If you're searching for ways to increase your bottom line, starting a new venture or going after a new business opportunity might not be the answer. Your small business could have hidden money through overcharges that you're not aware of - and revenue recovery may be the answer.
Did you know that businesses lose approximately $250 billion per year through inefficient billing systems and practices? More than 80% of all businesses are overcharged annually without their knowledge! Your home business or small business could very well be within this percentage.
Don't become a victim of poor business management. Good business economics comes from smart management. Knowing about overcharges and how to prevent them will greatly improve your business finance management today and for the future.
What are Overcharges?
Overcharges are additional charges that you may have paid unawares on certain types of bills. These "additional" charges are often accounting or typing mistakes, hidden fees that you were not informed about, or even fees tacked onto bills by a dishonest company. There are many types of overcharges. Here are just a few that are common with businesses.
Workers Comp Overcharges
If you have workers compensation issues at your workplace, then you may also have mistakes that are costing you money each year. These mistakes are often discovered in payrolls, experience modifications, classifications, or NCCI rules applications. There may also be insurance company overcharges. These "mistakes" can cost your company thousands of dollars per year if not caught in time.
Some studies show that almost 80% of telephone bills contain errors that cost American businesses millions of dollars per year. Telecom overcharges have become a major problem because of the variety of telecom services offered today. Many corporate businesses and franchises must keep up with long distance calling and toll-free calls, cell phones, answering services, telemarketers, and customer service calls. It's no wonder telecom overcharges are so common.
Telephone bills have become so complicated to read that many ignore the details and just write a check for the bill! What's the result? Businesses lose hard-earned money.
Income Tax Overcharges
Businesses can also lose money through income tax overpayments. This can occur whether it's an individual who owns a small home-based business or a small business owner with 5 to 100 employees. The IRS rules change almost every year, so keeping up with income taxes can be a difficult task - even for a financial consultant or accountant!
Tax overcharges can and do occur every year for individuals and business owners. What many don't realize is that these overcharges can turn into hefty refunds if submitted to the IRS as amended tax returns. Your business could have tax overcharges waiting to be claimed!
Rent, Leases and Utilities
Other areas where overcharges can occur are with business offices or building rent, leases, or utilities. In cases where the landlord includes utilities with your rent or lease agreement, he may be getting a discount on utilities, but charging you, the tenant, full price. Therefore, you might possibly negotiate a better rate if this is found to be true. This could result in tremendous savings every month for your business.
Revenue Recovery Solutions
There are many ways to investigate and recover lost revenue; however, it can be very time-consuming to audit all of your business information and bills each month. Luckily, there are many companies such as AmCorp Management that specialize in revenue recovery. They keep up with business news and investigate your bills for you to find overcharges and recover them for you. They provide business services that save you time so you can test new business ideas and possibly increase your bottom line each year through revenue recovery.
Consider revenue recovery to be a lifesaver, not a waste of time. You might be surprised at the money that has been hidden in overcharges year after year.