Utility bill management refers to streamlining utility expenses. Processing the utility bills, payments, and managing it has become one of the most time-consuming areas for the accounts payable department in most organizations. Utility bill management is a service third-party entities provide to help companies track and review their utility costs. If your organization is in multiple locations then you may receive hundreds or thousands of utility bills every month. A utility bill management program can help you save time and money, it also includes the receipt and processing of a company’s utility invoices. The bills are scanned and data is entered in specific fields within a database. In this process timely payment of utility bills, regular review for errors, and cost-saving opportunities come along.
The benefits of managing utility bills1. Centralized platform with accurate records for better management.
The utility bill management program provides a centralized platform that can accurately record the cost of utility services such as electricity, fuel, water, phone, internet bills, etc. Businesses can then use this information to track the cost by division and region and provide the management with useful reports that will help in comparing the cost and the consumption every year and set up benchmarks for the future.
- 2. Limit or avoid unnecessary costs
If your business is spending a large portion on utility expenses, then it is important to keep an eye on what exactly the business pays for as there are chances to pay for accounts that the business no longer uses or in case of errors that the business has not identified. If the business is spread across different regions then the tax laws might change and make it more complicated. Having access to the billing data can help you review the charges, compare and identify areas that require a closer look.
- 3. Expert review and analysis
Understanding the utility bills can be quite difficult as there are hundreds of puzzling data. It is always better to have an analyst validate the data, identify errors and overcharges. Analyzing can help identify errors such as overlapping billing periods, metering issues, or mismatch in the total and the sum of the individual items.
- 4. Eliminate stress
When opting for a utility management service you longer have to deal directly with the utility companies. You can just hand over the work to the utility management company and they will resolve the issues for you.
The price of inaction is far greater than the cost of making a mistake – Meister Eckhart.
So, why wait! Streamline your utility expenses. Find out if utility bill management will work for you by contacting our experts.