Introduction to Audit in the 7bridges software
Vision and scope
Gain control over your transportation expenses by ensuring your contracts with transport providers are robust and these providers bill you accurately and with the necessary proof points. This will establish a detailed data foundation to enhance the efficiency and excellence of your transportation operations.
Summary
Audit from 7bridges sits before invoice payment and gives you confidence that:
- Your providers are billing you correctly against your contracts,
- That they’re meeting their service/performance KPIs and
- That you haven’t got ‘leakage’ in costs resulting from unreasonable billing or unfavourable contract terms.
Who is Audit for?
- Finance teams (including Accounts Payable) use Audit as a tool to ensure all required information is present in invoices and that there is an efficient and timely approval flow.
- Logistics teams can take confidence that a comprehensive check of all transport invoices has been completed (both cost and service received), and that they’re aware of where contracts need tightening to ensure transparent understanding and predictable billing.
The problem Audit solves
Provider invoices have different levels of data quality and format, and there is too much information to be reviewed manually in a comprehensive way. In addition, it is painfully slow to complete any checks as someone needs to look up the correct rate from the contract and rate card for cost or look into tracking information for performance. As a result, invoices are not thoroughly checked, resulting in incorrect invoices being paid.
In addition, there are generally few people who have sufficiently detailed knowledge and understanding of a contract and rate card to determine whether an invoice has all the information required to validate what’s billed, leading to ambiguous or unreasonable charges being approved.
More information about Audit: