The Bill Audit is a point in time review of your past bills that will help you uncover savings from your indirect expenses. It is the process of taking a comprehensive look at the current state of an organization’s vendor environment. It is very through process that baselines your current spend and identifies historical billing errors and credit opportunities.
During the review process, you may also expose some potential improvement opportunities to lower risk as well as reduce expenses by optimizing vendor contracts. The implementation of these opportunities is what we refer to as Billing Optimization.
The Audit is Where You Start
An audit will often deliver immediate, hard dollar returns and uncover opportunities for process improvements within your business. It starts by performing an initial baseline audit on your current indirect expenses. It entails a review of your invoices and contracts and in the process, identify opportunities to eliminate unused services and recover credits for overcharges. Initial audits typically uncover billing errors that are able to trace back to the “in service” date.
Since these audits can yield immediate savings, some organizations rely on audits as their primary management tool. The audit is basically a static snapshot – giving you a great baseline view. However, this approach actually leaves untold dollars on the table. For a more long-term approach for driving business value, organizations should be considering implementation of a Billing Optimization solution.
Billing Optimization Provides Ongoing Value with Automation and Centralized Data Management
Billing Optimization solutions can help organizations leverage the information gained through an audit to implement permanent process improvements and maximize long-term savings. It builds upon the bill audit and offers the greatest return on investment, because it includes the implementation of contract reviews, and negotiation of new terms and conditions to align with current business needs. These solutions will maintain the optimization achieved through the audit process, adapt to changing conditions and provide continuous improvement opportunities that might otherwise not be known.
Does your business have the right expertise?
Bill audits and Billing Optimization are not easy. They requires a specific skill set that takes time and experience to build. By outsourcing management of vendors, businesses can improve service delivery, reduce costs, and allow internal resources to help develop richer relationships and higher strategic value. Bringing in people with specific knowledge and expertise is a viable and practical option for many businesses. A successful vendor management partnership can help businesses elevate their vendor compliance and minimize risk. It also provides access to experts with a current working knowledge of vendor management best practices and avoids the risk of poor business decisions with flawed information.
About Limitless Technology
Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.
Through our Billing Optimization and Vendor Management Solutions proprietary platforms we utilize technology, processes, expertise, time, and resources to improve our client’s bottom-line.
Limitless Technology manages your vendors, so you can manage and grow your business.
For Additional Information Contact us at:Phone: 407.330.4466