Telecom expense is one area of your business that sees increasing costs year after year. With new technologies, changing rates, market volatility, long-drawn contracts, keeping track of telecom expenses can be an overwhelming task. Owing to the myriad bills you pay for local, long-distance phone calls, the internet, and more, identifying cost-saving opportunities can become a complex process.
In such a scenario, a third-party telecom expense audit consultancy like https://www.costanalysts.com/services/telecom-auditing/ could help you analyze if you are getting your money’s worth or your business has been the victim of overcharging.
Why Do Businesses Need a Telecom Expense Audit?
With the global pandemic, people adapting to the work from home culture, telecom expenses are rising. According to Statista, in 2020, global telecom service spending reached $1,553 billion. With your workforce confined to their homes, the frequency of local and long-distance calls is increasing. The internet is also an essential expense that your business will have to bear to maintain connectivity and round-the-clock availability.
That being said, paying outrageous amounts for these telecom services is not a necessity. With the help of an audit, you will get a clear picture of what you are actually paying for services like phone, data, wireless, and internet. Once the actual expenses are tracked, you can then go about identifying cost-saving avenues and renegotiating contracts.
The audit could help you save on time, effort, and costs in the face of a volatile economy. These essential resources could then be redirected to running and growing your business.
Reasons to Consult an Expert on Telecom Expense Audit
Gain Insight into Telecom Charges
You might be aware of the thought process in a business that for something to be improved, it first has to be measured. A telecom expense audit by a third party does precisely that for your business. They will get into all your telecom expenses, contracts, analyze, evaluate them for cost-effectiveness, and provide you with a comprehensive report on costs, errors, and overcharges.
You can take corrective action when you have a clear picture of where you are going wrong.
Save On Costs
Cost savings is one of the most significant advantages of engaging a third party to audit your telecom expenses. Once an audit is conducted, the third-party consultant will offer you a detailed report on overcharges and cost-saving areas. You could then implement actions like renegotiating contracts, looking for new service providers, educating employees on phone tariffs and data charges. You can pump the cost savings you make post the audit into business for efficient functioning.
Constant Monitoring For Additional Savings
When you are engaging an expert to audit your expenses, you will benefit from the full range of services they provide. Constant monitoring of current telecom charges is one such service. They could provide you with a consolidated report on all your monthly telecom charges, making it easier to identify redundant or outdated costs and getting rid of them. For example, you could curtail long-distance employee call allowance when you are paying for internet charges, as one can also make these long-distance calls over the internet.
Focus On Your Business with Experts Auditing Telecom Expenses
Conducting an organization-wide telecom expense audit is a time-consuming process. You would be taking the workforce away from daily activities to focus on a task they are not equipped with. With third-party experts, you are engaging with a team experienced in handling telecom expenses. They could help quickly identify overcharges and cost-saving areas.
A telecom expense audit can help your business get a clear picture of your expenses, if the charges are per market rates and if you are getting what you are paying for.
A third-party consultancy could help you save on time, effort, and costs and help your business sustain through a challenging economic environment.