Running a business that ships its goods overseas has many challenges that have to be overcome. While you have to maintain the manufacturing process, quick and reliable shipping is essential as well. For that reason, most firms spend most of their finances on logistics.
To keep up with the working schedule and prevent stress and overworking, most companies decide to hire freight audits and payment vendors. These firms have specialized in analytics and checking your accounts from irregularities, as well as paying bills and settling expenses.
Although the benefits of hiring such firms are evident, there are still some things you have to do before you select the right company to work with. For that reason, we made this article with a couple of tips that will help when choosing a freight audit and payment vendor.
1. Look for certifications
The first thing you want to see when looking for a service-providing company is if they have all the required certifications. In our scenario, we have to look for the SAS70 however, the SSAE16 is far more superior and modernized. This means that the firm has high standardization which ensures good quality and safety.
Since you get this company to run your finances, you must look for ensuring factors. Never select a firm without certifications because it might mean they are fraud and can cause you serious loss and stressful periods.
2. Easiness of data analytics
Shipping has developed into a technology-based process where you can see the progress of the load and track it down. That is important for the freight audit and payment as well. Analytics reporting is an essential part of freight auditing and you can find more about it here: https://ctglobal-freightaudit.com/freight-audit/
You need to have full control over the paying time to ensure timely settlement and maintain good relations with the other companies your work with.
The company you will select should have a lot of technical abilities to save data and share it with you. In addition, ensure the company has future aspirations to invest in technology and find improvements.
3. How long do they work
Another indicator of a good and stable freight audit and payment vendor company is the longevity of their work. In other words, the longer the existence on the market, the better the firm is. For that reason, you should look at their track record and see how long they work.
In addition, you should look at their credit and financial status as well. Since you will entrust your finances to them, their moves can significantly affect your company and relations with others.
Looking at their security measures to see whether they are capable of protecting your financial assets is important as well.
Lastly, you should discuss their safety programs with them. In case they do not want to talk about that in detail, look for another freight audit and payment firm. Honesty and clarity are the most important business aspects, so you should stick to them.
4. Satisfaction of clients
Although the company might belong on the market, you should see how satisfied its customers are. Some firms do good in the beginning, and then continue to work on their old fame. However, satisfaction is continuous work and always needs to be prioritized.
For that reason, you should begin with research and see what their past or current clients have to say about them. In addition, you should ask the freight audit firm to tell you whether they have worked with companies coming from your business field.
Lastly, look for any proof that this company has worked with the same clients for a long period. This indicates good customer help and satisfaction that you should pursue when looking for long-term service.
5. Can they manage your future growth
After selecting a firm to do your payments and audit, you should already notice the progress. You will have more expenses to settle, as well as more places to get money from. All that has to be regulated through your freight audit and payment vendor.
For that reason, make sure you consult with the company about whether they are capable of managing your future growth. Since you should be looking for a firm to be with you for a long time, make sure you get this clear.
You don’t need to come up with bad situations just because the vendors you chose cannot comprehend the load. Ruining your relations with all the firms you work with is unforgivable because of such an issue. That is why ensuring that the freight audit firm can keep doing your tasks and analytics on time is essential.
6. Timely payments
By keeping a tight gap between payments and ensuring everything is done on time, you know you are on a good path to success. This creates a healthy working environment with your carriers that will only make the job easier in the future.
There were many situations where large companies were closed because of unregulated payments and bad relations with partners. For that reason, you should be careful when choosing audit and payment firms.
7. Ensure they have good relationships with carriers
Since managing a business that sells its products in different regions, having a good relationship with your carriers is essential. You must ensure that your goods arrive on time, and you ship your items adequately as well.
When choosing a payment vendor and audit, you should see whether their employees work hard to maintain good carrier relations. Since they work in your name, they have to do everything possible to prevent any issues and potential conflicts.
If your business relies on logistic operations such as transportation and acquiring goods on time, you must focus on finding vendors that help in making the process easier. In addition, use analytics to find areas where you need improvements or just track your current business functioning.
With the tips provided above, we can be sure that you will find the right company to work with and expand your business further.
