here come the Q3 invoices!
There’s no better way to spend a Memorial Day holiday than reviewing 3rd quarter annuity invoices – said nobody, ever!
Hopefully, everyone in the US will have a relaxing holiday. For those outside the US, you had your May Day holiday; it’s our turn.
Over the next couple of weeks, we’ll be busy auditing Q3 annuity invoices, but many organizations still do the verification themselves, so we’ve assembled our top 5 annuity invoice review tips.
TOP 5 countdown
#5: Identify a clear invoice owner. If nobody is responsible for an invoice, excessive costs slip through easily.
#4: Don’t go it alone. Annuity invoice review can be complicated, but your finance or procurement team probably has resources who can help lighten the load.
#3: Have a good contract and know what’s in it. To audit an invoice, you need to know how and what to hold the vendor accountable for. If you don’t know what’s in your contract, you are likely to flag things that the contract doesn’t support.
#2: Require that your vendor produce a detailed invoice. Audits are much easier if you have access to important data points like PTO fees, agent fees, and exchange rates.
#1: Actually do some kind of a review. Whether it’s a spot-check or a full audit doesn’t matter. If you regularly audit invoices and ask questions, vendors will notice, and your costs will go down. Trust us on this one.
Need Help with your annuity invoice review?
Check out our annuity invoice review service – it’s easy and inexpensive! We’ll quickly identify excessive currency or agent costs and also make sure you are being billed according to your guidelines.
