as well as paper invoices.
  • Domain adept resources extract the data from the paper or scanned invoice copies using AI technologies.
  • The portal is accessible for key resources, who can enter or upload invoices into the portal directly for processing.
  • Invoice data will be available for customers, carriers, and auditors through the portal.
  • Duplication is identified through Invoice Numbers, Bill of Lading, etc. and only unique bills are processed, while suspected/duplicates are exempted to auditors.
  • Conformed invoices are automatically moved to the payment queue and aging is considered to deliver the checks or wire transfer.
  • Balance due and past due invoices will be processed and reposted with/without late fees or any other accessorial charges.

Contract/Rate Management

  • We manage freight contracts in a repository and keep the data up to date.
  • Customers can upload or key the contract details into the portal effortlessly.
  • Our accomplished auditors efficiently handle complex contracts and process them on time.
  • Our auditors help customers to build and load the contract in our rate engines to derive accurate rates.
  • If the contract/rates expire, we contact customers to get apposite amendments.
  • Carriers can view their rates and discounts pledged with the customer, which can be redeemed in audit and payment.
  • Customers' contract rate approvals are validated before auditing and releasing the payment.
  • All the amendments and approval history of the contract/rates are tracked and will be readily available for the key parties for reference.

Freight Rating

  • Our state-of-the-art rate engine rates the freight and accessorial charges and ensures it conforms to the contract signed between the carrier and customer.
  • Online LTL freight tariff API, Truck Routing, and Mileage Software (SMC3, PCMiler, Google’s Distance Matrix API, etc.) are integrated with our Freight Audit Payment Portal. Online US Gasoline and Diesel Fuel Update (www.eia.gov) is also used to calculate the fuel surcharges for the shipments.
  • Vee’s distinctive rate engine accurately originates the base rates, fuel surcharges, and other accessorial charges by converting the carrier contracts into a set of rating rules that empower complete audits.
  • Rate engine verifies the invoice repetition, overcharges of freight, applying the discount in freight, invalid/additional accessorial charges, and fuel adjustment

Cost Allocation

  • Customers provide the rule to allocate general ledger codes to invoices. Typically the rule is built based on the data-driven from the invoices.
  • Elements like Weight, Pieces, Shipment flow (inbound/outbound), Business Unit, Type of Charge, Purchase Order, Terms, Shipper, Consignee, etc. are considered to build the cost allocation rule.
  • In our payment procedure, cost allocation is automated accurately and efficiently.
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Exemption Management

  • Non-conformed exempted invoices are compared with contracts/rates and resolved by our auditors.
  • Approvals are requested from the client to release the payment to the carrier.
  • Queries and endorsements are shared and received from customers to move the exempted invoices for payment or will be removed from the processing queue.
  • The entire communication and authorizations regarding each invoice are tracked and available for key people at any point in time
  • Carriers are provided with tracking access to perceive the invoice status (In-Audit, In-Resolution, Fund Requested, Paid, etc.).
  • Customers can review the accruals on the invoices, which are processed but not paid.
  • Paid and non-paid shipments/invoices are distinguished in the portal.
  • Portal's business intelligence provides a reporting system with an exhaustive dashboard, where the customers can understand their business endeavors and plan growth strategies.
  • With global and regional reporting capabilities, the tool generates standard weekly, monthly, quarterly, and annual reports available Ad-hoc/on-demand.
  • Reports could be extracted through different applications such as Excel, Access, CSV, etc.
  • Based on the data, customers can decide the business in terms of geography, carrier, and further move on.

How Can Businesses Benefit by Partnering with Us?

  • Customers will pay only for the service availed, with no overpayment.
  • Complex contracts and rates are handled by our experts, without missing out on discounts and other privileges.
  • Data-driven dashboards and customized reports offer useful business insights.
  • Establishes a streamlined process to resolve audit and payment processes.
  • Freight bills are audited by skilled and qualified auditors to prevent overbilling, claims of additional expenses, etc.
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