“Audit”- Doesn’t have to be a dirty word
Isn’t it interesting that a simple word like “audit” can invoke such stress and anxiety? Maybe it’s because the Internal Revenue Service uses the word. It’s a shame that an audit has developed such a negative connotation as there are many positives that can come from an audit especially in the telecom billing world.
What is a telecom Audit?
A telecom audit is conducting a review, examination and reconciliation of Telecom, Wireless and Network customer service records, invoicing and contract agreements in order to ensure accuracy. Because so many errors could easily be hidden in all of those line items and no one really has time to review every charge they just go undetected and paid. This is costing companies, possibly your company, hundreds or even thousands every year. And let’s face it telecom invoices are very confusing at times.
Have you seen this line item “other charges and credits”? What does that apply towards? Did you get overcharged for an installation or for other services that were performed? Did a credit get applied correctly? More examples include being charged for lines that are not working. This would mean there may be inventory discrepancies. There could also be contract discrepancies that need to be reviewed. Are the contracted rates being reflected on the invoices? Audits find these errors and more. Why should you overpay?
Why should every company have a telecom audit?
1. Human or manual errors
2. Computer or billing platform errors
3. LEC and Mobile portability
4. Poor or restrictive contract clauses
5. Incorrect order placements
6. Misapplied rates
9. Mergers and acquisitions
10. Decentralized Billing
11. Taxes and surcharge mistakes
12. Poor Inventory Control
13. Inaccurate record or book keeping
14. Tariff errors
15. Duplicate billings
16. Expired contracts with high rates
17. Still paying on “forgotten” lines, phones, and locations (where some have been closed for multiple YEARS)
- 80% of Business Telecom Invoices have billing errors (Gartner Group)
- U.S. Businesses have $13 Billion/year in Telecom Billing Over-Charges. (Gartner Group) Only 2% is ever found!
- U.S. businesses waste over $38 billion a year…due to telephone company errors?
LT~CRS through detailed analytical processes, efficient procedures and proven best practices, has provided over 25% savings on average to partnering Clients (and in some cases over 75%) on their current bills and contracted rates. Most companies do not have a person or department who has the time, expertise and resources to review billing line by line in order to catch and correct mistakes. If you have questions regarding this post about telecom audits or any other questions about telecom charges contact LT~CRS.