An electric bill management system (EBMS) is a process that streamlines the process of collecting, validating, and paying utility bills — tasks that are typically tedious and time-consuming for large companies.
Many companies have four, if not more, separate utilities. As your organization expands, the number of bills and vendors you have to manage will increase. This can become quite a burden.
Scroll down to see the reasons why you should invest in an electric bill management system.
Table of Contents
- Utility Bill Management vs. Utility Bill Automation
- Why Does Your Organization Need Utility Bill Management?
- Who Can Benefit from Utility Bill Management?
- Components of an Automated Electric Bill Management Platform
- Benefits of an Electric Bill Management System
- How to Set Up an Electric Bill Management System
- Things to Consider When Choosing an Energy Management System
- How to Use an Energy Bill Management System Effectively
- Troubleshooting Tips for Common Problems With Electric Bills
- Check for Air Leaks Around Doors and Windows
- Make Sure Your Home Is Well Insulated
- Consider Investing in Energy-Efficient Appliances
- Be Mindful of How Much Electricity You’re Using
- Use a Programmable Thermostat to Help Manage Your Heating and Cooling Costs
Utility Bill Management vs. Utility Bill Automation
Utility bill automation is a component of utility bill management (UBM) that makes the process much more efficient. Automation of utility payments allows for real-time data to be collected from customers, and for bills to be automatically paid.
By removing the need to manually input data, companies can save money and time by 24/7 staffing and streamlining their decision-making process.
Utility bills can be automatically fed into the software for billing, verification, and report generation. This covers both gas and electricity, as well as water and telecommunications.
Why Does Your Organization Need Utility Bill Management?
It can take over a month for a company to get access to their utility bills, assuming their accounting team can review them. By the time they do, the data is already a month old and the company is missing out by not being able to respond to changes in energy usage or negotiate a better energy contract.
Who Can Benefit from Utility Bill Management?
A third-party UBM provider with automated services can help your accounts payable department immensely. Their collection, verification, reporting, and payment processing can streamline electricity bills, resulting in better quality data, greater efficiency, and more visibility.
Automated utility bill management can save companies up to 14 days of processing time every month.
Components of an Automated Electric Bill Management Platform
- Automate the collection of paper and electronic bills.
- Check bills for accuracy before being entered into your accounting system.
- Track down any missed payments and inconsistencies.
- Manage any pending or past due invoices.
- Custom reporting options
- Data visualization and usage dashboards
- Budgeting and forecasting tools
- Accurate, on-time payments to your utility providers
Benefits of an Electric Bill Management System
Electric bill management systems are benefitial to homeowners as well as business owners.
If you’re like most people, you dread getting your monthly electric bill. You open it up, and your heart sinks when you see how much you owe.
But what if there was a way to take the stress out of managing your electric bill?
Enter the electric bill management system. This system is designed to help you keep track of your electric usage and costs, so you can budget more effectively.
Here are some of the benefits of using an electric bill management system.
1. You’ll Save Money
By understanding your electric usage patterns, you can make adjustments to save money. For example, you might switch to energy-efficient light bulbs or appliances, or you might start using power strips to avoid phantom energy usage.
2. You’ll Avoid Late Fees
Late fees can add up, but with an electric bill management system, you can set up reminders so you never miss a payment.
3. You’ll Be More Energy-Efficient
By monitoring your energy usage, you can identify ways to be more energy-efficient. This not only saves you money, but it’s also good for the environment.
4. You’ll Have Peace of Mind
When you’re not worrying about your electric bill, you can relax and enjoy your life more. An electric bill management system takes the guesswork and stress out of managing your electric usage and costs.
If you’re ready to take the hassle out of managing your electric bill, consider investing in an electric bill management system. You’ll be glad you did!
How to Set Up an Electric Bill Management System
There are several different ways to set up an electric bill management system, but the simplest is to set up a budget.
This will allow you to see exactly how much money you have coming in each month, and how much you need to set aside for your electric bill.
Once you have a budget in place, it will be much easier to stay on top of your payments and ensure you’re never late.
Another option is to set up automatic payments with your electric company. This way, you’ll never have to worry about forgetting to pay your bill or being late.
All you’ll need to do is make sure that you have the funds available in your account each month, and your bill will be automatically paid. This can be a great way to take the stress out of managing your electric bill.
Finally, you may also want to consider using a bill management software program. These programs can help you keep track of your electric bill and make sure that you’re always on top of your payments.
They can also help you set up a budget and track your spending so that you can see where you can make cuts to save money. If you’re serious about getting your electric bill under control, then a bill management program may be the best option for you.
No matter which method you choose, setting up an electric bill management system can help you take control of your finances and avoid late payments.
Things to Consider When Choosing an Energy Management System
There are many electric bill management systems available on the market today.
So, how do you know which one is right for you?
Here are some factors to consider when choosing an electric bill management system.
1. Ease of Use
You want a system that is easy to use and understand. Look for a system with a user-friendly interface.
Make sure the system you choose is accurate. This is important because you don’t want to overpay or underpay your electric bill.
Electric bill management systems can vary in price. Shop around to find a system that fits your budget.
4. Customer Service
If you have any questions or problems with the system, you want to be able to contact customer service for help.
Make sure the system you choose is compatible with your computer and other devices. Choosing the right electric bill management system can save you time and money.
Take the time to consider all of your options before making a decision.
How to Use an Energy Bill Management System Effectively
There are a few things you can do to manage your electric bill effectively.
First, make sure you’re only using energy when you need it. This means turning off lights when you leave a room and unplugging appliances when you’re not using them.
Second, take advantage of energy-saving features like LED light bulbs and energy-efficient appliances. These will help you use less energy overall, and save money on your electric bill.
Finally, if you’re really struggling to manage your electric bill, there are companies that can help.
They can work with you to create a payment plan that fits your budget, and they may even be able to negotiate a lower rate with your electric company. If you’re struggling to pay your electric bill, don’t despair.
Troubleshooting Tips for Common Problems With Electric Bills
There are a few simple troubleshooting tips you can use to help lower your electric bill each month.
1. Check for Air Leaks Around Doors and Windows
Even the smallest crack can let in a draft that can drive up your heating costs.
2. Make Sure Your Home Is Well Insulated
This will help keep the heat in during the winter and the cool air in during the summer.
3. Consider Investing in Energy-Efficient Appliances
They may cost a bit more upfront but they’ll save you money in the long run.
4. Be Mindful of How Much Electricity You’re Using
Turn off lights when you leave a room and unplug appliances when you’re not using them.
5. Use a Programmable Thermostat to Help Manage Your Heating and Cooling Costs
A programmable thermostat is a great way to save money on your monthly electric bill. By managing your heating and cooling costs, you can reduce your overall expenses. And since it can also help extend the life of your HVAC system, it’s really a win-win situation!
By following these simple tips, you can take control of your electric bill and start saving money each month.
All the hard work is done by your electric bill management system. It lets you automate your billing and payment processes, which cuts down on the amount of manual labor and time it takes to enter information. If you still don’t have an electric bill management system, it’s time to invest in one.