New Freight Audit and Payment System From Softeon Can Eliminate Need for Third-Party Audit Service

RESTON, VA--(Marketwired - January 31, 2014) - Softeon, provider of the industry's most functionally-rich supply chain software, announced this week the availability of its new Freight Audit and Payment (FAP) system, a solution that can reduce total freight spend and/or eliminate the need for expensive third-party freight audit firms.

FAP from Softeon supports parcel, LTL and full truckload shipments, and can rate and audit freight bills across several dozen attributes and accessorials, performing a three-way match between a company's own shipment information, proof of delivery information, and the carrier's freight bill.

Until now, most companies that audit their freight bills for one or more carrier modes do so using a third party service. In some cases, different third parties are used for parcel versus truckload and LTL. Other companies do not audit their freight bills at all, or only audit truckload and LTL, and not parcel shipments.

With Softeon's FAP, companies can use the same type of sophisticated software that some third-party audit firms use to identify carrier errors and overcharges. Studies have found such errors and overcharges can represent 2-3% of a shipper's total freight spend -- dollars that can be recovered with the right tools.

Shippers can also save the costs associated with using third-party audit firms. With FAP, companies can identify, document and report on all the overcharges, such as a parcel carrier missing its delivery commitment for a given class of service, a truckload carrier miscalculating accessorial charges, or an LTL carrier misclassifying freight.

While the shipper still needs someone to contact the carriers to obtain the refunds, that can be done easily through a small internal staff or outsourcing just that activity, not the entire audit process, reducing costs substantially.

Softeon's FAP is a component of its powerful Transportation Management System, which provides broad and deep functionality across shipment planning and execution, parcel management and more.

FAP can benefit companies in every sector, and can be an especially important tool for ecommerce companies or business units struggling to get to profitability by reducing effective shipping costs.

Other components in the Softeon suite include its flagship Warehouse Management System, Labor and Resource Management, Distributed Order Management (DOM), Demand Planning, Routing & Scheduling, and more.

Advanced capabilities of Softeon's FAP include:

  • Revenue and cost allocation to the SKU level to more accurately calculate cost of goods sold (COGS).
  • Shipment tracking and customer service capabilities to measure carrier billing and delivery performance.
  • Rich analytics such as detailed freight spend and volume analysis, plus a broad array of pre-packaged internal and carrier KPIs.
  • A revenue margin management tool for 3PLs that enables then to monitor control buy-sell costs for freight and keep them within specified margin parameters.

FAP is already in use successfully at several Softeon customers, including Sony DADC and Harper Collins in Europe.

"Our new FAP solution was built working closely with several of our customers, and has proven its value in the field," said Softeon's Satish Kumar, VP Client Services and Technology.

As with all Softeon supply chain solutions, FAP can be delivered via the Cloud or more traditional deployment.

About Softeon
Softeon is a global provider of supply chain solutions from planning through execution. Our modern platform is engineered to reduce complex problems into simple solutions for a faster time to market and lower cost of ownership. Users can implement solutions incrementally to solve a specific challenge or deploy an integrated system. Configurable modules and rules-based solutions give market leaders the business agility they need to get ahead and stay ahead. Companies choose the flexibility and ease-of-use of the Softeon platform to drive higher business value and accelerate ROI. Deployment options include on-premise or in the cloud. For more information, please visit

  • Apple adds touch screen keys to MacBook Pro, price jump startles some

    Apple adds touch screen keys to MacBook Pro, price jump startles some

    By Deborah M. Todd CUPERTINO, Calif. (Reuters) - Apple Inc unveiled a revamped MacBook Pro on Thursday, adding a fingerprint reader, replacing function keys with a small touch screen and raising prices by several hundred dollars. The first redesign in several years is a sign Apple still sees a role for the product that launched the company, even though its iPhone has become the flagship product. Ben Bajarin, an analyst at Creative Strategies, described the changes as "important incremental upgrades" which would convince people with old Macs to trade up to the smaller, faster model.

  • Tarek and Christina El Moussa of HGTV's Flip or Flop receive a percentage of profits for house flipping classes held by Zurixx LLC
    L.A. Biz

    Tarek and Christina El Moussa of HGTV's Flip or Flop receive a percentage of profits for house flipping classes held by Zurixx LLC

    With his construction savvy and her design talents,Tarek and Christina El Moussa of HGTV's "Flip or Flop" seem to have the right formula for flipping houses for big profits. No wonder people are excited to attend classes to learn the Orange County couple's secrets. Flip or Flop is the second-most-popular show on HGTV, watched by 2.8 million Americans, many of whom dream of imitating Tarek and Christina's success. But when flipper hopefuls show up for what are advertised as free events, they are pushed to purchase courses and software that cost thousands of dollars, The Associated Press reported. The company that runs the Success Path classes, Zurixx LLC of Utah, is accused by some attendees of

  • Internal emails show McDonald’s turnaround is in trouble
    Business Insider

    Internal emails show McDonald’s turnaround is in trouble

    McDonald's turnaround is facing a major roadblock. The email was summarizing a September meeting between McDonald's executives and franchise leaders. McDonald's did not immediately respond to Business Insider's request for comment on the documents.

  • Self-made millionaire: Don't put money in your 401(k)

    Self-made millionaire: Don't put money in your 401(k)

    The self-made millionaire refuses to play by anyone else's rules, particularly when it comes to saving money. "I would never, ever invest money in a 401(k)," Cardone tells CNBC. The popular retirement plans are "traps that prevent people from ever having enough," Cardone writes on his website.

  • Business
    Real Money

    Market Has Already Decided Election's Outcome

    I'm growing so tired of the recent trading-range action that I was hoping a bit too much that the negative reaction to Apple (AAPL) earnings and the weak action in small-caps might trigger some downside momentum. What happened instead is that the indices bounced right back and are barely unchanged. (Apple is part of TheStreet's Action Alerts PLUS portfolio.)  Breadth is still dicey at 2,600 gainers to 3,900 decliners and the small-caps indices are hanging on by their fingertips to support, but the S&P 500 is showing just a minor loss. It still isn't a very good setup for buying, but the story of this market has been -- and still is -- a lack of momentum in either direction. One question we were

  • Everyone's Dream Boss, Joanna Gaines, Is Hiring
    Country Living

    Everyone's Dream Boss, Joanna Gaines, Is Hiring

    Looking for a career change that might involve farmhouse furniture, Christmas decorations, and plenty of bakery goodies? Magnolia Market, Joanna Gaines' furniture retailer and bakery located at the Silos in Waco, is hiring more staffers to join their teams for the holiday season, the brand announced on Instagram. If you have a knack for preparing tasty treats, for example, Magnolia Flour is looking for bakery sales associates and a baker.

  • News
    WSJ Live

    Millennial Voters Decide After 'Trump Class' at Penn State

    Donald Trump is the subject of an honors course at Penn State this fall. So how will the students studying the GOP presidential nominee cast their ballots on Election Day? WSJ's Shelby Holliday visited State College, Pa. to find out. Photo: Associated Press

  • BA
    Associated Press

    UPS orders 14 Boeing 747 jumbo jets to carry air freight

    The Boeing 747 revolutionized air travel and ushered in the era of jumbo jets back in the 1970s, but these days it is often used to carry packages, not people, and its future is uncertain. The hump-backed behemoth got a boost Thursday, however, when UPS announced it has ordered 14 Boeing 747-8 cargo freighters and took an option for another 14. Neither Boeing nor UPS disclosed terms of the sale.

  • 4 Bad Money Habits That Can Hurt Your Relationship

    4 Bad Money Habits That Can Hurt Your Relationship

    Money issues can cause arguments, stress and even divorce if they're not addressed. In order to maintain a healthy relationship you should consider having mutual financial disclosure. Here is a list of some bad habits that can potentially hurt your relationship and tips for how to avoid them.

  • Former Wells Fargo banker shares her story of the crushing stress from having to open so many needless customer accounts
    Business Insider

    Former Wells Fargo banker shares her story of the crushing stress from having to open so many needless customer accounts

    When news of the Wells Fargo scandal broke in September, the crushing anxiety that Angie Payden experienced as a banker there three years ago came rushing back. As a Wells Fargo banker, Payden told Business Insider she had "impossible" sales goals to reach. Richele Messick, a spokeswoman for Wells Fargo, told Business Insider that if this were the case, it would have to be determined on an individual basis.

  • Exclusive: WHO cancer agency asked experts to withhold weedkiller documents

    Exclusive: WHO cancer agency asked experts to withhold weedkiller documents

    By Kate Kelland LONDON (Reuters) - The World Health Organization's cancer agency - which is facing criticism over how it classifies carcinogens - advised academic experts on one of its review panels not to disclose documents they were asked to release under United States freedom of information laws. In a letter and an email seen by Reuters, officials from the International Agency for Research on Cancer (IARC) cautioned scientists who worked on a review in 2015 of the weedkiller glyphosate against releasing requested material. The review, published in March 2015, concluded glyphosate is "probably carcinogenic," putting IARC at odds with regulators around the world.

  • Qualcomm to buy NXP for $38 billion in biggest chip deal

    Qualcomm to buy NXP for $38 billion in biggest chip deal

    The acquisition will also help Qualcomm, which provides chips to Android smartphone makers and Apple Inc , reduce its dependence on a cooling smartphone market. With the deal, Qualcomm is taking a big bet on the so-called Internet of Things (IoT), which enables everyday objects such as fridges and cars to communicate with each other.

  • Best Fidelity Funds for Your Retirement Savings

    Best Fidelity Funds for Your Retirement Savings

    Kiplinger Fidelity is home to some of the greatest stock fund managers of all time. At the top of the list is Peter Lynch, who during his tenure at Fidelity Magellan from 1977 to 1990 delivered a 29.1% annualized return. He beat out all other stock funds and bested Standard & Poor’s 500-stock index by an average of 13.5 percentage points per year. Since then, other stars have shone brightly, including Contrafund’s Will Danoff, Low-Priced Stock’s Joel Tillinghast and Growth Company fund’s Steve Wymer. The firm’s string of famous managers may explain why 22 of its funds land on a list of the 105 most popular mutual funds in employer-sponsored retirement savings plans. We set out to identify the

  • Twitter smashes expectations, announces job cuts
    Yahoo Finance

    Twitter smashes expectations, announces job cuts

    Twitter (TWTR) shares are surging after the company reported better-than-expected performance in the third quarter. Earnings adjusted for nonrecurring items came in at $0.13 per share, smashing expectations for $0.09. Importantly, Twitter reported 317 million monthly active users (MAU) during the period, which was up from 313 million in Q2 and stronger than the 315 million analysts were looking for.

  • Don’t Let the ‘4% Rule’ Sink Your Retirement Goals

    Don’t Let the ‘4% Rule’ Sink Your Retirement Goals

    When looking into retirement plans and goals, you may stumble upon the “4% rule.” This is a guideline for spending down your savings so your money will last your whole retirement: The first year you retire, you can safely spend 4% of your savings. Wade Pfau, professor of Retirement Income at American College and founder of, argues against using the 4% rule, saying that it is somewhat antiquated. One problem with it, Pfau explains, is that it is meant for for a 30-year retirement.

  • Business

    CenturyLink nears deal to merge with Level 3: sources

    CenturyLink Inc (CTL.N) and Level 3 Communications (LVLT.N) are in advanced talks to merge, according to people familiar with the matter, in a deal that would create an enterprise telecommunications player worth more than $50 billion, including debt. It would combine Level 3's enterprise services with CenturyLink's network that provides Internet and telephone offerings to millions of customers. CenturyLink and Level 3 declined to comment.

  • 10 Worst States for Taxes on Your Retirement Nest Egg

    10 Worst States for Taxes on Your Retirement Nest Egg

    Retirees have special concerns when evaluating state tax policies. For instance, the mortgage might be paid off, but how bad are the property taxes—and how generous are the property-tax breaks for seniors? Are Social Security benefits taxed? What about other forms of retirement income—including IRAs and pensions? Does the state impose its own estate tax that might subtract from your legacy? The answers might just determine which side of the state border you’ll settle on in retirement. These 10 states impose the highest taxes on retirees, according to Kiplinger’s exclusive 2016 analysis of state taxes. Three of them treat Social Security benefits just like Uncle Sam does—taxing as much as 85%

  • Tesla shares soar after posting second quarterly profit ever

    Tesla shares soar after posting second quarterly profit ever

    Tesla (TSLA) shares soared Wednesday after the company posted its second profitable quarter ever and beat analyst expectations for the third quarter by a wide margin. In a conference call Wednesday night, Tesla CEO Elon Musk said the company currently believes the fourth quarter will be profitable excluding non-cash stock-based expenses, and added there is a "chance" Tesla will be profitable even taking those things into account. Tesla said it earned 71 cents a share on an adjusted basis in the third quarter on $2.3 billion in revenue.

  • New Wells Fargo CEO to employees: 'We're sorry'
    Associated Press

    New Wells Fargo CEO to employees: 'We're sorry'

    Newly appointed Wells Fargo CEO Tim Sloan told employees Tuesday that he is "sorry for the pain" that the bank's employees have suffered as a result of the company's sales practices scandal. In the speech, Sloan acknowledged that the bank did not respond to the problems in its branches soon enough and that upper management dodged responsibility for the bad behavior and wrongly placed blame on branch employees. Wells Fargo is enveloped in the biggest scandal in its 164-year history, which earlier this month forced the abrupt retirement this month of its CEO, John Stumpf .

  • Gold little changed, awaiting direction on U.S. rates

    Gold little changed, awaiting direction on U.S. rates

    NEW YORK/LONDON (Reuters) - Gold was little changed on Thursday, pressured by a persistently strong dollar as the market awaits more signs about the timing of an expected U.S. interest rate rise from the Federal Reserve. Bets that the Fed will raise rates have driven the dollar to nine-month highs against a basket of currencies (.DXY) this week and limited gains in gold. The dollar index was about 0.3 percent higher on Thursday.

  • Trader looks to quintuple his money by betting on Disney

    Trader looks to quintuple his money by betting on Disney

    Ahead of Disney (DIS)'s quarterly earnings announcement early next month, one trader is making a trade he hopes will quintuple his money. Examining a daily chart of Disney, Keene points to a "clear bear channel to the downside," though with consolidation around the $90 level, which Keene deems a level of support. Keene calls Disney "over-sold," and sees shares of the media giant heading back to the $100 level the stock saw in July.

  • Cashing in small pensions 'more popular'
    BBC News

    Cashing in small pensions 'more popular'

    A rising number of retirees are cashing in their pension pots but the amount they typically withdraw has fallen, figures show. Savers can now cash in their pension pot from the age of 55. When the access was permitted for the first time last year, people were taking out sums averaging close to £20,000. The latest tax authority figures show typical withdrawals have fallen to about £10,000. This is evidence of retirees using the pension reforms to cash in smaller pension pots or taking part of their savings in cash while leaving the rest invested in a scheme. Previous research has suggested that the most popular use of the cash is for home improvements. Pension changes People aged 55 and over can

  • CEO Kevin Plank says Under Armour still has eyes on being No. 1 despite stock slide

    CEO Kevin Plank says Under Armour still has eyes on being No. 1 despite stock slide

    Under Armour (NYSE: UA) CEO Kevin Plank said his company still has plenty of room to grow, despite concerns about the company's slowing sales. On Tuesday, Under Armour's Class A shares saw their worst daily performance since Nov. 12, 2008, amid concerns that the company is losing steam , especially in its biggest market, North America. While that figure was up 22 percent from the year-ago period, it was Under Armour's slowest sales growth rate since the third quarter of 2010.

  • Strategist Tom Lee makes case for double-digit S&P 500 return by the end of 2016

    Strategist Tom Lee makes case for double-digit S&P 500 return by the end of 2016

    Stocks look poised to breakout and mount a traditional rally into the end of the year, longtime market bull Tom Lee told CNBC on Wednesday. Lee, co-founder of boutique research firm Fundstrat Global Advisors, put what he calls a "highly probable" 2016 price target on the S&P 500 (^GSPC) of 2,325. In 2015, the S&P 500 ended lower for the year, its worst year since 2008.