Freight Settlement
twCost
Do you audit every freight invoice? Are you sacrificing parts of your freight spend by outsourcing these functions to third parties?
Benefits
- Reduce time & costs of freight bill reconciliation and payment
- Prevent the payment of inaccurate invoices
- Reduce dependencies on third parties, and costs for outsourcing auditing processes
- Strengthen relationships with carriers by minimizing freight bill disputes
- Calculate timely and accurate freight cost accruals
- Leverage freight bill data to streamline forecasting and budgeting processes
twCost helps you manage your carrier rates and contracts, and calculate costs per shipment and monthly accruals. By combining the power of twCost’s contract and rating engine with the data that is captured by Transwide TMS during the execution of your transport orders, Our freight management solution twCost enables you to automate the calculation of planned shipping cost and validate dynamic costs like fuel surcharges, and accessorial fees. Use twCost to significantly cut down on the number of incorrect invoices and the time spent on auditing, disputing and re-processing these invoices.
twCost allows you to issue payments at different stages in the execution process. While carriers are entitled to declare additional costs for demurrage, week-end surcharges, cleaning etc., the shipper maintains total control of the actual payment process. At the end of a given period (day, week, month…), verify and process your pre-invoices with your carriers.
twCost leverages the collaborative nature of the Transwide TMS platform, and a sophisticated carrier contract and rating engine to proactively calculate planned costs during the load tendering process, and manage a collaborative , real-time, claim process for dynamic (accessorial / special service) fees. The solution accommodates multiple freight invoice settlement models, including "Invoice Control" ("Match & Pay"), "Pre-Invoicing" shipment advices to your accounts payable system(s) or third party freight payment partner(s), or "Self-Invoicing" which triggers automatic payment to carriers who agree to abide by this practice with you. If using the “Invoice Control” and/or “Pre-Invoicing” processes, the Transwide solution enables carriers to upload invoices through a simple web-user interface, as well as monitor status of the invoices and communicate back & forth with you about questions or issues throughout the invoice validation and settlement process.
For shippers, twCost will increase the accuracy of your freight invoices, reduce the possibility of overpayment, and reduce the amount of personnel required to administer the freight bill audit and settlement processes. Carriers will benefit from twCost by reducing their invoicing processes and shortening payment cycles. Both shippers and carriers ultimately benefit by reducing freight bill disputes so both parties can focus on increasing performance and customer satisfaction.
