Why Pay More Than You Should for Vendor Services?
Billing Errors Cost Businesses Millions! Billing Optimization Effects Your Bottom Line.
Even a slight over-charge can add up to a considerable amount over time. No matter how corporate billing is done, it’s a mistake to think that billing today is computerized and accurate.
Companies of all sizes can make mistakes; even one missed keystroke can turn into a billing error over-charging a business (your business). Sometimes billing errors go on unchecked for months or even years, and end up costing businesses millions of dollars.
While we Audit all Vendors Here are some FACTS on TELECOM/Communication Alone
Communication services are essential services for businesses. However, there are some very common billing errors that customers should watch out for.
- Billing past the cancellation date: Companies may continue to invoice monthly charges after the customer has requested a cancellation. This can occur for years after the cancellation and in some cases even after the business has moved from its location.
- Incorrect rates being charged: In some cases businesses are charged incorrect rates for the services being performed. This happens when the initial discounts are not honored or applied upon renewals. This can be caused by an oversight on behalf of the provider or misleading agreements that set limitations in disclaimers.
- Charging for services the company did not request. Charging for services the business did not request? Sounds impossible right? It does happen and more often than you might think. Services like internet faxing or network monitoring are added to the account and the customers pay additional fees unknowingly for these services.
- 3rd Party Fees: The most frustrating section of your invoices is “Third Party Billing.” These fees occur when your vendor simply acts as a billing agent. These fees are usually for services that your company does not use. Situations like this are referred to as “slamming” or “cramming” fees. In many cases these fees are overlooked and are not questioned. Errors and overage charges in these billing components allow companies to be taken advantage of, and these billing inconsistencies are costing your company money.
WHY overpay due to errors and overcharges that are continually billed month after month? Our auditing services include a powerful process that results in:
- – A reduction in spend.
- – Improved contractual positioning and superior spend management.
- – Audit for inappropriate charges, overcharges, charges for incorrect taxes or surcharges, unnecessary services and more.
FACTS: 80% (or $38 Billion) of Business Telecom Invoices have billing errors! (Gartner Group). U.S. Businesses have $13 Billion/year in Telecom Over-Charges. (Gartner Group) Only 2% is ever found.
The #1 Reason … Most often times the right expertise does not exist in the business. Also, 85% of mid-market company bills are paid in full and are not audited by the organization (Aberdeen Group). For bills that are validated, billing analysts most often examine just a small subset of invoices associated with the largest spending (Aberdeen Group). In our experience organizations who perform their own audits can expect to cut costs by 3-5% provided they have the expertise and knowledge and enough resources to devout time to the task. Our clients who engage in audits save on average 17-36% (some much more) on their annual telecom spend, again the ultimate result being reduced costs and therefore increased profits.
Companies often pay incorrect charges without even knowing it.
Few companies have the resources and expertise needed to review their charges on a regular basis for inaccuracies and overcharging by their carriers and service providers. Overcharges can come in the form of incorrect billing practices, under-leveraged services, contract non-compliance or simple errors, and the loss can be significant.
12% of charges are typically in error, with 85% favoring the carrier. Keep your expenses in check. LIMITLESS will make a significant impact to your bottom-line by identifying errors and overcharges in your spend and recovering those losses.
Since 2006, LIMITLESS has successfully performed shared savings based bill audits, billing optimization, and billing management services for companies across many industries, saving them hundreds of thousands of dollars. Our clients are thrilled when we significantly reduce their telecommunications expenses, finally bringing accuracy and order to their complicated expenses and networks.
Click here to view Audit Timeline.
Contact us today at 866-504-4050 to arrange for a FREE CONSULTATION. Together, we will perform a predictive analysis to determine if our high-end service would be beneficial to your company.