$2 Million Saved Through Broker/Dealer's Telecommunications Audit Recovery

Client Profile

Industry: Financial Institutions
Entity Type: Public
Ownership Structure: Partnership
Geographic Footprint: International with a base in New York City
Annual Revenue: $40 billion

CBIZ performs telecommunications audit recoveries.Issue

A New York City-based broker/dealer with a global client base had produced a sizeable telecommunications bill and did not evaluate its telecommunications expenses regularly.

Solution

We performed a multistep telecom audit recovery to identify any overcharges and lower the price of the broker/dealer’s telecommunications current bill. As part of our analysis, we created an inventory of phone lines, including mobile lines. We found several unused lines that continued to generate expenses. A review of contracts uncovered a max billing clause that the broker/dealer’s telecom provider had not followed for a six-month period.

Our professionals benchmarked the company against peers of comparable size and industry and presented all of the information gathered in the recovery audit to the telecom provider to negotiate a lower rate. We also negotiated a longer audit clause.

Outcome

As a result of the max billing clause violation, the broker/dealer recovered $1.2 million in overages from its telecommunications provider. The recovery, combined with the lower billing rate and reduction in the number of provided lines, produced $2 million in total savings in the first year, with future savings anticipated.

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CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).

$2 Million Saved Through Broker/Dealer's Telecommunications Audit RecoveryCBIZ performed a telecommunications cost recovery audit and uncovered significant savings opportunities for a broker/dealer....2017-03-22T16:33:00-05:00CBIZ performed a telecommunications cost recovery audit and uncovered significant savings opportunities for a broker/dealer.Risk MitigationRisk Advisory Services