Have you conducted a "new look" freight audit recently?

Did you know that the Third Party Freight Payment Industry acknowledges that a post audit makes sense? Did you know that your freight bill processing and carrier negotiations can be optimized at no charge to you?

A freight bill post audit is a useful tool for finding out where problem areas may lie, and can point out weak areas in the payment or processing flow of your freight payment practices. By getting a post audit done, you’ll know just exactly how well your payment process and carriers are performing for your company.

Second post audit recovery services by Freight Revenue Recovery of Miami (FRRM) can help your business save hundreds and even thousands of dollars each year by examining and critiquing your freight carriers contracts, negotiations and payment processing. Are your carrier's invoices and fees all properly billed?

FRRM provides a great way to recover any revenue lost to the carrier's inadvertent overcharges. As we all know, errors can slip through even the most sophisticated payment processes. This is where the FRRM post audit process for paid freight bills comes in.

If you haven’t conducted a freight post audit, or performed a second post audit recently, or never conducted one, it’s time to do so. In these difficult economic times, every dollar counts and FRRM is here to help you improve the process.

Does Sarbanes-Oxley include Freight and Supply Chain management?

In these challenging economic times it is even more important to have a direct link between the transportation process, the payment function and that of an immediate in-depth post audit review. This is true whether you engage third party services or you audit, process and pay all freight invoices internally. 

We all are versed with the fact that publicly traded companies are required by the SEC to have an outside independent audit performed on their financial activities including the actual supply chain management process. However, here is the overlooked fact. An outside professional accounting firm will, as a priority, focus on the critical areas of accounting practices and systems. Rarely will Transportation and Logistics practices and their invoice process ever get audited. 

The SOX Act, which was signed in to U.S. law, is one of the most significant pieces of securities legislation since the formation of the SEC.  The end goal of SOX is to ensure additional corporate ethics, integrity, and transparency, in light of recent corporate financial malfeasance, in order to better restore public confidence in the American Securities Market. According to SOX Compliance, SCM-Logistics Management owns the responsibility for the audit of Supply Chain Management (SCM) financials. It is up to Supply Chain Management-Logistics management to correctly report on automated billing and payment systems, financial risks such as overcharges, billing errors, fuel surcharge variations, and errors.

As an independent transportation post auditor, based on over thirty years of experience and expertise, we can say with confidence that the need for a comprehensive follow up audit exists even today. Potentially a percentage of your total annual spend may be recovered through our unique audit techniques accomplished in a team environment. 

There are many benefits of having a third party conduct an audit. At Freight Revenue Recovery of Miami:

• We audit your freight bills for compliance with contracts, recover overcharges, and share recoveries with you on a contingency basis. No Recovery, No Charge! 
• We verify carrier compliance with the terms of your contracts. 
• We provide you with paid claim and outstanding claim aging reports, by carrier. 
• We confirm the effectiveness of your own internal audit and furnish you with information that can provide future savings, and also can be used to negotiate freight contracts with your carriers. 
• We also specialize in SECOND Post-audits to confirm the quality of your first Post-Audit (Our rule of thumb is an additional 50% recovery, as well as future savings).