Do you audit every freight invoice? Are you sacrificing parts of your freight budget by outsourcing these functions to third parties?
- Track down and reduce additional or hidden costs
- Prevent the payment of inaccurate invoices
- Save time and cost spent on verification, re-invoicing and other manual intervention
- Simplify budgeting, forecasting and control of cost vs. budget
The twCost freight management tool will complete your order-to-cash cycle even a step further than your current ERP or IT system. twCost helps you manage your carrier rates and contracts, 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, twCost freight management system enables you to automate the calculation of planned shipping cost and validate dynamic costs like fuel surcharges, and accessorial fees. Use twCost freight settlement 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, return, the shipper keeps total control if the actual payment process. At the end of a given period (week, decade, 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 management and 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 management and 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.