In light of the recent news regarding the bankruptcy filing of one of our competitors in the freight payment industry, I thought I’d take a moment to highlight some of the processes we have in place to clarify our disbursement controls and procedures.
Our corporate operations account and the freight payment funding account for U.S. payments are separate accounts at Wells Fargo in Bloomington, MN. No funds are commingled between our corporate operations account and our freight payment account.
Canadian payments are funded through RBC in Toronto. This account is in a relationship with Wells Fargo and the reporting comes from RBC. The bank reconciliation reporting for these payments are on the Wells Fargo CEO Portal.
The reconciliation of our U.S. and Canadian freight payment accounts are outsourced to the Axtell, Haller & Slatcha CPA firm in Bloomington, MN. This is the only business or personal relationship that we have with this firm.
Additionally, Williams & Associates has also successfully passed the SOC 1 audit since 2011. The SOC 1 audit includes a review of our bank reconciliation records in addition to a review of other controls in place at Williams & Associates.
If you have any questions, please contact me directly at 952-703-5656.
Gilbert C. Williams
Williams & Associates, Inc.