Managing Manufacturers’ & Distributors’ Expenses
With increasing costs and decreasing profits for Manufacturers’ & Distributors’ every penny counts. While organizations are focusing on the cost of machines, parts, fuel, etc. frequently the overhead expenses are overlooked. Many companies assume recurring costs like electric, water, telecom, wireless, security, fuel, etc. are invoiced accurately and within company policies.
In addition to Manufacturers’ & Distributors’ dealing with all of the above, there is still the allocation of your recurring expenses. You must ensure that you are billing for the correct percentage of usage to each cost center and/or department and to the correct division or job for expenses like utilities, telephone, wireless, security, fuel etc. so that all of the overhead is allocated properly. Just keeping up with this is a full time job; however who is making sure the invoices are being allocated to the proper department/division accurately? In fact, who ensures they are being billed properly? Do they match your contract rates & terms? Is there usage that should not be there? Are the services being utilized within company policy? Is there a process in place to dispute any discrepancies and follow through until applicable credits are issued?
Many organizations have an accounting staff that can do some of the above, but are also tasked with knowing your company/industry and focusing on the core of its expenses, not knowing how to read an electric bill and know what is incorrect on the billing-typically, they just make sure it isn’t off by more than 30% and approve it.
At RadiusPoint, we have developed a solution which notifies you of inaccuracies with invoicing and allows for accurate distribution of expenses through our software, ExpenseLogic. We have combined over 24 years of expense management experience and our proprietary software to provide a single platform solution for your expense management needs. Our software provides solutions for telecom, wireless, utilities, waste, and security along with many other recurring contractual services. In other words, we allow you and your staff to focus on the core and strengths of your business.
Whether you want us to take it “off your plate” or you would like to maintain it in house, but need a better way; RadiusPoint can help!