Working with companies over the years, I usually make this one of the first things I look at. It is also one of the things I enjoy doing most when going into a business. There is nothing better than making savings, improving quality within a business and reporting back to the business owner.

Like most bills and accounts nowadays everything is mostly online so there are no postal reminders to jog your memory and direct debits, as convenient as they are, can be your nemesis. As an owner of a business, I understand that you may look at your bank statements, sign the direct debit mandates for ease, agree on contracts for services, and then what……?

Time goes on, the bank statements continue coming in, direct debits continue going out and before you know it, a year has gone by and you could well be out of contract for a service, but again for ease, the service just continues. 

This is without even thinking about the quality of the service or product that you are paying for.

Recently, I have carried out my business health check in a company where it was a classic example of the Director busy doing what he did best in the company, carrying out works and growing the business. He had no time to look at statements and some of the contracts had been placed on out-of-contract rates. 

I saw the first bank statement on February 1st. I went through it line by line, got copies of all contracts and read through to check for any hidden penalties and end dates, researched other providers and requested quotes. In the last month I have:

  • Cancelled two unrequired mobile phone insurance policies which had been going out by direct debit since January 2019 at £11.99 each a month. Securing a refund of just under £600.
  • Changed seven service providers who, were expensive, or the service was not up to standard.
  • Replaced them with five new service providers who cover what the seven different ones were charging for with a considerable saving and marked quality improvements.

By making these changes I have reduced the outgoings of £593.41 per month to £247.80 per month, making a saving of £345.61 per month, that is £4,147.32 a year.