Every month they arrive, right on time — your technology invoices. And every month, someone swears that there has to be a better system to review and audit invoices. And there is! So, what does that system look like?
A structured technology expense management program, utilizing an automated system, is the answer to your headaches over technology invoices.
But how can it work for your organization?
Among other streamlined efforts, an automated technology expense management system is designed to:
- Import technology invoices from the carriers in electronic format for easier access.
- Provide complete visibility of your technology cost, inventory and assets.
- Enable centralized invoice processing, auditing and general ledger allocation.
- Identify variances and anomalies from billing period to billing period.
- Link to finance and HR systems for integration.
An automated technology expense management system provides you with the visibility and knowledge of every detail behind these expenditures. The result is detailed reporting and analytics for greater business intelligence regarding invoices, inventory and contracts.
Common invoice errors
Forrester Research has found that up to 35% of technology invoices contain errors, yet most enterprises lack the time, expertise and resources necessary to uncover them.
Errors found most often relate to inappropriate charges — third party fees, new account fees, late payment fees, installation fees, new line charges and more.
Other issues include:
- Human errors, which can account for a significant percentage of overbilling and similar mistakes; for example, for services you canceled that are still being billed, or items billed at incorrect or non-contract rates.
- Invoices that don’t match contractual agreements can slip right through the cracks, adding up to unexpected expenses.
Audits to the rescue
Sure, someone on staff is auditing your technology invoices, but is it a cursory once-over or is it a comprehensive audit of all invoice details?
An automated technology expense management system conducts a rigorous audit on a consistent basis to confirm that invoices are error-free, and that management has the proper business intelligence for informed decision-making and accurate forecasting. Invoices are assured to be correct, validated against contracts, inventory and accounts, and that all possible refunds and credits are received.
An automated technology expense management system also centralizes all technology estate invoices and associated inventory (wireless and wireline) in a web-accessible system that is intuitive and easy to use.
In short, it’s the answer to the monthly invoice aggravation.
Are you ready to get your technology invoices in line and eliminate invoice aggravations? Contact us today to learn more.