Are You Losing Money Through Shipping?

Every shipper is trying to save money on shipping to help improve the bottom line for a supply chain. You use an instant freight quote tool and try to find the lowest rate. You think that you may have saved a few bucks in the process. It turns out that shippers might still be losing money. A recent Journal of Commerce report found that every year, US companies are losing billions of dollars to foreign corporations because of errors relating to the invoicing process. According to the report, this might impact 20%-30% of all shipping invoices. The result of these errors means that US companies are losing a projected total of hundreds of millions of dollars each year. As a result of these loses, the cost of ocean logistics and freight continues to rise and this has a negative impact on the US job market.

Ocean freight makes up the majority of the transportation for trade around the World, and US companies constantly engage in cargo shipping by sea with businesses in other nations. There are numerous reasons why US companies are losing money every year through shipping. Rates and markets are changing all of the time. Ocean Audit Inc suggested that a big factor is because many US companies lack the proper resources to perfectly audit shipping invoices. That is why it is important that all shippers should work with a trusted freight forwarder who has the experience, knowledge and resources to check ocean freight invoices, which can save shippers money.