"Freight audit" refers to the process of verifying freight invoices and documents to ensure they are accurate and comply with agreed-upon rates, contracts, and legal regulations. Typical functions of software in the freight audit domain include:
Invoice validation: Checking freight invoices for errors, discrepancies, or deviations from agreed-upon rates and contracts.
Rate management: Managing freight rates to ensure that calculated freight costs align with current tariffs.
Document management: Capturing and storing freight documents such as delivery receipts, bills of lading, and invoices for later review and audits.
Automated calculations: Automatically calculating freight costs based on various factors such as distance, weight, and type of cargo.
Compliance checks: Verifying whether freight invoices comply with applicable legal regulations and international trade rules.
Exception management: Identifying and handling exceptions or irregularities in freight invoices to detect potential errors or fraud cases.
Reporting and analysis: Generating reports and analyzing freight costs and data to gain insights into spending patterns and identify optimization opportunities.