What is a Perfect Freight Invoice
1
An electronic document for accurate billing of freight carriage, that is defined by a Smart Freight Contract, created from individual Bills of Lading (BOL).
2
Automated business rules allow comparison against contracted rates, where:
Freight invoices are modified and updated in real-time during shipment with any accessorial charges.
Upon delivery of the shipment a complete, 100% accurate “Perfect Freight Invoice” is immediately available.
Perfect Freight Invoice is a truly re-engineered process which is now shared
Transportation Spend Risk Management
5 %to 10% of Transportation Spend is Lost in Hidden Risks and Costs
$600 BILLION FREIGHT SPEND
Is roughly the total amount paid for freight services by shippers annually in the United States and Canada. Anywhere from 5% to 15% of this amount is a potential financial risk ($30B to $90B)
$154 MILLION HIDDEN AT RETAILER
In November 2024 a retailer had to restate their financials after hidden freight expenses were discovered. This represents only a fraction of 1% of the potential risk facing companies, aka tip of the iceberg
HIDDEN RISKS AND COSTS
ACCESSORIAL
CHARGES
Significant time and resources are required to track accessorials and resolve disputes (by both the shipper and carrier)
OVERPAYMENTS
LATE PAYMENTS
Carriers apply additional charges resulting in overpayments by the shipper. Delays in reconciling invoices causes late payments to the carrier.
FINANCIAL
INACCURACY
With inaccurate invoices at delivery, G/L coding and accruals are subject to delays in updates and reporting.
TOLERANCES &
THRESHOLDS
To make payments on time, shippers apply thresholds or tolerances to the invoice, incurring additional costs.
CANCELLED
SHIPMENTS
Without proper audit controls on parcel shipments that are cancelled, invoices may still be submitted and unduly paid.
COLLUSION
FRAUD
With disparate systems, and manual process reconciliation, any financial transaction or report is open to manipulation.
TRANSPORTATION SPEND RISK MANAGEMENT
$600 BILLION FREIGHT SPEND
Is roughly the total amount paid for freight services by shippers annually in the United States and Canada. Anywhere from 5% to 15% of this amount is a potential financial risk ($30B to $90B)
$154 MILLION HIDDEN AT RETAILER
In November 2024 a retailer had to restate their financials after hidden freight expenses were discovered. This represents only a fraction of 1% of the potential risk facing companies, aka tip of the iceberg
HIDDEN RISKS AND COSTS
ACCESSORIAL
CHARGES
Significant time and resources are required to track accessorials and resolve disputes (by both the shipper and carrier)
OVERPAYMENTS
LATE PAYMENTS
Carriers apply additional charges resulting in overpayments by the shipper. Delays in reconciling invoices causes late payments to the carrier.
FINANCIAL
INACCURACY
With inaccurate invoices at delivery, G/L coding and accruals are subject to delays in updates and reporting.
TOLERANCES &
THRESHOLDS
To make payments on time, shippers apply thresholds or tolerances to the invoice, incurring additional costs.
CANCELLED
SHIPMENTS
Without proper audit controls on parcel shipments that are cancelled, invoices may still be submitted and unduly paid.
COLLUSION
FRAUD
With disparate systems, and manual process reconciliation, any financial transaction or report is open to manipulation.
Eliminate Hidden Risks and Costs from your Supply Chain
The Power of Perfect Freight Invoice
Smart Contracts
Leverages shared invoice with all parties
Most discrepancies are solved with upfront collaboration
Initiates real-time invoice process
Business Rules
Data processing automates the dispute process
Most disputes are resolved by the carriers
Significant reduction in time and resources
Perfect Freight Invoice
100% accurate invoice at POD
Financial precision for GL coding and accruals
Ability to apply early payment discounts
Why Choose KNNX
No More
Hidden Costs
Say goodbye to surprises.
Achieve 5-15% in hard savings.
Fix the Root Causes of Discrepancies
Reduce disputes to under 1%,
eliminate thresholds and tolerances,
and remove the need for audits.
A Shared Re-Engeneered Process
Increase efficiencies, reduce time and optimize resources
Carriers Paid Right
Every payment accurate
and on time – no exceptions.
Complete Spend Visibility
Single source of carrier
spend analysis and reporting
Measurable Results for Everyone
Shippers
100% ACCURATE INVOICES BASED ON CONTRACTS
FOCUS TEAM ON VALUE ADDED ACTIVITIES
NO MORE COSTLY AUDITS REQUIRED
CARRIER RELATIONSHIPS ENHANCED
SAVINGS OF 10% TO 15% OF FREIGHT SPEND
ELIMINATE RISK OF DATA MANIPULATION
ACCURATE G/L CODING AND ACCRUALS
IMPLEMENT QUICK PAY DISCOUNTS
Carriers
PAID ON TIME EVERY TIME
STOP DISPUTE EMAILS, CALLS & AUDITS
ELIMINATES NEED FOR AP FACTORING
IMPROVED CUSTOMER SATISFACTION
REDUCED ADMINISTRATION COSTS
ENSURE RECEIVABLES ARE ACCURATE
PAYMENTS ARE ACCURATE
IMPROVE CASH FLOW
Organizations in the KNNX network
0
+
Invoices Processed
$
0
B+
Average Cost Savings
0
%
Invoice Accuracy at Delivery
0
%
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Experience the Future of Logistics TODAY
Organizations typically save between 5-15% on their annual freight spend.
Gain control of accessorials, remove payment tolerances, and eliminate freight audit costs.