OAKLAND, Calif., Dec. 9, 2021 /PRNewswire/ -- OpenEnvoy, the Bay Area fintech company that created the first real-time AP automation solution, is helping rail shippers streamline rail freight invoices to increase cost transparency and boost profitability.
As capabilities in the logistics space have evolved, rail has continued to prove itself as the most cost-effective option for companies that ship massive freight. Though it also presents a variety of challenges for finance teams.
Railroad shippers can minimize the complexity of Rule 11 by using OpenEnvoy to ensure shipping invoices are paid on time, every time. "A single solution to automate accounts payable processes, manage invoice matching, and accurately audit unlocks the opportunity for early payment discounts and creates immediate cash flow," says Matthew Tillman, CEO of OpenEnvoy.
With the ability to perform a full forensic audit of high-volume invoices within minutes, OpenEnvoy's AP automation technology supports finance teams using Rule 11 by ensuring accuracy, expediting invoice payments, and eliminating wasted spending.
By applying OpenEnvoy's real-time AP automation technology to Rule 11, rail shippers can:
- Enhance rate visibility- Leverage a real-time two-way system for extraction and audit for improved visibility into exact amounts charged by each railroad in a multi-railroad movement.
- Reduce manual workload- Maintain organizational efficiency in processing invoices associated with a baseline bill of lading and employ tagging to validate all the invoices for one shipment.
- Strong negotiation power- View provider scoring to measure supplier performance and support rate negotiations.
- Decrease freight costs- Perform a comprehensive forensic audit of every invoice with accuracy before payment to eliminate wasted spending and track disputes when necessary.
Finance leaders and teams can use OpenEnvoy to simplify Rule 11 by streamlining invoice processing and leveraging automated workflows to improve supplier relationships and capture cost-effective shipment rates.
Unlock all of the benefits of Rule 11 shipping rates with real-time AP automation by scheduling a demo with an OpenEnvoy expert today.
OpenEnvoy enables finance teams of all sizes with visibility, automation, and cash flow solutions. To learn more about how OpenEnvoy can help you prevent wasted spend, visit https://www.openenvoy.com. Read more at Future FinOps or follow @OpenEnvoy on Twitter and LinkedIn.
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