What are Telecom Expenses?
Telecom expenses were limited to the phone system, networking equipment, and intra/internet components and services used throughout a business. With the advent of the cloud and wireless devices, telecom expense management expanded to host a whole variety of expense categories. Office365 and G Suite subscriptions are used for office productivity. WebEx, GoToMeeting, and Zoom subscriptions needed for collaboration. Cloud storage solutions such as AWS, Microsoft Azure, and Google Cloud Storage. Even your employees’ monthly wireless costs and associated overage charges all fall into the telecom expense bucket.
The types of costs and expenses we incur directly relate to the products and services our businesses provide. Telecom expense management encompasses the tools and methods used to minimize costs and allocate expenses to the assets necessary for day-to-day business operations, and the development of new products and services.
Unification and Allocation
Telecom expense management includes the unification of all fixed, landline, cloud, and wireless services into one manageable program. Smart software solutions take a first-pass at analyzing all of your invoices to find easy savings like unused licenses, subscriptions, and wireless services. Smart people take the analysis to the next-level. Telecom expense management specialists compare your contracted rates against each invoice and find discrepancies to request credits.