Shipping & Logistics Accounting Outsourcing Services - Bi-Outsource
Transportation is a term relating to all the industries out there and lifeline of the trade market and our economy. Transportation business faces various challenges on a routine base as the industry runs and deal with all the industries, people, and locations.
In the cutting edge competitions, there is a consistent rise in fuel costs and capital expenditure. So it becomes necessary to focus on the future growth of the business and emphasize on pre-planning.
As a part of the cost reduction strategy, companies in the industry try to use outsourcing services for their bookkeeping and accounting requirement. This helps them to boost input costs and revenues through tailored solutions and operational efficiency in customer services and sales.
Bi-Outsource provides shipping & logistics accounting outsourcing services , custom-made according to the specific requirements of your company.
Our Shipping & Logistics Accounting Outsourcing Services
- Processing of Freight bill, Comparing the freight bill to scanned bill of lading (BOL) and posting freight bills into the accounting or other logistics management software
- Audit of freight invoices (can be done at transaction level too) for adherence to freight terms listed in bill of lading (BOL) and other shipping documents
- Review of transactions posted and identifying significant errors including duplicate invoices and wrong freight rates
- Audit of over-billing and claim rebates from carriers
- Capturing order related information into ERP/Accounting system based on bill of lading, order and clients details, rate contracts, and other supporting documents
- Prepare Invoice and send to customers
- Track order status and updating delivery exceptions, held shipments and delays
- Posting of purchase orders, Fuel Tickets, Time sheets, driver logs, and other relevant documents
- Matching of invoices with PO & rate contracts and capturing them while adhering to clearly specified approvals and budgetary control procedures
- Invoice processing , approvals , routing and exception handling
- Processing invoices with invoice and PO posting or PO, Invoice and Goods receipts note posting
- Detailed vendor reconciliation
- Vendor ageing report
- Approval of vendor bills and on-time payment to avail early payment discounts
- Managing enough cash-flows
- Raising electronic fund transfer(EFTs) requests to pay vendors
- Bank reconciliation including credit card, lock-box deposits, checks and electronic fund transfers(EFTs)
- Clearing and Inter-company (bridge) account reconciliation
- Agent reconciliation
- Merchant account reconciliation ensuring funds collected by merchant accounts tie-in with funds deposited by them in the bank accounts
- Credit card reconciliation
- Driver logs reconciliation
- Posting of payments received from credit-card, checks(including lock-boxes) and cash deposits against open customer invoices
- Accounts receivables aging reports
- AR analysis
- Ascertain and examine unpaid and partially paid invoices
- Detailed analysis of receivables and ledgers for resolving historic AR issues and balances reconciliation
- Reconciliation of cash deposits statements sent by agents and merchant account payments against the bank deposits
- Scrutinize and understand the reason for unpaid balances
- Categorize receivables according to ease of recoverability and plan action items accordingly
- Preparation of easy to understand management reports
- Preparation key-performance indicators(KPIs) report that cover both financial parameters and operating parameters such as on-time delivery, freight volumes and order fulfilment rates
- Profit and loss statements,
- Balance sheets
- Cash-flow statements
- Aging reports
- Customized reporting based on client requirements
- Maintaining General ledgers
- Provision for monthly accruals and posting closing entries
- Inter-company adjustment entries
- Travel and entertainment expense accounting
- Maintaining fixed asset register including depreciation, asset improvement, asset purchase and disposal