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Your organization probably relies on various service providers and vendors for TEM services. One mistake you could make is leaving the invoices issued by these entities unchecked. While it’s ok to trust that they’ll do their best to provide you with error-free invoices, there’s always a chance that a mistake might slip through the cracks.
The good news is that technology expense management (TEM) software can help you identify and remove errors if and when they happen. It’ll dig into those invoices and highlight the blunders that could be costing you thousands on an annual basis. This helps eliminate the risk of being overcharged, which is key to developing a healthy technology expense management strategy.
Below are some common invoice mistakes that TEM software can help you avoid.
Incorrect Renewals
Organizations and telecom managers often reach special agreements over contract renewals. Billing programs may not account for this information accurately and levy an unnecessary charge on the invoice. In cases like these, it is crucial to trace the error and claim it from the vendor requesting the invoice.
Overage Charges
If your month-to-month invoices frequently show differences in the amount due, it could be a sign that the provider is levying what is known as ‘overage charges.’ If your telecom plan includes a set fee for text messages, minutes, and internet data, overage shouldn’t be there on your invoice. One-time charges for installations and hourly data rates could cost your company thousands of dollars in overage expenses.
Third-Party Charges
If you or your team have subscribed to third-party services offered outside of your telecom provider’s plans, those vendors may use your telecom vendor as a ‘billing agent’ for the services consumed. This approach may result in the telecom provider making errors when accounting for third-party bills on the invoice. In several instances, the additional services would be rarely used by your company, but the provider may still levy charges according to third-party billing rates.
Ad-Hoc Errors
Whether it’s a roaming charge or a hardware package, ad hoc charges are often incorrectly levied on telecom invoices. Unless there’s TEM software to help you keep track of requests that will affect the bill and reconcile every request to the invoice, you’ll keep leaking money. For instance, if your company orders a cost-saving bundle for international travel, make sure that the correct package is reflected on the invoice. If not, this error could have a significant impact on international roaming charges.
Overlooked Terminations
This is a basic example of a simple human oversight having a big impact on a company’s telecom invoices. Several carriers out there practice a manual termination process, so if your telecom personnel forget to terminate a feature or line, you could end up paying an overcharge that’ll keep draining your finances until you do something about it.
Duplicate Charges
If you have a big organization with dozens of accounts, then you need to check those accounts carefully to make sure you are not paying for the same services. Telecom companies’ billing teams may commit some errors out of confusion since they’re dealing with various accounts for the same customer. Rather than trusting your vendors to remain vigilant during the invoice creation process, invest in a TEM solution that helps you detect and avoid potential errors.
Unchecked invoices may contain one or many of these errors. A reliable TEM service will help you double-check the accuracy of issued invoices, as well as discover hidden charges before they levy a financial burden on your company.