Freight Bill Audits & How You Are Being Over Charged

International Trade Resources Podcast

Welcome back to the International Trade Resources podcast with your host, Kim Kirkendall. Our guest today is Steve Ferreira, CEO of Ocean Audit, Inc., a global ocean freight refund consultancy. He works with 20% of the Fortune 100 clients on ocean audits and is a two time USA Today best selling author and TV personality. He’s here today to fill us in on how you could be overspending by thousands and how you can recover those lost dollars. Towards the end of the episode, Steve fills us in on some backstage knowledge he’s gained in his years of ocean audit work – and it WILL surprise you. Mic drop!
Ocean auditing can be boiled down to this: trust your carriers, but verify. As an example, in this last two year period, Steve worked with clients where almost 25% of their invoices contained an over billing error. As most companies don’t have the resources to audit their ocean freight invoices, the ones who don’t are wasting money.
Steve goes on to highlight the source of the overcharges and incorrect invoices. He outlines the pitfalls many American companies fall into in using ‘middlemen’ when dealing with the over 5,000 available ocean carriers. There’s a lack of centralized billing control so Steve gives us creative solutions, some of which seem obvious in hindsight, but just aren’t on the radar for many companies.
Kim asks Steve for actionable steps SME’s can take, and he goes on to break down how they get their over charges refunded through audits. You’ll be surprised at the tricks Steve has up his sleeve.
And then comes the big reveal, and you will hear Kim’s shocked reaction to find out one of the major causes of overbilling. We expect you to be just as surprised. For many companies, performing a freight bill audit is the first time they can benchmark the accuracy and the integrity of the billing process

Things you’ll learn

1. There’s a lack of centralized control in freight billing; Steve gives us creative solutions.
2. You’ll be surprised at the tricks Steve has up his sleeve to help companies of many sizes audit their ocean freight.
3. Near the end listen to a big reveal on a major source of overbilling. It’s a doozy.
4. Some solutions seem obvious, but just aren’t on the radar for many companies. Believe it or not, a few hurdles are actually internal.

LINKS

https://oceanaudit.com/

Episode Sponsored By:

Modifi Payment Solutions.
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