What is missing from this new $100 bill? Can you find it?
Read more to find out. What else is missing? Maybe several of these $100’s in your wallet every day. Wouldn’t it be great to get more? Well actually you wouldn’t be getting more you would just be keeping the ones that you are giving away. You see every month realistically hundreds and thousands of dollars are being paid out to telecom service providers for services that are either not being used, were never contracted for or worse hidden 3rd party fees that found their way in and were never discovered and never canceled. Therefore, errors just continue to appear on your monthly invoices, get paid anyway and your business losses money almost every time.
Unfortunately, this occurs so often that U.S. Businesses have a $13 billion a year in Telecom billing over-charges and only 2% is ever found. On average U.S. businesses waste over $38 billion a year due to telephone company errors.
If your organization is like most, you are purchasing an increasing variety of telecommunications services, each with a unique pricing schedule based upon a combination of complex service guides or tariffs and contractual agreements. The validity of the charges on the resulting bills cannot be easily verified.
Do you think that your telecom bill has errors? Well for many businesses like yours, surveys show telecom bills having over an 80% error rate which is HUGE and means every month their and potentially your providers are being overpaid. That probably doesn’t rest well with you? Are you OK with overpaying these large profitable companies every month – out of your pocket? If you are under the notion “well they are large corporations and they can’t overcharge or this is probably against the law and can’t occur or they wouldn’t go against best business practices”. We don’t like telling you this but you are probably WRONG! In fact, it happens every day.
So much so, that in some cases these providers are even in the news pending lawsuits for overcharges.
So how do you find out if this holds true for your business? Have you been over spending for years and are now missing $100’s of dollars or maybe $1,000 due to over-charges. How can you protect yourself from over paying? The first step is to obtain copies of your telecom bills. Then start reviewing each line item for charges that:
1. Don’t match your initial contract
2. Look for unexplained items like “other services”
3. Many times there are tax inaccuracies
4. In some cases you are paying for lines that you are not using
5. Look for hidden fees. Once you find errors or unexplained charges contact your provider
Ask questions, review your contract and request that any unauthorized charges be removed.
In many cases it is easier to assume that the bill is correct. However, this could cost the company considerably. Business owners who review their telecom bill and make even minor changes are saving money every month that can be put back in the growth of the business. Here’s an example of how overlooking an invoice can affect a business.
A healthcare organization was paying for a data circuit to effectively provide for a less expensive way to cost out long distance services. This technology had changed and so new carriers were selected to provide long distance making the circuit obsolete. While the company felt they had disconnected the circuit and we’re no longer being charged – charges for the circuit continued for over four years creating a billing for over $232,000. We were able, as a company, to recover that money that was misappropriated by the carrier who continued to bill the client.
So while you may be thinking to yourself, “I don’t have time to check every line item, I don’t know what all of the taxes, government fees, service charges and other fees represent” – Often times not knowing where to begin, or not having the time to perform these tasks keeps you from what you are missing – a potential savings on your telecom invoices.
If you have concerns about your telecom expenses and want to find out if you are overspending – contact us with your questions.
Did you answer the puzzle above? Click here to see if you were right?