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Outsource Post-Payment Auditing of Freight Bills

Third-party payment providers (3PP) and similar service providers in the logistics industry can benefit immensely from using Outsource2india's (O2I) post-payment auditing services. This service helps in identifying any discrepancies in payments already disbursed to carriers and other vendors, leading to excess payments, which in turn, mean lost revenue. What's more, O2I will raise excess-payment refund claims on your behalf and follow up on pending claims until refunds are processed at the carrier/vendor and payments received.

To put the above into perspective, on an average one in nine invoices requires adjustments in the total paid amount. If your company/business is servicing a large number of freight payments on a daily basis, these adjustments can work out to large sums of money. The quantum of overcharges which are identified can make a substantial difference to your revenue lines, so signing up for our auditing service is money well spent.

How it Works

A brief run-through of how O2I helps payment providers in recovering lost revenues follows -

  1. The processing team audits every freight bill where payments have been made and historical data going up to the previous 6 months.
  2. Each bill is checked against the contracted pricing matrix for inaccuracies in tariff rates applied, cargo classifications, miscellaneous charges, tax amounts deducted, applicable discounts and any other material data which impact the payout amount.
  3. Each freight bill is also validated against original cargo documentation such as bills of lading, purchase invoices or other similar sources of information.
  4. The team checks for instances of duplicate payments made on the same freight bill, any time in the preceding 6 months from the date of the current payment. This is accomplished by mapping reference or transaction IDs or other identifying nomenclature used to track individual shipments.
  5. A report of findings is generated and forwarded to you for reference, while refund claims for disputed payments are logged with the carriers/vendors.
  6. O2I follows up on all 'open' claims where refunds have not yet been received, right up to the point where the carrier delivers the refund checks. These are then forwarded to you after updating refund details in the system.
  7. Monthly reports of claims processed and claims still pending are also shared with you.
  8. Once the full audit process is complete, the validated bills are sent for archival as per your specifications.

Outsource your freight bill post audit activities to O2I and reap the benefits of having vendor payments processed within short timelines, and validated to cull out any discrepancies which have resulted in loss of revenue.

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