Bill Auditing is one of the most ignored opportunities for cost reduction in an organization. This is especially true of companies who have a high amount of vendor or employee turnover, and a variety of workplace employee roles. In just one example, as new employees are hired and other employees exit, redundancy in equipment usage can create surplus inventory, and unnecessary charges to your company.
Here is a simple cost increase example. A new employee in a different department is expected to start on May 10 and will require a company provided mobile device. The week prior to that, a customer service manager that has a company provided mobile phone for off-hour access is scheduled to retire. That phone and line are available to be redeployed under your current contract, right? It could be, but with a catch. It all depends on your contract terms and current plan on the line. Simply adding or changing the person may cause charges to be added to your bill. The current plan on the line might not be sized correctly for the voice minutes, number of text and/or data requirements for the new user. The only way to know if the lines and account are properly justified is by reviewing your invoices periodically, to make sure vendors are maintaining your accounts integrity and that they are compliant with the contract terms.
Most companies do not perform proper bill audits. They are time consuming, and require specific knowledge of the rates and terms you agreed to in your contract, as well as, the rates, terms and conditions others are receiving locally, regionally and nationally. Having the appropriate benchmark analytics and a qualified 3rd party that knows where to look, and what to look for, can yield huge savings. It also provides an opportunity to see if your contract terms are beneficial to your company, compared to what others in the market are getting.
Limitless Technology has extensive experience providing Billing Optimization services, and implementing effective periodic bill audits. Using a very structured approach, we tackle each element of the audit process, one step at a time. Our cost reduction specialists will database key critical cost elements and review your past billings to uncover all unnecessary charges/services & correct over-charged errors. In turn, we continue to audit these billings on an ongoing basis to ensure those errors do not recur, and no other errors appear. We pursue all moneys due to you as a refund or credit, for what could be YEARS of unfair charges. We then negotiate lower rates to establish a new baseline and keep your business costs down for years to come, creating a true Limitless ROI.
Limitless Technology manages your vendors, so you can manage and grow your business.
For more information about how we perform bill audits as part of our Billing Optimization platform, contact us at HERE.