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7 Best Practices for a Great Telco Audit

Posted on February 05, 2014 by Su Fan in Blog,Finance & Accounting

To help reduce your overall cost of sales, you can take a few simple steps to get things taken care of and organized in a timely fashion. Consider the following seven steps to help prepare you for conducting one of the best telco audits around.

Store All of Your Invoices in a Centralized Repository

When it comes time to prepare for a telco audit, the most important thing is having all of your information in one location. You should have a centralized repository to hold all of your invoices from vendors and related call data records. By having everything together in one location, you will know whether there are any files missing before the audit is performed.

Keep Your Rate Cards Updated

Make sure that all of your rate cards are updated regularly to prevent any potential disputes. Maintaining accurate records is critical when it comes to protecting yourself in a telco audit.

Be Proactive Whenever a Vendor Dispute Arises

If there are any issues with vendors, you need to raise a dispute in a timely fashion. Don’t sit there and wait until after the bill is due to talk to the vendor about it. Addressing the problem right away will eliminate the potential worry of having things get worse than what they need to be in the first place. Communicating with the vendor openly and proactively is the only way you are going to be able to reach a resolution.

Develop a Tracking System for Your Payments

Get a system set up to track all of your payment due dates, any payments made on the accounts and the amount being disputed. Not only will this help you to maintain accurate books for a telco audit, but it will also provide you with a comprehensive overview of your accounts receivable and accounts payable ledgers. It can be difficult to remember a number of different due dates, which is why a tracking system can make sure you are always on time with your payments.

Make Sure the Dispute Resolution Process is Aggressive

If you are disputing anything on one of the bills received from a vendor, you need to make sure you follow-up with them in a timely fashion. Make sure that any disputes are resolved within 60-90 days. You don’t want to have disputes sitting out there for six months or more. The best thing you can do is try to reach a resolution regarding your issue with the vendor. By having your accounts reconciled, it will make for a cleaner ledger and easier audit.

Take Your Record Keeping Into the Digital Realm

For every audit you have, you want to have an electronic record outlining what the outcome was. In doing so, you can easily look back at the information and see what you might need for your telco audit in the future. When you have an electronic record, you can easily back it up to make sure you are never without relevant information pertaining to your audit, regardless of whether it was in the past or you are preparing for an upcoming one.

Reconcile any Account Balances with Your Vendors

If you have an outstanding balance with a vendor, you want to settle anything that isn’t disputed. Communicate with them clearly and let them know that the disputed portion is under further investigation, settlement and reconciliation. The best thing you can do is to reconcile any existing account balances. The cleaner your books are, the better it is going to be when it comes time for an audit.

By going through the steps mentioned above, you can make sure you are prepared to handle a telco audit with ease. The important thing is being able to have accurate information right when you need it the most. Don’t allow yourself to be put into a situation where you don’t know who owes you what and when it’s due. Begin preparing today.

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