Kirk Conole discusses how companies can realize average gains of $1k – $4k per full-time employee.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-kirk-conole-partner-and-chief-operating-officer-with-dci-solutions/
Specialized cost audits that maximize savings on overhead and tax can be a safe and easy way for any business with at least 50 employees to increase cash flow and profit by $50,000 per year. Most companies gain $1k to $4k per employee when they authorize audits that find savings and refunds in their overhead and tax without changing suppliers or wasting time.
So after your company’s CFO and internal resources have done all they can with the time and tools available to them internally, an outside team of specialists can readily acquire and analyze the available overhead and tax data to identify and then correct the costly billing discrepancies that creep into the overhead bills that all companies pay.
Health care – one overhead cost worth reducing!
If your company’s health insurance broker is like most, he’s a likable, competent, commissioned salesperson, not an independent analyst. His pay is based on what the Client pays for premiums (even when it appears to be a negotiated fixed fee) and not what the Client saves on premiums.
An independent analyst with expertise in auditing the Rx rebates will use the available data to pinpoint who’s getting how much of the rebate dollars each year and rout those back to the company ownership, often resulting in a 10% reduction in the total cost of care. Employers with very large populations shouldn’t be surprised that 2% of plan participants are ineligible, and taking money out of a plan that was funded by the employer and employees.
When conducting a healthcare cost audit, it’s essential to have the right resources and expertise. This is one area where having a dedicated healthcare cost auditor can make all the difference. A trained professional will have the knowledge to identify errors, discrepancies, and other opportunities for savings that would otherwise go unnoticed. Savings in a health care cost audit can range from 10% up to 50% savings in total costs without changing doctors or reducing the quality of benefits.
Unlocking Specialty Tax Credits
Tax savings are a great way to increase cash flow in businesses of any size. Additional tax exemptions and tax credits can be used to reduce the amount of taxes paid for sales tax, use tax, utility tax, property tax, and state and federal hiring tax credits not to mention the routine job training credits, research & development credits, and 179D and energy efficiency credits.
An accounting firm might perform or contract out for one or two of these usually performs of these services but to maximize all possible tax savings the company should authorize tax credit specialists to optimize all possible credits using sound, proven methodologies.
Taking Action: Steps to Realize Savings
By authorizing an outside expert review to improve to its overhead and tax, a business can realize significant savings. Here are the steps that should be taken in order to realize these savings:
- Identify qualified experts to handle cost audits and/or specialty tax credit claims.
- Authorize an audit of all costs and specialty tax credits, and maximize all relevant credits.
- Establish terms so that you, the owner, are not paying for promises or for hours worked but only for actual money-in-the-bank results.
Kirk explained: “Even when costs are below budget, the business can still be overpaying. With the right resources, businesses can realize average gains of $1k – $4k per full-time employee without investing Capex, cutting quality, changing suppliers, or wasting time.”
About Kirk Conole
Kirk Conole serves as the Chief Operating Officer overseeing client relationships and business development activities for the company.
Before joining DCI, Kirk was the principal of Independent Energy Services, providing utility rate and tariff analysis along with economic analysis for energy projects such as backup generation, co-generation, solar energy, and energy efficiency.
Kirk’s deep expertise in the area of Energy Consumption and Strategic Use allows him to provide utility rate and tariff analysis and cost savings for DCI’s clients. In addition, Kirk oversees the marketing of the firm’s CORE and Tax Solutions to current and prospective clients. Kirk received his B.S. in Electrical Engineering from San Diego State University.