Utility Bill Management
Utility Bill Management
Automating utility bill management is the most cost-effective way to streamline invoice payments, improve data quality and service reliability.
Utility Bill Management
Managing large numbers of accounts increases the challenge to receive, validate and pay invoices on time. One of the most effective ways to streamline the process is by automating invoice collection, validation, and payment.
Short payment terms and internal AP processes make validating and paying utility bills on time challenging. Delays bring late fees and possible supply interruptions with the associated financial and reputation impact that ensues.
To overcome this, we automate utility invoice collection and a series of pre-payment checks. If this initial test is passed invoices are approved for payment, avoiding late fees and maintaining business continuity. Post payment, our operations billing team validate cost through a series of rigorous audits which includes payment history analysis, supplier contract rates and a whole library of utility rates, ensuring vendor errors are caught.
The solution is fast taking on average just 48 hours to process invoices which we do on a first due first through basis to further minimize late fees or supply interruptions. AP teams can continue to pay directly or through the service reducing hundreds of checks to just a handful.
The secure web-based portal highlights any exceptions needing attention and provides copies of every invoice both digitally and in PDF format together with over 70 different financial and energy-related reports.
Utility budgets are typically more complex than other areas an organization budgets for. As an essential component of doing business, energy usage will vary with changes in your activities and the weather, and because energy is a commodity, prices can fluctuate dramatically from one month to the next. Vervantis carefully plans the entire budget setting process and has developed utility data cleansing methodologies that ensures financial-grade certainty down to the account level.
Resolving exceptions on utility invoices can be a time-consuming process often requiring specialist knowledge. The challenge is often exacerbated by short payment windows which make it almost impossible to resolve queries before they become due. Vervantis has a team of billing specialists who validate and resolve invoices directly with utilities before completing UBM payment authorizations, administration, and updates.
Communicating with utility vendors to open and close accounts can be a time-consuming process. There are over 3,500 utility companies in North America each with their own processes for the administration of accounts. Setting up utility accounts, mapping the correct GL codes, validating initial invoices, deposits and resolving billing exceptions is resource heavy. Our team of utility account specialists provide open close services as a stand-alone solution and manage everything on your behalf from start to finish.
Utility vendors typically request security deposits for new and existing accounts until a satisfactory payment history has been established or the account is closed. For organizations with hundreds or thousands of accounts, the deposit totals can be significant, but its money that can be put to better use elsewhere. Following a proven approach, Vervantis communicates directly with utility companies to recover deposits and return them to the business.
When an organization fails to receive an expected utility invoice, an accrual is made in the accounts to allow for payment. If invoices never arrive, the accruals continue to increase. Over time the amounts can add up and will eventually require deeper investigation and audit to resolve. Our billing specialists are experienced in utility, lease and sub-tenant audits which uncover payment responsibilities, chargebacks and remove long-term term accruals.
Whether you’re a seasoned professional or considering utility bill management for the first time, our team has the knowledge and insight to improve your process and save you more – guaranteed!
Electricity and Natural Gas are commodities that change in value constantly. To understand the best sourcing options, it helps having specialist knowledge matching business requirement to risk appetite precisely. Contracts are sourced in every competitive market and regulated utility rates are checked in the rest. Proprietary risk management solution SourceRisk™ delivers tailored purchasing strategies to larger consumers, valuing price risk daily and transacting flexibly (fixing & unfixing) in a unique supply agreement.
The cheapest unit of energy is the one you don’t use. Vervantis engineers are ASHRAE, N.E.S.I and LEED certified and expert in uncovering behavioral and operational inefficiencies. Most level one and two audits uncover 10% in energy savings with half of these requiring no capital and the rest under 2-year payback with deeper audits uncovering in excess of 30% savings.
Sustainability is streamlined with our agile and accredited financial-grade reporting software that underpins CSR programs (CDP, DJSI, GRI etc), and brings environmental strategies to life. Simplify management with supplier surveys, task assignment, automated follow-up and data collection. An independently verified process ensures data quality, and because we keep all emission factors up to date, you never have to worry about accuracy for audits.
Independent financial-grade analysis underpins our distributed generation and storage viability studies that calculate the optimum type, size, and return on investment. Vervantis provides all the detail on funding option scenarios from financing to leasing, including zero down power purchase agreements. Experienced project managers keep you on track working with vendors and utility companies to get you up and running in the shortest time possible.
Competetive & Regulated Markets
All Geographies Covered
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