ANNUITY invoice Review
WHAT IF YOU FIND SOMETHING?
Most organizations have received or are very close to receiving their Q3 annuity invoices, so we thought we’d cover the most frequent question (by far) we get from clients starting to review their invoices: What do we do if we find something during the annuity invoice review process?
There’s no “one-size-fits-all” answer, but there are some best practices you should follow when something looks off. So, we’ve assembled our top 5 annuity invoice review “red light” follow-up steps.
TOP 5 COUNTDOWN
#5: Expand your data sample. Don’t rely on one transaction; check at least 3 to 5 charges in different currencies before escalating. You need to identify a trend, not a one-off incident.
#4: Double-check everything. If your calculations or assumptions aren’t correct, you will have difficulty executing your strategy. Get a second set of eyes to review everything.
#3: Check your contract. Many annuity contracts favor the vendor regarding currency conversion or agent fees, so make sure you know what’s in your contract before moving to step #2.
#2: Prepare your strategy. After reviewing your contract, determine what you can/want to do. This might be the right time to get a better contract with your provider or go back to your vendor for a refund (it happens). It might also be time for an RFP.
#1: Contact your vendor. Ask your vendor to provide the details behind the transactions that you identified, and then execute your strategy based on the vendor’s response.
Note: How and what you discuss with the vendor matters – contact us for free guidance if you are preparing for this discussion.
NEED HELP WITH ANNUITY INVOICE REVIEW?
If you haven’t started monitoring your patent annuity invoices – you should. Most clients find 10 to 20% savings in the first year. Need help with the process? Check out our invoice review service – we’ll do all the hard work for you!
