Is your business overspending on telecommunications? It’s not uncommon for a business to spend a million dollars or more every year on telecommunication expenses. Unfortunately, many of these bills have outdated service plans, contain errors, and even have late fees that can amount to thousands of dollars. For these reasons your business needs a telecom audit and in this article we will highlight the benefits.
Many businesses don’t realize how long their current plans have been in place or what new options are available. Internet, phone, and data plans are constantly changing, and the companies that power them are hungry for your business. Telecom providers also know that telecom bills are usually the last on the list of areas to audit, resulting in a monthly overspend that can end up being 4 and 5-figure amounts! Imagine a telecom audit saving your business $50,000 every month. This isn’t uncommon at all and is the primary reason more businesses are turning to telecom audit solutions to see an increase in profits.
What exactly is telecom auditing and who does it?
Telecom audits are performed by companies or contractors that specialize in researching your current spending along with bills and statements from your providers. These companies are specifically trained to look for areas where a business is being overcharged, newer and fair market plans could be evaluated, and even areas where plans could be bundled to save money, giving you the potential to lower your invoices month after month.
Still think you don’t really need a telecom audit right now?
You might be surprised that over 60% of businesses are spending thousands of dollars every year just on late fees, and around 90% of businesses have errors on their bills that result in overpayment. Aside from these principles, an auditor could discover old lines that aren’t being used, recurring programs or application payments failed to cancel, or even paying for features that aren’t being utilized anymore.
Your telecom auditing checklist
It’s easy to get started, and the process isn’t time consuming on your part at all. Here are the things you’ll need before you meet with your telecommunications audit specialist:
- Consider what telecom devices and services are being used within the company
- Be ready to discuss your industry and how these services fit into your business
- Gather all access to your telecom bills – statements, websites, username/passwords, etc
Very rarely do these audits produce minimal savings. A great telecom auditor will only charge you if they can save you money, and it’s highly probable the amount you’ll save will be in the thousands or even tens of thousands every month. You have nothing to lose by choosing to audit your telecommunication bills and you have everything to gain! All businesses are looking for ways to save money, and a telecom billing audit is one of the easiest and most overlooked ways to reduce unnecessary spending. Now is the time to find those hidden costs and turn them into savings. For more industry news, tips and other free resources, check out our blog.