Freight Invoice Automation: Why is it important?

ControlPay

ControlPay

July 06, 2016 - 19:09

Freight Invoice processing and automation

As a global Freight Auditing Company, we noticed that more and more shippers and carriers are demanding the ability to easily create and process their freight invoice online, which has a major effect on the ease and speed of the freight payment, for all parties involved. High time to enlighten the situation...

We strongly believe that shipper-carrier collaboration will become increasingly important in the Supply Chain of the future. We believe that with the right Freight Audit & Payment set-up, Freight Auditing companies are able to support shippers becomimg more collaborative and transparent, and add value to the positioning of 'shippers of choice.' With a view on collaboration, transparency, simplicity and speed, we therefore created the Auto Invoice Tool.

What is Freight Invoice Automation and how does it work?

At ControlPay, we are over 14 years active in the Freight Auditing Industry. We have developed our very own, fully web-based freight audit platform with several handy tools, inspired by the lack of standardization in transportation regarding rates, business rules, ways of calculation. One of these freight auditing tools is our unique auto invoice tool. Based on the billing instruction, connected carriers are able to easily create their own invoice online. This is an optional tool, but we see that many large and small carriers like to use this for the ease and speed of the process.

ControlPay's Auto Invoice Tool is:

  • An Invoice creation tool for carriers (logistics service providers)
  • A tool that helps you create, approve and forward your freight invoice for payment within a minute
  • An Easy, quick and environmental friendly way of creating your freight invoices
  • Granted with the trustmark E-invoicing

How does it work in practice?

After receiving of the final, audited invoice, you go to the ControlPay website and effortlessly find it there. Click on the “Create Invoice”-button, fill in your own Invoice Number and the system will complete all other details like amounts, addresses, VAT, etc. After a quick check and confirmation, your PDF-invoice will be generated and you can save it to your computer. As the invoice is 100% correct, it will be immediately approved and send for payment by ControlPay. There is no need to send invoices by post anymore.

Why do companies / shippers need auto-invoicing?

1. Difficult to comply payment terms
Process takes often between 8-20 days from Loading to Ready for payment.

2. No uniform process
Standardization of the Invoice process. Moreover, ControlPay is capable of setting up different kind of process solutions with regards to Data input and Audit process, though all resulting in the same output for our clients.

Why are carriers looking for an automated freight invoice solution?

- No more postal charges
- Paper is eliminated where legally possible
- No more delay due to postal transit times
- No more delay due to manual registration and approval cycles
- No more lost and rejected invoices
- Billing process is far more efficient because many manual handling points in the audit, coding and payment process are automated.

The overall results of auto-invoicing is an increased speed of the billing process to ensure on-time payment, which pleases customers. We have seen that many large and small carriers already like to use auto freight invoicing, because the invoice is always in the same format and always correct.

What are the hidden benefits of freight invoice auditing for shippers?

1. Central data repository for freight spend
One online platform with extensive reporting capabilities (Standard reports, Ad Hoc creation) on Freight Spend, Logistical details, Billing performance, etc. Next to that: Storage of Rate Cards, Operational tracking of Invoices and Issue Resolution.

2. From a Labour intensive processes to an automated logistics data powerhouse

- From a high nr of invoices moving to consolidated billing

- From manual data entry to receipt of only correct invoices ready for automatic posting. No manual account coding, etc.

- No more chasing of invoices and credits. Process is managed by ControlPay. The online platform is accessible for all parties to track statuses. Your company is not dependent on carrier anymore for a lot of finance related workload and responsibilities (eg. Accruals).

Freight Invoice processing becomes management by exception for companies that outsource freight invoice auditing and payment. Exceptions are handled via Issue Resolution, an integrated tool that is developed within our freight audit software:

- Online tool to resolve discrepancies via Q& A
- Managed by ControlPay

Visit our Freight Audit Platform page to learn more about the extra tools that come with our Freight Audit & Payment solution.

More ControlPay Global Freight Audit & Payment Content

Gartner includes ControlPay as Leading global Freight Payment provider How to get rid of 5 spot rate management issues

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