IT professionals shoulder the brunt of challenges when it comes to in-house telecom cost and invoice management. Outsourcing operational tasks to a telecom expense management (TEM) firm can decrease spend and increase visibility in telecom environments, allowing for more accurate budget and technological forecasting.
Contingency fee-based telecom cost audits provide a zero-risk, high-return solution for businesses overpaying for telecom and datacom services.
Risk assessment is an integral part of any business. But it can be difficult to examine the overall risk, potential loss, and probability that loss will occur when it comes to money-saving services. This is especially true when you’re navigating multiple telecom/datacom contracts with complex terms and frequent costly errors.
For a zero-risk solution that saves your business time and money, choose a contingency fee-based financial audit of your telecom and datacom services.
The Hidden Power of Contingent Fee Audits
A contingent fee audit is any arrangement in which a specified commission or a percentage of money is made payable to an audit firm. Best of all? The auditor only gets paid a percentage if they save your company money, meaning there is no risk to begin the process.
So how does the process begin? Choose a telecom expense management firm with no affiliations to any telecom service providers. With no industry affiliations, the audit is guaranteed to be unbiased — instead focused on helping you reduce expenses and meet your telecom needs.
According to CFO magazine, 80% of all telecom invoices are incorrect, and the average overpayment is 7%. At Ruby+Solberg, we’ve helped companies in numerous industries save 20–50% on telecom expenses.
In the case studies below, our auditors were able to:
- Save a medical health plan company $84,000 by redesigning their network topology for better cost, efficiency and disaster recovery
- Reduce the directory assistance costs by $43,200 for a non-profit hospital by redirecting how the calls were routed
- Consolidate three different networks for a large regional bank after growth acquisitions, saving more than $40,000 per month through redesign, renegotiation, and consolidation
Scheduling a telecom cost audit every few years is integral to the financial health of a business. To maintain and maximize the benefits of your audit, we advise enrolling in our monthly invoice management service, Telecom Expense Management (TEM).
It Starts With A One-Time Telecom Cost Audit
Contingent fee audits will help your company be more efficient. These audits offer a fully documented financial analysis that reviews a company’s telecom services and invoices and offers recommendations on ways to reduce costs.
During an audit, our firm will analyze all of your telecom invoices, local/long distance lines, equipment, data and wireless service. We are not affiliated with any telecom/datacom providers, so we provide unbiased solutions to help your business:
- Establish an accurate inventory
- Identify unnecessary points of services
- Confirm pricing is in line with current contracts
- Ensure taxation is applied correctly
- Negotiate contracts with carriers
- Remove unused service points
- Make sure services levels are commensurate with each service lines (example, alarm lines do not have “call waiting” services)
With zero risk and only rewards to gain, a contingent fee one-time telecom cost audit might be your solution to improving your company’s bottom line.
How Much Can You Save with A Telecom Cost Audit?
Multiply your company’s total annual expense for local lines, long distance, cell phones, data, Internet, VPN, conferencing and calling cards by 15% up to 40% (average savings based on our 23 years of experience is ~20%):
Don’t know your total spend? Even more reason to have an audit performed. Ruby+Solberg will provide you with a complete inventory of services and associated costs.