Chief Financial Officer | CFO
Telecom and utility expenses are often the second or third largest business expenses after payroll. Due to this, CFO’s and their team need a way to track and pay for expenses, manage inventory, assist with contract negotiations, etc. An Expense Management partner will offer both the technology and expert support to easily manage these areas and more. From support, procurement, and tracking of invoices and inventory, RadiusPoint provides necessary tools for smart decision making with full visibility on a single platform, ExpenseLogic. We transform your raw data into immediate cost savings through real-time, detailed reporting to give granular views into your Telecom, Wireless and Utility Invoices.
Frequently Asked Questions
The Return on Investment that RadiusPoint achieves for our clients creates a true partnership. Over the past several years RadiusPoint has created a positive ROI for our clients, many achieving over 500% per quarter. The overages are caused by vendor over charges, contract errors and usage overages that are detected and corrected.
Can the solution provide an Interface file, or will our AP team need to enter the account information into our accounting system?
RadiusPoint will create an Upload file that will interface with your current accounting software for proper allocation and to eliminate any keying of invoice information.
RadiusPoint will take full responsibility of getting the invoices paid in a timely manner. In addition, RadiusPoint will create an Upload file that will interface with your current accounting software for proper allocation and to eliminate any keying of invoice information.
Yes, RadiusPoint can provide a monthly Accrual file based on your Accounting software’s specifications and your company’s unique financial reporting needs. The file specifications would be provided to RadiusPoint during the set up so that the Accrual file can be created. Then the Accrual file would be delivered on a monthly basis, dependent on your timing and requirements.
RadiusPoint works the Missing Bill report on a daily basis. ExpenseLogic has the Missing Bill report as a standard report that will allow our team to search for invoices that have not been received within a specific time period. The Missing Bill report feature also allows for tracking of the conversations with the vendors to retrieve the invoices and reminders if the invoice is not received and entered within a specific timeframe.
ExpenseLogic, RadiusPoint’s proprietary software will audit each invoice based on the Account number, the Service ID (phone, circuit or meter number) and then each charge for each Service ID. The auditing by line item detail is one of the most efficient methods that audits each charge, each month in an automated manner. RadiusPoint would then research each overage with the vendor and reconcile and resolve the over charge. In addition, the credits pending will be tracked through ExpenseLogic until the credit is received.
The goal is to drastically reduce the amount of time that your team has to interact with your vendors. Questions that occur on the invoices such as new services added would be questioned by RadiusPoint however many of these type of questions can be resolved by copying RadiusPoint on the orders to the vendors.
Invoice Manager Dashboard.
Is the RadiusPoint solution the right one for your company?
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What are some of your Needs and Challenges?
Learn how the RadiusPoint Solution can assist you. Click Below to explore common needs and challenges.
Not enough personnel
How many invoices can your Accounts Payable team process each day? Do you have enough people on staff to get all vendor invoices paid on time to avoid disconnects and service interruptions?
In today’s tight labor market, ensuring that your invoices are paid on time can be a problematic issue. “Getting behind” should not be an option… Yet, this happens often when a large number of invoices comes in to be processed and your AP department is understaffed.
Vendor contract management issues
Managing vendor contracts is the first step in ensuring that the rates promised during the sourcing and proposal process are actually delivered. Vendor contract management ensures your organization that any rate changes and discounts flow through to its bottom line.
Vendor contract management is simplified by ExpenseLogic’s Contract Management database. This database ties services, devices, and assets to a vendor contract, and gives management and AP staff a view of the actual contract document. Email notifications 90 and 60 days prior to expiration date ensure that contract expiration dates won’t be missed.
Contract Management is easy with ExpenseLogic’s Contract Management database. The Contract Management database ties the service or devices and equipment with the contract and gives the capability to view the actual contract document. Email notification 90, 60 days prior to expiration ensures that your contract expirations won’t be missed.
Examples of credits/savings obtained for our clients
- A financial services firm avoided $2,700 in monthly charges on a water invoice. ExpenseLogic identified the problem at the meter level: there was a leak at the location. The vendor agreed to recredit the difference with normal usage.
- A salvage parts dealer had 800+ phone lines not their long-distance plan: moving these lines to the correct plan resulted in $10K+ in monthly savings.
- A nationwide retailer of eyewear (glasses and contact lenses) with 800 locations saved $203K+ though an optimization of their electric and gas service contracts in deregulated states.
- A transportation company was charged $1.4MM in erroneous billing by their wireless carrier, under incorrect data plans. Credits were applied to the invoices and the plans were corrected.
- AT&T recredited a client some $500K+ previously billed for contract rates overages.
- A healthcare client obtained $52K+ in credits on phone lines the vendor had erroneously forgot cancelling.
Errors on invoices requiring an investigation
Billing errors are the scourge of an efficient organization, and most companies don’t have the time or personnel for auditing and reconciling every invoice. RadiusPoint’s invoice audits, error identification and reconciliation process generate savings of over 25% with no sales, no carrier, no vendor changes required.
RadiusPoint’s business intelligence SaaS platform ExpenseLogic takes the guesswork out of auditing and reconciling invoices on a monthly basis. Limits are set for each line item for ExpenseLogic to audit against them on each invoice. This optimizes vendor accountability. Our billing invoice validation process is a proactive expense management approach, and a proven method for saving money.
Late fees charged by vendors
Unless their contract stipulates otherwise, vendors typically charge late fees on unpaid invoices. According to an article published in Business.com, “Most late fees are between $25 and $50… Some companies use a percentage of the invoice amount to calculate the late fee.”
Moreover, tying up late fees to invoices in an accounting system generates extra operations and an increase in time wasted unproductively. Instead of focusing on tasks generating value, Accounts Payable is catching up with unnecessary re-work.
RadiusPoint’s Invoice Processing service tracks invoices along their entire lifecycle. Our process systematizes the workflow from receipt of vendors’ invoices to their on-time payment. As a result, late fees are eliminated, and the efficiency of the process precludes non-necessary operations. The Accounts Payable staff can spend their time on productive tasks, and the resulting savings flow all the way to the bottom line.
Service disconnects are costly. Not only do they entail spending time investigating past-due charges, but also calling vendors to tackle service reconnection, often with associated reconnection fees. Even more importantly however, service interruptions are disruptive of normal business operations. The cost of an interruption in phone service can be staggering in terms of lost business opportunities. Avoiding service interruptions should be priority #1 for any Accounts Payable department.
Our Invoice Processing service tracks all invoices along their entire lifecycle. Our ExpenseLogic platform helps organizations with multiple locations manage the accuracy, processing, and payment of all telecom and utility bills.
Our services include inputting both paper and electronic invoices into ExpenseLogic, coding charges, creating exceptions reports, setting up approvals for payment, and interfacing our platform file outputs with the organization’s current financial systems.
Examples of issues resolved for our clients
- Eliminating paper invoices
- Eliminating late fees
- Breaking down invoice information for intelligent reporting
- Creation of Accrual files