What is Utility Bill Auditing for Businesses?
A utility bill audit is an inclusive review of a company’s utility invoices — water or sewage, waste, gas and electric — to evaluate rate plans and track billing errors. Other services such as internet, phone services and cable TV can also be considered utilities as they are standard in most American households and businesses.
An energy bill audit is an assessment executed by professionals to help home or business owners identify opportunities to lower energy costs and adopt more energy-efficient practices. A utility bill audit can untangle the web of many monthly fees.
For large enterprises that receive many complex utility bills every month, including telecom, waste, water, natural gas and electric, business utility auditing is crucial. Even one minor error correction can generate significant savings.
Utility companies and other professionals are tasked with the need to research market utility rates to benefit their consumers. These organizations can include investor-owned and publicly owned electric cooperatives and utility companies.
Utility Auditing: The Process
The process of utility auditing involves the following steps:
- Research: An auditor will evaluate and assess your invoice history and service agreements to understand what individuals and businesses are currently paying for and what their true service needs are.
- Review: Utility companies and auditors conduct a remote assessment of all possible aspects of a business’s telecom and utility processes. Auditors speak with site managers to clear up service questions and get in touch with service providers in the case of any billing discrepancies.
- Recommendations: Auditors present tailor-made solutions, renegotiate contracts and may recommend other less expensive service providers. If granted approval, auditing professionals will implement solutions on your behalf.
Benefits of Business Utility Bill Auditing
Advantages of utility bill audits for businesses include:
- Save money: A professional audit offers insight into how companies can cut operating costs through energy-efficient improvements.
- Provide protection: Energy audits ensure a more secure energy future and protect the environment by reducing fossil fuel pollution.
- Improve health and safety: Auditors can detect possible health and safety risks such as radon leaks and carbon monoxide from improperly vented combustion equipment.
- Increase comfort levels: Improvements in air sealing and insulation reduce heat transfer, leading to a more efficiently heated, cool and stable space.
Let RateAcuity Help You With the Utility Bill Auditing Process
As an auditor or utility company offering business utility auditing services, providing consumers with accurate and up-to-date information is imperative.
RateAcuity’s powerful utility rate database allows you to:
- Access custom electric rate data reports.
- Forecast electric utility returns.
- Integrate data into your software.
- Compare electric rate options.
- Analyze patterns and trends.
RateAcuity™ is an electric schedule database that can help you save time and money when finding the right data for your needs. Our database for utility rate reporting is easy to use and puts this information at your employees’ fingertips.
If you would like to learn more about how the RateAcuity™ utility rate database can help you optimize your data analysis processes, get in touch with us today.