Audit Proof Invoicing
Streamlining and Increasing Accuracy of Carrier Payments for Brokers
What is Audit Proof Invoicing?
Audit Proof Invoicing is a game-changing system exclusive to Epay Manager Powered by OTR Solutions, which completely eliminates the need to manage and match documents received via unreliable and inefficient invoicing email inboxes. Epay auto-generates the carrier’s invoice using TMS data, so it’s never wrong, and then solicits the documents directly from the delivering carrier or factoring company, to ensure the correct documents are matched to the appropriate load every time. In addition, the invoice doesn’t get presented to the broker back-office team until the carrier or factor has accepted the amount due to be paid.
This greatly reduces time spent matching and verifying load data, automates the document collection process, and eliminates disputed invoices. Unlike traditional invoicing processes, it eliminates the need for manual verification of the accuracy and legitimacy of the invoice, as a broker will never pay out an amount that hasn’t already been accepted by the payee. These combined features reduce AP processing time by up to 75%, and creates a single source of truth in the broker’s TMS, ensuring accuracy and transparency in every transaction.
Put simply, it eliminates the need for brokers to review invoices for accuracy. Traditionally, you must audit every invoice to find discrepancies and problems. With Epay, the problems are presented to you within the workflow itself, while the majority flow through the platform without an issue. It’s like the need jumping out of the haystack.
Audit Proof Invoicing is a game-changing system exclusive to Epay Manager Powered by OTR Solutions, which completely eliminates the need to manage and match documents received via unreliable and inefficient invoicing email inboxes.
How Audit Proof Invoicing Works
Audit Proof Invoicing is made possible because the broker is creating the invoice based on data that they trust. No outside invoices, ever. The carrier document collection process is initiated by the broker and Epay has multiple methods to receive the documents. All methods result in the document being automatically linked to the Audit Proof Invoice, relieving the broker of the responsibility of managing an inbox, scanner, or other methods. This broker-initiated document retrieval process is the cornerstone of Audit Proof Invoicing as the broker’s TMS is the single source of truth referenced by all parties – the carrier, the broker, the broker’s TMS, and Epay’s system.
- Broker TMS to Epay Export: Load is delivered in the broker’s TMS and flagged to export to Epay Manager after final review of shipment information and rate.
- Invoice Creation: Epay creates an electronic invoice for the carrier, using the broker TMS data. The carrier is notified and asked to submit a Proof of Delivery (POD) and review the invoice for accuracy.
- POD Submission: Carrier logs in to Epay to submit a POD directly to the invoice created by the broker.
- Payment Term Selection: Carrier selects a payment term from a list of authorized terms set by the broker.
- Carrier Payment Approval: Carrier has the opportunity to request a change to the rate or accepts the rate presented to them by the broker.
- Broker Invoice Review: Broker is notified of the accepted invoice and can review the attached POD; or can have A.I. do it for them.
- Broker Invoice Approval & Carrier Payment: Broker approves the invoice for payment – or rejects if there are missing documents – which schedules an ACH on the exact date the carrier’s payment is due.
- Epay Export to Broker TMS: All changes, pay dates, and documents are exported back to the broker TMS.
Key Benefits
01
Efficiency
Brokers can repurpose 65% of back-office staff to other, non-collecting, tasks while processing 3-5x more invoices per person.
02
Simplicity
Carriers and brokers benefit from a more consistent and streamlined invoice process, reducing manual steps and focusing on their core activities.
03
Transparency
Real-time updates on document statuses and payments enhance trust between brokers and carriers.
Audit Proof Invoicing & TMS Integrations
Epay Manager’s integration with a broker’s TMS reduces the chances of human error by automating the transfer of information like delivery documents, invoices, and payment statuses. After a load is delivered in the TMS, the integration with Epay will automatically create the carrier’s invoice and deliver it to the appropriate party. The carrier or factor can submit delivery documents, request changes to a rate or select different payment terms. Once approved, the new data points and documents are sent back to the TMS for permanent recording. Everything starts and ends with the TMS. This connection ensures that the invoicing process is audit-proof, with no need for manual document matching.
TMS Integrations
Success Stories
Epay Manager’s users have experienced significant improvements, including a 98% reduction in disputed invoices, a 75% reduction in A/P processing time, and a 99% reduction in A/R processing time. One client, Tanna, reported achieving a new record for invoices sent in one day, a feat impossible without Epay, “even with a competitor’s solution in place, there was no way we could have gotten 600 out the door in a day, only with Epay Manager.”
FAQs
- What happens if an invoice is disputed? For the small percentage of invoices that do get disputed, the carrier can go into the system and adjust the rate to the correct rate, which will alert the broker that the rate has been adjusted and needs to be approved.
- What happens if there is no dispute? If there is no dispute, then that is where Audit Proof Invoicing thrives. Instead of having to manually go into each invoice to verify accuracy, you can have confidence that the information is all correct without auditing because it has been synced with the TMS you are using. Say goodbye to all of the manual labor such as inbox hunting and finding old PDFs!
- If I utilize Epay’s Audit Proof Invoicing system will I be protected from an audit from the IRS? No, Epay’s Audit Proof Invoicing is focused on reducing the need of brokerages to manually audit each and every invoice, but does not offer protection from IRS audits.
Support and Customer Service
OTR Solutions provides comprehensive support for Epay users, including access to a 5-star rated, in-house customer service team available to assist with any Audit Proof Invoicing needs. To reach the customer service team, call (470) 200 – 5190 or fill out the Contact form.
