Vendor Contract issues
Managing the contract is the first step in ensuring that the rates promised during the sourcing and proposal process are being delivered. It assures and that any rate changes and discounts are realized on your bottom line. With RadiusPoint, all contracts can be attached in the software for easy desktop retrieval. Contracted rates are used to audit each applicable line item on the invoice. ExpenseLogic can set a limit for any line item detail identified in a contract, creating one of the most thorough continuous audits in the industry. Meticulous management of the contract ensures that the rates promised during the Proposal and Sourcing phases are being delivered, and that the savings show up on your bottom line.
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.
Amazing credits/savings that RadiusPoint has achieved for our Clients.
- A Financial Services firm avoided $2,711.15 in monthly charges on a water invoice. ExpenseLogic identified the error by meter and it was found that there was a leak at the location. The vendor agreed to credit over the normal usage.
- Over 800 phone lines for a salvage parts dealer that were not on the client’s long distance invoice that resulted in over $10K per month in savings.
- A Nationwide retailer of Eye Glasses and Contacts with 800 locations saved $203,282.86 in 2017 due to optimization of electric and gas services in their deregulated states.
- $1.4MM in errors billed on transportation companies wireless invoices for incorrect data plans. Credits were applied to the invoices and the plans were corrected.
- Over $500K in credits for a client in 2016 from AT&T for contract rates overages. + $52K in credits for a Healthcare client for lines that were supposed to have been canceled but the vendor didn’t follow through.