When considering options to reduce energy spend, most businesses look to secure a better optimised contract to minimise exposure to the market, or attempt to lower their consumption through the introduction of energy-saving controls and behavioural change.
Whilst undertaking such measures can be a sure-fire way of saving you money, there is another essential area that can often be overlooked: energy bills themselves.
What is billing risk?
Billing blunders are estimated to cost British businesses more than half a billion pounds a year, with one in five business energy invoices processed incorrectly. Billing risk can arise in a variety of forms. Whether due to administration errors, inaccurately applied estimated annual consumption, metering issues, or even over-declared capacity that your site doesn’t require – oversights invariably happen.
With the mechanics of the billing system as complicated as they are, the growing impact of non-commodity costs meanwhile is not only seeing the price of energy pushed up, but adding yet further complexity to invoices. Consequentially, the importance of validating bills to mitigate enhanced risk has been strongly underlined as a crucial component of a successful business energy management strategy.
Are you being overcharged?
Understanding exactly what contributes to your overall costs can be confusing. Any thorough invoice validation requires rigorous checks against your contract, taxes and other extra charges, as well as also depending on consumption evaluation and site benchmarking.
For larger businesses with high consumption profiles, piecing together your invoices and consumption data from across multiple different sites further adds to the burden in terms of the resources required, even if you know exactly what to look for.
Reducing your billing risk
Effective bill validation requires time and resources, special expertise, and a close working relationship with energy suppliers.
Our Energy Bureau department processes and validates more than 300,000 business energy invoices each year, saving our clients up to 15% annually on their utilities through settling inconsistencies and recovering historical monies overpaid.
While our robust validation system applies forensic analysis to your ongoing and historical billing data, what really sets us apart is our status as a Meter Operator (MOP) and Data Collection and Data Aggregation (DC/DA) service, allowing us much greater insight into the billing pipeline. This extra insight allows us to untangle some of the more complex issues along the supply chain regarding issues with metering, data flows, and tenant/landlord billing, ensuring a fully comprehensive portfolio management service and enabling us to identify and unlock additional savings for our clients.
Acting as a fully independent partner, we completely streamline your operation and reduce the time spent by your business dealing with energy-related matters. We can also offer you greater financial control, providing you with regular forecasts, accrual and budget reports to reduce future energy cost.
What’s more, our analysis of energy consumption data through our sophisticated, robust and secure data platform is designed for strategic energy management, offering you a gateway to even more savings through the identification and promotion of energy efficiency measures – making your business a completely #energyconfident one.
Find out more about our Energy Bureau and Bill Validation service.