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Organizations receive a wide variety of bills each month from a number of different service providers. It's important for businesses to not only pay on time, but to also actively monitor their available resources accurately. Bill payment solutions have emerged as a possible answer to these issues. Let's take a quick look at the pros and cons of bill payment solutions...
Bills can uncover a lot about what services you use and how much each costs. Businesses often look to lower their overall payments, but as telecom setups become more complex, it can be difficult to accomplish. There are three IT expenses that are burning holes in your pockets which can impact organizations.
It’s easy to feel like you are in the middle of a juggling act as a Procurement Manager or CPO. No matter how many times you reflect on current processes and procedures, new tools are continuously released to promote the supplier management process.
You’ve now realized that you don’t want to waste any more time or money on managing your telecom expenses. Outsourcing telecom expense management is in your best interest, and it’s time to choose a telecom partner. Choosing a telecom partner can be a task in itself, but it doesn’t need to be. You just need to know what to look for. Based on over 25 years of business, we picked out seven characteristics that you should consider when choosing a TEM partner.
At various points through the month, invoices arrive from the Finance or Accounts Payable departments. Charges, invoices and expenses that need to be approved by a variety of department heads, managers and directors. It’s a complicated to-do with many tasks baked in. Invoice approval and payment encompasses auditing, allocating, submitting for approval and THEN cutting the check these invoices.
Bill payment for telecom, technology or other monthly-recurring invoices is a time-consuming process. Time consuming for your finance team and for the departments approving the individual expenses (but more about that part later…). Today is all about bill payment, more specifically how your team can outsource the check cutting for the individual invoices that show up in your mailbox every month.
Whatever you call it… it means essentially the same thing. Splitting telecom and technology costs so they can be assigned to the responsible party, department, location, employee. Cost allocation is one of the most important steps towards transparency in a telecom environment. It provides you with the visibility of what is being spent, where and how.
Last week we hosted hot-topic webinar, “i-Spy Telecom Invoice Errors”. During the session we shared five of the most commonly missed and most expensive telecom invoice errors. Could you be missing these telecom invoice errors in your invoices month after month? Your existing telecom invoice processes could be the sticking point.
Every month invoices arrive from the Finance or Accounts Payable departments. Charges, invoices and expenses that need to be approved by a variety of department heads, managers and directors. It’s a daunting and complicated task, auditing, allocating, submitting for approval and finally paying these invoices. For most organizations the ‘submitting for approval’ process is the most time consuming and costly part. But it doesn’t have to be.
Here’s a quick gut-check scenario. A telecom invoice arrives in the mail… it’s 1,000 pages long, and includes a large and complex environment of both wireline and wireless devices. What happens next? Is this invoice reviewed line by line? Or is it just paid – without review or further scrutiny?
Don’t leave money on the table. Negotiating telecom contracts is supercharged with a TEM firm.As a business owner, you want the best for your company… while also keeping extra expenses at a minimum. Maybe the do-it-yourself approach has worked for you in the past. But last year you let your wireline contracts expire and they auto renewed, at a different (and higher) rate. Whoops!
Our team members go above and beyond for our clients. Sometimes that means digging deep into the details, and doing the work that no one else wants to. Keeping track of the line items that you don’t have the time, or brain space to do. Here’s one example – paying bills accurately and on time.
With the expanding complexity of telecom, there is an ever growing push to integrate cost allocation into expense management. Managers want to know who pays for telecom services, and how much they pay, so they can make intelligent decisions using that data. IT and finance both want deeper visibility into what is driving costs, and hopefully, insight as to how the environment can be restructured to minimize the impact to the bottom line.
Huge not only in dollar value, but in sheer volume. Some firms have complex telecom environments including many locations, multiple vendors, and various services ranging from mobile to WAN. This can mean a lot of paper coming in, a responsibility that may make you want to hide in your office and pretend like you’re on vacation. For a year.
When the check arrives late because the mail was slow, you get hit with late fees. And what can be worse, if the check is misapplied to a different telecom account, you are stuck spending sometimes hours on the phone getting the issue resolved. And in the process, your service may even be disconnected.
