IT Expense Management Challenges

Sep 3, 2018

Since communication and technology are so crucial for businesses today, telecom and IT services are considered a top-priority budget item. Companies are willing to spend a lot of money on telecommunications services because they play such a pivotal role in garnering leads and growing a business. However, failing to manage expenses related to IT and telecom systems can result in overspending, creating serious problems for the company’s bottom line.

IT Expense Management Challenges

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To make sure you’re on the right track, it’s important that you have a finance professional manage these expenses so your company can save money, while still making advances.

There are many opportunities for professionals who monitor IT and telecom to make mistakes. Here are some common pitfalls to avoid.

Underestimating complexity — Depending on how many services your company is using, your work may be cut out for you. To track everything, you will need to know the software the company uses for billing, which telecom services are used, and how the company pays for the services. Additionally, you need to track the expenses and activity of members of each department. Doing so can help you identify areas where employees need more services or areas where services can be cut.

Cutting corners — Since managing telecom expenses is a complicated job, it may be easy to think you don’t need to waste your resources on tracking these expenses as thoroughly as possible. Nowadays, it’s getting easier to do thorough accounting using software geared toward this kind of work. Utilizing a telecom expense management system can help you save money by eliminating or finding billing errors, identifying unnecessary costs, and promoting improved decision making.

Not anticipating increasing prices — As telecom and IT services become more in demand each year, and new methods of communication find places in the workplace, the money you will spend on these services will also increase. While many companies are shifting toward unified platforms that provide a variety of channels of communication, expenses are rising elsewhere. Many companies offer individual employees mobile devices. As cell phones and tablets experience wear and tear, they may need to be repaired or replaced, creating another expense in the budget.

Not identifying billing errors — Despite many systems being easy to use and automated, human error is still prevalent. Workers who need to process bills for reimbursement may commit mistakes when filling out paperwork. However, there is now software that can be used to submit these types of forms that help eliminate errors. Additionally, the software can track usage, analyze performance, and perform audits to give you a better idea of whether your telecom and IT services are meeting your employees’ needs.

While managing telecom and IT expenses can be an arduous job, using a telecom expense management system can help eliminate hassles and streamline tasks.

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