Utility management is a critical component of the commercial real estate industry, enabling property managers to make better decisions and boost efficiency. Today, it’s based on digital technology and data analytics.
It is a process of tracking an organization’s utility expenses, conducting comprehensive bill audits before processing and rectifying error bills to ensure the correct amount is paid. It also includes identifying areas of improvement that can reduce energy and water consumption while saving costs.
The first step is to organize your utility bill data in one central location. This could be as simple as creating a folder for your bills on your computer or saving PDFs in one file-sharing system (we prefer naming files to be “Address – City – State – Zipcode – Utility – Meter Number – YYYYMM”). Adding the utility name is important so you can categorize each bill by utility later and uncover any overcharges that may have occurred.
A good utility expense management solution should offer the ability to automate invoice processing, account reconciliation and reporting. It should also provide a self-service portal that enables customers to check on their subscription and renewal status as well as make payments online with ease.
With the right solution, you can unlock unparalleled utility management efficiency. This is because you can streamline operations, forecast accurately and guarantee scalable growth. Using utility billing software also eliminates the hassle of manual handling, which is often the cause of many energy-related complaints. utility management