Three general options exist when it comes to parcel auditing. You can go the in-house route, the outsource route or the opt-out route. If you are a business looking to cut cost and optimize your supply chain, most likely you will have a method in place to audit shipments. If you don’t currently have a shipment auditing process in place, hopefully, this information will help you move toward a decision. Package shipping charges can range anywhere from 5-10% of a company’s total expenses. We often tend to underestimate the financial impact these charges have on our businesses. As fuel surcharges climb and carrier fees increase now, more than ever before, is the time to consider automating the parcel auditing process. To help, we’ve created a checklist to see if package auditing automation is the answer for you.
I want speed and accuracy
For a doctor in the ER, speed and accuracy are basic requirements to perform life-saving tasks. But, in other real-world examples, a speed and accuracy trade-off exists. For those manually auditing shipments, combing through hundreds of invoices to check for potential refunds is time-consuming. If someone rushes through the invoices, the chances of retrieving 100% of those refunds begin to dwindle. With parcel shipment automation, you can ditch the days when you had to decide between speed or accuracy. Having both simultaneously seemed out of reach. For all shippers, there’s a limited window of time immediately following an invoice being posted to your account when claims and disputes can be filed against billing mistakes. During this time, each refund must be captured or forfeited forever. The quality of the audit is partly dependent on the speed in which that audit occurs. For those who choose automation, speed actually improves the probability of a maximum refund. Share a Refund minimizes the human-error effect and leverages automation to amplify financial returns. Some auditors only thumb through invoices to look for major anomalies and fail to audit every single invoice. That’s not the case with Share a Refund.
I want to help my team focus their energy
Automated audits open up spaces in your business to grow. The advantage of automation is it eliminates any time or resource requirements on your part. At the end of the day, you can focus on your core business. Many companies choose automation to make the most of their time and redirect team members to concentrate their efforts on strategic, business-oriented tasks. If auditing in-house is your preferred method, this assumes a certain level of expertise and requires a time and resource commitment on your end. It’s crucial to have someone with enough parcel expertise to develop an auditing system that can accurately calculate discounts, fuel surcharges, accessorial charges, on-time deliveries, and fluctuating fees. If you don’t have this expert, auditing invoices internally will be similar to hiring a CFO and assigning him to write press releases. In most cases, it’s not matching your talented team to their unique skill sets.
I want data to make changes
Without data, you are making business decisions in the dark. Share a Refund collects and tracks your shipment auditing data. Data analysis and reporting gives you the power to easily query, analyze, report and export your logistics information. This function is indispensable for tracking expenses and implementing cost-reducing changes.
I want more time back on the clock
We’ve all witnessed a sports game where we wish a few extra minutes, seconds even, could be added back to the clock. Additional time presents the opportunity to win. Without some level of automation, employee costs make an audit ineffective. Too large an audit adds extra costs that might not be worth the salaries spent in recovered refunds, too small of an audit is a waste of time and manpower. Share a Refund checks invoices carefully to verify you don’t pay for services you don’t need or are unaware of. Essentially with shipment auditing off your plate, you can reallocate that time toward other business priorities.
I want to collaborate with customers better
Share a Refund offers data at your fingertips. Data drives business decisions and is an integral component in generating more revenue and collaborating with other customers. You can identify and analyze shipping trends, negotiate carrier contracts and optimize production schedules. Data is the key to adding value to your customers.
It’s imperative your shipping invoices be audited. If this process is skipped, money will be lost and benefits missed. Share a Refund uses unparalleled automation to audit your shipment invoices, pay your carriers, and analyze and report your logistics information with minimal manual intervention on your part. Tap into the savings waiting to be collected in your shipping accounts by streamlining processes with Share a Refund.