What Is a FedEx Audit? An Easy Way to Save On Shipping

Colby Ezell / Small Parcel / July 25, 2022

Billions of dollars in small parcel shipping refunds go uncollected every year. Yes, that billion with a “B.” That means that shipping companies are making a fortune on services that were never rendered, which is coming right out of your business’s bottom line.

FedEx has an excellent reputation as a shipping carrier, so if that’s the company you use for shipping, you might think this doesn’t apply to you. But even the largest and most reputable companies can make mistakes.

So if you’re ready to take control of your shipping expenditures and claim the refunds that FedEx owes your business, the first step is an audit. You can start saving money on shipping immediately by working with a third party like P3 to run a small parcel audit.

What Is a FedEx Audit?

A FedEx audit is a continual examination of your business’ FedEx shipping invoices to determine if there are any errors, overcharges, or unfounded fees and guarantee that you’re not inappropriately charged for small parcel shipping. This audit is the first step towards securing refunds rightfully owed to you by FedEx, such as those for late deliveries.

A full FedEx audit will look into more than just your current invoices. Auditing should be ongoing by examining each week’s billing statements to make sure mistakes made by FedEx are caught on time for refunds. Moreover, current contracts can be inspected to ensure your costs are on par with industry averages. If not, you can renegotiate your FedEx contract or consider finding a different shipping carrier.

Why Do I Need to Audit FedEx?

FedEx offers a variety of shipping options that can give businesses an advantage over the competition. FedEx is also known as one of the fastest shipping carriers, making it a preferred choice for many companies. However, mistakes can happen within even the most reputable organizations, and FedEx is no exception.

When shipping carriers like FedEx make billing errors, it’s not their responsibility to fix them. Instead, it’s up to you. Unfortunately, that means you would need to run through hundreds of pages to guarantee that all charges incurred were valid. This is no easy task, as shipping invoices are often lengthy and complicated.

Once you determine potential refunds, the process to claim them is complex, and you only have so much time to request them. The refund process is such a nightmare that 75 percent of refunds go unclaimed every year.

Who Offers FedEx Audit Services?

While this process is daunting to most people, there are experts who have plenty of experience in FedEx auditing. Businesses should consider working with a third party to help them guarantee they aren’t overspending on parcel shipping.

By allowing the experts at P3 Cost Analysts to run a FedEx audit for you, you’ll avoid the headache and time it takes to examine your invoices while saving tons of money.

Where to Find Savings

FedEx invoice auditing is one place you can find plenty of savings. On nearly every invoice, there will be potential refunds for late packages, incorrect address correction fees, and duplicate entries. But there are other places where P3 can save you money with FedEx, like through contract analysis and negotiation or ongoing reporting and analytics.

FedEx Invoice Auditing

Refunds on late deliveries alone can save you between three and five percent on shipping services. Countless other mistakes often show up on FedEx invoices, but there are specific time limits when it comes to applying for refunds. That means it is essential to audit each one as quickly as possible.

P3’s team of auditors uses our proprietary software to ensure all FedEx audit services are done quickly and efficiently. The 45-point audit guarantees no refunds slip past and automates the refund process so that you get the money you’re owed for each pay period.

Contract Analysis & Negotiation

Shipping contracts are often just as confusing as invoices, and they’re specifically worded to benefit the carriers like FedEx. Using confusing language, multiple pricing tiers, and lots of fine print makes it easy for business owners to get confused and miss important information.

Don’t just sit back and give FedEx the upper hand. Instead, consider FedEx auditing with a team of experts like P3 who have years of experience negotiating carrier contracts for terms that are favorable to you. With us, you can have access to the most competitive pricing available. If FedEx doesn’t renegotiate, there are other carriers out there that will.

Reporting & Analytics

Once you control your contacts and invoices, it’s vital to continue monitoring shipping costs moving forward. P3’s FedEx auditing services extend to reporting and analytics. We can help you locate inefficiencies and work towards lowering future costs by providing real-time shipping data for your business.

We offer a secure and intuitive online dashboard that allows you to create reports and analyze them to determine where to cut costs or make modifications. Using our online tools makes it easier to manage trends, maximize efficiency, and increase savings overall.

P3’s FedEx Audit Process

Step 1: Engagement

We’ll get started with a quick 20-minute meeting where we will discuss all the details necessary to start your FedEx audit. We will go over with you what we need from you to get started, like copies of contracts, invoices, and authorization documents. We will also go over our shared savings agreement, which means you pay nothing out of pocket to get started.

Step 2: Onboarding

Onboarding is simple. Once you share your FedEx credentials with us, we can start immediately.

Step 3: Audit

Using our proprietary software, we will comb through every ling of your FedEx invoices using a 45-point check, searching for overcharges, billing areas, and potential refunds.

Step 4: Automated Refunds

Once we locate the refunds that FedEx owes to you, our software will automate the complicated refund process. Then, all you’ll have to do is sit back, relax, and watch the refund credits roll in.

Step 5: Ongoing Auditing

P3 will continue to monitor your FedEx invoices each billing cycle to claim all eligible refunds within the allotted time frame.

How Much Can I Expect to Save?

At P3, we have years of experience saving businesses money on small parcel shipping through small parcel shipping auditing. In fact, we save companies 15 to 20 percent every day! That can add up to a lot of money going back into your business.

Not only that, but you don’t have to spend a dime to get there. P3 simply takes a share of what we save your business, so there’s no risk to you to try it out.

There is over $2 billion in audit credit refunds owed by big carriers every year. With our FedEx invoice audit services, we make sure to get you your fair share.

Don’t Skip FedEx Shipping Audits

Yes, scouring through your FedEx invoices weekly to find errors or discrepancies is a colossal undertaking. But it is vital to ensure that your company receives all the refunds it deserves. Luckily, you can pass the job off to a third party with experience working with FedEx, like P3 Cost Analysts.

Our expert team has former pricing analysts from big shipping carriers like FedEx who have a strong understanding of how these invoices and contracts work. Using P3’s proprietary software, they will handle your FedEx audit, allowing you to focus on other aspects of your business.

Want to save your company 15 to 20 percent on small parcel shipping? Schedule a free expense audit with P3 Cost Analysts today!

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