We Have Cost Reduction Down To a Science

Take a closer look at our cost-cutting methodology.

Our Process

Expense Consulting employs a defined process that has been proven to drive results. Below is an outline of our process, including an implementation timeline and estimates of the time commitment required of our clients.

Step 1 - Due Diligence (Estimated client time required: 1 hour)

Prior to selecting projects, we will sign your NDA and request a 12-month vendor spend report highlighting your current vendor partners and associated annual spend. We will use this information to benchmark your spending and give some insight into areas that you may want to prioritize during our engagement.

The review of your spend report typically takes Expense Consulting no more than one week.

Step 2 - Kickoff (1-2 hours)

Once we have executed our Engagement Agreement and Letter of Authorization, we work with your team to get a full picture of your relationships with vendor partners, and the services and products you are purchasing. We identify which of vendors you are happy with, and where there is room for improvement.

During this phase we collaborate on your priority contracts to assess the opportunities.

Step 3 - Gather Information (2-3 hours)

If you keep a physical filing cabinet, we can assign one of our team members to obtain invoices, current contracts, and purchase history. Alternatively, we provide a secure upload link if your files are kept digitally.

This process can be as simple as showing an Expense Consulting team member to the filing cabinet or may take up to two hours to upload your files to our secure link.

Step 4 - Data Analysis (1-2 hours)

After we receive data, we comb through line-by-line, identifying pricing for each product and service. Historical invoices are compared to current contracts to identify billing errors, and current pricing is benchmarked against our proprietary database to evaluate opportunities for negotiation. Errors are brought to the attention of vendor partners for resolution.

This process typically takes Expense Consulting one to two weeks, and we may periodically ask questions of your team, not more than two hours over the two-week process.

Step 5 - Investigate & Negotiate (2-3 hours)

We work directly with your vendor partners to ensure that service levels and contract terms are appropriate for your needs. We evaluate service levels and terms and negotiate better rates by benchmarking your current spend against our experience and proprietary data to secure best-in- class pricing for your organization.

This process takes EC 3-6 weeks dependent upon vendor responsiveness, contract complexity, and other factors. We may ask for 2-3 hours from your team over this period.

Step 6 - Approve (3-4 hours)

You, the client, lead the way from the very beginning. You tell us if you have a vendor preference. We will present you with our findings, and work with you to review our recommendations. For any new agreements that we might recommend, we will work to identify any concerning language before passing it on to you for legal review. You then give approval before we proceed with implementing any project recommendations.

This process can take as little as two weeks, or as long as six weeks depending on responsiveness from vendors, and whether recommendations require legal review prior to execution. This could require 3-4 hours from client depending upon legal review process.

Step 7 - Implement (1-2 hours)

Expense Consulting confirms new agreements and obtains countersignatures for you. We then oversee any product or vendor changes to ensure a smooth transition, and minimal disruption.

This process can be as simple as executing a new pricing addendum or may involve a change in provider should you choose. Depending on the service, vendor changes can take several weeks to ensure a smooth transition.

Step 8 - Audit (1-2 hours)

Expense Consulting will remain engaged throughout the three-year engagement term to ensure that prices are not changed out of contract, and that any implemented changes are adhered to for the appropriate term. We will perform an audit of all projects at least annually to ensure that approximate savings line up with realized savings.

This is an ongoing process and requires minimal input from our clients. Typically, a full audit of all reviewed areas takes EC about two weeks.

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