Freight Bill Payment
“Working to be an extension of your transportation department” From its inception, the VTM vision was to create a flexible and comprehensive environment that leveraged the latest technology with proven web-based tools. Powerful online data access is useless without fundamental data integrity and solid core processing conventions.
At VTM, we continually update our freight bill payment system to address industry shortcomings and solve common frustrations between freight payment companies, shippers, and their freight carriers
Important characteristics of VTM strategy and system include:
- EDI Conversion is utilzed for comprehensive and accurate data capture. We map all available fields via EDI and 80% of invoices processed come to VTM via EDI today.
- In circumstances where EDI is not a viable option:
- Manual Data Entry is a valuable solution to meet unique invoicing needs. Our process allows over 120 separate data elements to be entered within a single invoice record. VTM ensures the highest level of data accuracy in the industry through our system of validation checks and data entry integrity controls.
- Document Imaging In addition to our extensive data entry capabilities, invoices and all back-up documentation are imaged and linked in the database.
- Online Data Entry for small or local carriers who are unable to provide an EDI feed or file with the option of entering their invoices directly into the system. The benefit for clients is data consistency and integrity. The advantage for carriers is a user-friendly online format to communicate their billing information in a timely manner.
- BOL /Source MatchOur match process ensures secure and accurate audit and payment of carrier charges. It can provide a monthly or weekly accrual of unpaid freight liability.
General Ledger Accounting of Freight Expense VTM solutions are designed to support both transportation and accounting groups with industry best practices. We have extensive capabilities for any/all desired data validation/generation that can be used with customer supplied data tables and data from the invoice to populate the database. Our accounting process includes:
Transparency throughout the entire payment process
Provide accurate weekly/ monthly/quarterly freight accruals
Cost are allocated per your requirements
Design and support specialized freight accounting needs, including allocations at your lowest costing level
Tested and documented processes defined by your business rules
Expert Web Tools VTM has developed the Transware® Suite a group of industry-leading analytical tools that provide increased visibility, efficiency, and documented savings.
Global Data Warehouse All payment data is available for immediate 24/7 client access.
Superior Customer Service The service team approach with a customer lead as a single point of contact and accountability. All accounts are assigned their own lead auditor and process manager as part of team
Proprietary Rate Engine Supports all modes, web access to Rate shopper, and full online rate library
Since the deregulation of transportation pricing in 1980, the freight audit industry has evolved from labor intensive staffing of shipper transportation departments, to third-party providers who utilize sophisticated freight audit systems. For over thirty years, our staff at Virtual Transportation Management (VTM) has been at the forefront of industry innovation. We have developed expert transportation audit systems, rating services and accrual reporting in response to an ever-changing industry.
VTM Freight Audit
VTM audits all shipment modes (TL, LTL, Rail, Ocean, Air, Parcel, HHG, Domestic and International). Our audit service reviews all shipments for previous payment, routing compliance, credit terms, weight variances and service failures. Transware® provides audit reports that identify savings and proofs carrier pricing accuracy, as well as identifying future, cost-saving opportunities for VTM clients..
VTM audit process utilizes automated rates and tariffs for 90% of all shipments audited. Our rate auditors oversee this process and provide manual support on invoices as needed. VTM auditors provide you, the shipper, with valuable information
We identify opportunities:
to save money
satisfy your internal audit controls
We enforce your rating, routing and payment rules while managing your carrier credit terms and providing proof of payment service to your carriers.
VTM Freight Rating & Freight Accrual Reporting
VTM pre-rates shipment files (bills of lading files or delivery receipt files) to establish spend controls and provide accurate freight accrual information. VTM freight accruals are delivered (per your accounting calendar) to support your monthly, quarterly, and year-end freight journal entries.
VTM conducts freight rating studies to assist you in carrier selection, site selection, and specific shipper customer service concerns like timely, cost effective freight delivery. VTM rating studies also support carrier pricing comparisons, helping you identify significant savings in your carrier tariffs.
Stay in Control of your Funds
VTM is not float-based, as there are no deposits or pre-funding requirements. Client assets (funds) are protected by VTM banking controls and VTM Bonding and Insurance policies. During implementation, our clients decide when and how to distribute funds. Clients can transfer funds to VTM for payment via a zero balance account, ACH or wire transfer. Clients then choose by what method VTM pays freight carriers. Options include:
VTM wire transfer
Payment file to customer or customer bank
Clients also choose how often to pay. Bills can be paid daily, twice per week, or on a weekly basis. VTM will actively manage credit terms with your carriers to satisfy your cash management and accrual concerns.
We also offer “non-funded” payment options to satisfy your control concerns. VTM will pay carrier billings on your check stock or return a payment file to you or your bank for disbursement. Should you choose to fund a VTM payment option, your funds will not be comingled with VTM corporate bank accounts.
VTM has payment options in all world currencies VTM Insurance and Bonding
VTM protects your financial assets through diligent attention to our banking and cash management controls. Our insurance and bonding strategies are carried over from our work experience in the banking industry (The Chase Manhattan Bank).
Since 1996 VTM has provided Fidelity Bond / Employee dishonesty coverage for your protection. We have never had a claim filed against these policies.
VTM best practices and insurance policies in place to secure your assets include: :
SAS 70 Compliant
Errors and Omissions Policy / Officers Insurance
General Commercial Liability Coverage
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