How to Audit Spot Market Freight Rates

Auditing Spot Market Freight Rates

How do you know the spot market rate is the rate that is billed? Often time the answer is not that easy to find out. It is tedious and time consuming. It sounds easy and on the face of it, it is easy. The execution when it applies to many spot market rates and shipments is the hard part. Checking spreadsheets, sticky notes and emails is no way to run a railroad. Use a system specifically designed to handle the task.

ShippersEdge TMS can automate your sourcing and auditing of spot market transactions. Our TMS was built to not only retrieve your LTL rates and make LTL carrier selection painless, we also have a point and shoot way of getting your spot market bids organized and to compare the rate you were quoted with the rate you’re billed.

It works like this; set up your providers in our carrier manager, enter a shipment, select which providers you want to bid on your freight and our system will send a request for a quote over to the provider and alert you as providers return quotes. ShippersEdge will store the quotes so you can compare rates and select a provider.

When the provider invoices you, we have the option where they can simply upload the invoices (you can go paperless) or you can let them paper invoice you. As the invoices come in a handy audit function assures they invoiced you the proper amount. No more search spreadsheet or your notes or worse, your email, the information is right at your fingertips.

Studies have shown at least a 1-2% error rate in invoicing whether intentional or not is very common. When you’re in charge of controlling freight expenses, use tools meant for the job. Ultra-flexible reporting is available simply by downloading spreadsheets from ShippersEdge TMS.