Below are a list of Common Questions assembled from feedback from our clients over the years.
1. Why do I need a third party to review our expenses? We already have people on staff that are responsible for these items.
You are no doubt doing a fine job managing expenses or you wouldn’t be in business today. However, every company has a vast number of Overhead Expenses. Your management does the very best they can to control expenses but they have limited time and most importantly limited expertise. It is highly unlikely, even in a large company, that you will identify a career-long industry expert in any one area of expense within your organization. It is simply not possible that you will find this across all areas of expense within your organization.
Every audit we conduct is performed using career-long expertise from that industry. Our goal is not ‘good’ pricing nor is it ‘some’ savings. Our goal is to deliver the absolute ‘best-in-class’ pricing, the lowest possible costs with no degradation of quality. Only with the most seasoned veterans is that possible.
2. How much of our time will this take?
Very little. Our process is specifically designed to minimize our clients’ time. In fact, our staff is even available to help facilitate information gathering. If it will take you more than a few minutes to copy bills, we will happily come out and do this for you. You simply review and approve the recommendation, after we’ve completed our analysis. After acceptance of a recommendation, it is our responsibility to fully implement and verify the recommendation.
Our staff also conducts ongoing monthly audits of each and every bill to ensure savings are maximized every month. Most of our clients SAVE a great deal of time working with BLX since they no longer have to perform detailed reviews or audits of these expenses.
3. When can I expect to receive a recommendation for review?
Time to complete a recommendation can vary depending on the size and scope of the spend. However, most of our audits are completed in 3-6 weeks.
4. Is this a one-time event?
Certainly not. We are held accountable to deliver and ensure savings for the duration of our engagement, or we are not paid. How’s that for accountability?
We provide monthly audits of the expenses we are managing and regular (monthly or quarterly) reports clearly showing the savings generated in our post-audit reviews. This process continues for the duration of our engagement.
5. What is the worst case scenario?
The worst case scenario is that we cannot identify any savings opportunities on a particular expense. Although rare, it does occasionally happen. Since our fee model is contingent, we charge nothing for our audit in that case and you receive a validation from a 3rd party expert that you are doing the best job you possibly can on that particular expense.
6. We're in a contract on many of our services. Can you still save us money?
YES. Most of our clients are under some sort of contract for the services we are auditing. Your contract status with your current providers often has little bearing on our ability to generate savings. Part of our audit process will include a thorough review of all your existing contracts and the terms of conditions of your contracts will be included in any recommendations we provide.
7. Am I obligated to accept your recommendation(s)?
No. You are not obligated to accept our recommendation, unless it is a simple price reduction of existing services. We are a client advocacy and our deliverable is a recommendation report and is just that – a recommendation.
8. Are you compensated by the vendors you recommend?
Absolutely not. We are INDEPENDENT CLIENT ADVOCATES and receive no commissions, kickbacks or incentives of any kind from the vendors we recommend. The only way you can be a true client advocate is to eliminate any other forms of compensation, which is what we’ve done. It is important to distinguish our service from many others who do receive compensation from vendors including: brokers, resellers or distributors.
9. What information do you need to begin?
A signed service agreement and your most recent invoices (generally the past 3 months) are all we need to begin our analyses.
10. How do I qualify for an Expense Reduction audit?
There are a number of criteria used to determine your qualification for a potential audit. Initial criteria for each expense category is listed here.