It is indeed true that paying your utility bills isn’t a complex procedure. However, you could be forgiven for assuming it was because the rates, discounts, and usage periods are all confusing. Because of their complexity, even utility firms that issue invoices make mistakes.
Accounts Payable teams have their job cut out for them when it comes to handling utility bills. They must read, understand, and evaluate the information they are considering and the time required to sort through it are both enormous. Automation holds the key to finding a solution. It saves time and money by reducing processing time. Furthermore, it allows the accounts payable team to return to their roots and focus on what they do best: identifying methods to save money for the company.
When selecting a utility bill management service, keep the following in mind:
-
Transparency
Manually processing invoices is a time-consuming process. Only a completely automated system will allow you to save the most money. You’ll need an individual who can provide comprehensive control over the energy-spend lifecycle, from receipt to payment to reporting, to accomplish this. Transparency over your company’s data should be provided by an automated approach.
-
Energy data in real time
Automatically collecting invoices will surely save time for the company. However, when weighing your options, keep in mind the rate at which billing data is uploaded and thus available for use and reporting. Not receiving the information in a timely manner could cost you a lot of money. Budgets, acquisitions, and closures all require a firm foundation in actual facts rather than assumed data.
-
Bill validation
If best practices are followed and a utility bill management service automation system is deployed, the organisation can make data related decisions. Any decisions taken, however, will only be as good as the evidence on which they are based.
Automation and data management software saves time, involves less human intervention, and offers any company assurance that the data they’re looking at is accurate.
However, it is quite crucial as hundreds of data points can be found on a bill, including use, billing intervals, and contract terms. Utility bill validation guarantees that the correct amount and terms are charged to the company. Knowing that these critical aspects have been considered gives the decision-making process complete confidence. Significant cost reductions have resulted as a result of this.
-
Improved payment system
Invoices must be paid after they have been collected and approved. Make sure the partner’s solution supports payment automation when you’re looking for a partner. Rather than telling your team that an invoice is ready to be paid, it goes ahead and makes the payment. This improves the efficiency of the bill-paying procedure.
-
Correct reporting
If data isn’t easy to follow and, more crucially, obtain, it can be frustrating and overwhelming.
A system that restricts access to information is likely to result in different business units having different versions of the story. As a result, the organisation makes less-than-optimal decisions, the consequences of which could be felt for a long time. Business leaders regularly attend numerous meetings, and you’ll want them to pay attention to your data.
-
Budgeting
Without precise historical data, the organisation will be left in the dark when it comes to budgeting. It’s tough to estimate major expenses like power bills without knowing what came before—especially when energy consumption is cyclical. When looking for potential partners, be sure they can handle previous usage data. The last thing you want to discover when it comes to budgeting is that you’re missing vital information. With nothing to compare it against, a single data point is worthless, and you’ll want to avoid setting unattainable goals.
Conclusion
If you are looking for peace in a high-energy environment, our skilled team, with a strict invoice management system makes it feasible. Handle your utility bill management by ensuring integrity, speeding processing, and saving money with the help of Blackstone’s knowledgeable advisors.
