Shipping invoices can be more than 100 pages and contain a myriad of codes. This can make auditing your invoices almost like trying to decipher a foreign language. Because of the complexity and time it takes to comb through the statements for errors, many businesses fail to do it. But if you’re not auditing your invoices, you could be leaving money on the table.
Reveel is a tool you can use to streamline your process and gain insight into all areas of the shipping supply chain. Our Reporting and Analytics tool allows you to take a deep-dive into your shipments to discover areas for efficiencies, manage trends, and identify valuable savings opportunities.
Combined with our other offerings, such as Invoice Auditing, Reveel’s services can save your business serious money on shipping costs.
How it Works
To audit your statements, you’d have to track every package that was shipped, see when it was delivered, and compare that against your carrier’s service guide to decide whether it was on-time or late. When you discover an error, you still have to pick up the phone and dispute the credit with your carrier.
Reveel does all of this heavy lifting for you. We work directly with major shipping carriers to negotiate and secure credits on your behalf, saving you precious time and allowing you to focus on making important impacts in other areas of the business.
Reveel’s Invoice Auditing service ensures you’re spending only what you have to. We offer clients a 45-point inspection where we pore over invoices with a fine-tooth comb, looking for ways you could save money.
Businesses are often leaving money on the table by not claiming refunds they’re entitled to, often due to late shipments and billing errors (which can be difficult to detect). Here are some of the ways Reveel can help you save money on your shipping costs:
Recovering Costs From Late Shipments
Did you know you may be entitled to a refund if your shipment arrives late — even by just a few minutes? Every single day, an average of 3-5 percent of packages arrive late, and a business typically only has 15 days to request a refund.
Finding the errors in lengthy and complex shipping invoices to request a refund before the cutoff is tough for enterprise businesses due to the sheer volume of shipments to track and audit. Because of this, most businesses never claim their refund.
Our software platform flags shipments that arrive late — so you can meet that 15-day deadline and receive your refund.
While the total amount of money you’ll save varies by shipment type, our data show clients typically recover between 1-3% of their total shipping costs from late deliveries.
Requests for refunds on late deliveries are filed electronically, and many of these requests are denied. Reveel has a call center that can follow up, leading to a recovery rate that’s at least 10% higher for our clients than doing it alone.
In one instance, Reveel helped a client recover $13,000 on a single late delivery. The San Diego Zoo used FedEx to transport an animal to New York for an appearance on a nationally televised morning show. As it happened, FedEx missed its promised delivery time by just a few minutes. Because of the delay, the Zoo was able to get a refund of the delivery fee — amounting to $13,000.
Without our services, this critical error may have gone unnoticed. Reveel’s Invoice Auditing service allowed the Zoo to put that money back into the programs that further its mission.
Catching Billing Errors
Just as Reveel’s software platform flags shipments that are late, it also identifies shipments that may have been billed incorrectly. These billing errors can take many different forms, including late deliveries.
Carriers can apply a laundry list of surcharges to your shipment for anything from “additional handling” to an address correction. These can range from a few dollars to $75 per package.
Our 45-point audit flags surcharges that may be applied incorrectly so we can take a closer look. If we can prove the surcharges are applied incorrectly, we can request a reversal from the carriers to get your money back.
Here are two major examples we frequently come across:
- Residential Delivery Surcharge: If a business is near a residential area, carriers can sometimes mistakenly code a delivery as residential. This adds an additional $3-4 fee on top of regular shipping costs. Reveel can cross-reference addresses with the United States Postal Service directory to confirm it’s a business address and dispute the charge.
- Manifested But Not Shipped: This happens when a shipping label is created, but discarded before the package is shipped. While FedEx bills when a package is received, UPS charges when a label is created. Companies who have switched carriers may not be aware of this and pay the entire shipping costs of packages that don’t exist. Because shipping invoices are 100 pages thick, these charges can go undetected. Reveel can catch this in an audit, which could amount to significant savings for your business.
Invoice audits aren’t always about catching errors and collecting refunds. Taking a deep-dive into the data may uncover inefficiencies that could save your business thousands of hours in labor and make you look like the hero.
Reveel has teams of developers who create customized reports to fit any need to catch efficiencies. Our reports also provide a level of visibility that UPS and FedEx simply don’t offer.
In one instance, Reveel’s custom reporting was able to combine 91 shipping invoices into a single statement, saving thousands of hours for staff members. Alliant Insurance Services’s challenge was a familiar one to businesses with multiple locations: all 91 locations had a unique shipping contract, meaning the company’s single accounting department would process 91 different FedEx invoices each week.
As you can guess, this was a time-consuming and burdensome task for the firm’s staff. Reveel did an assessment and found two major ways to save the company time and money. Our developers created a custom report that consolidates these 91 weekly invoices into a single report for the central accounting team.
Reveel has also been able to save the company 3% of its annual spend by recovering late shipments and billing errors.
Discover Hidden Money
It can be difficult for companies to detect these scenarios and find the time to dispute charges effectively. Reveel has developed a method to not only save you time, but also save you money.
Find out how much Reveel’s Invoice Auditing can save your company with our free invoice audit.
Schedule a Consultation
Ready to leverage the power of Shipping Intelligence for your company? Contact us today to schedule a consultation.Schedule Now