Utility management includes the receipt, processing, tracking and review of an organization’s utility invoices. These monthly invoices provide data that supports cost-savings strategies. They are used to monitor electricity, gas, fuel oil, water, waste disposal, phones, internet and other utility costs across multiple facilities.
Providing your tenants with choices for utility payment options, and setting up a process to transfer utilities between tenants, will make it easy for them to take care of a common yet time consuming task. It will also minimize the chance of lost or stolen payments and improve on-time bill payment performance. Premises-based billing arrangements (where the utility bills the property owner, rather than the tenant) reduce administrative costs when establishing new service or handling move ins and outs for tenants. It also enhances the probability of bill payments because property owners are more likely to honor their utility bills than tenants are.
To improve collections performance, utilities should positively identify customers at account setup, if possible, through a driver’s license or social security number to verify customer information and check for past debt write-offs. They should also consider a policy of customized treatment for low-risk customers. This approach provides better customer service, a more positive public image and lowers collections costs.
Colleges and universities have a lot on their plate already, from student loans and tuition fees to lease management and staff payroll. A utility management system can help them avoid the hassle of manual processes and streamline their efforts, saving money in energy expenditure and staff resource costs. utility management