Utility Expense Management (UEM)
Utility invoice processing and payment is a tedious, time-consuming, and expensive task for a large amount of enterprises, in fact, studies have shown that utility provider billing errors are as inevitable as the bills themselves.
The most common error is billing at an incorrect rate. Companies understand that utilities account for more than 15% of an organizations budget, subtle rate changes (which often go unnoticed) can have substantial financial impact on the bottom line when multiplied over time and numerous locations.
To eliminate the risk of costly errors, many companies are choosing to implement Utility Expense Management UEM Programs, which allows the billing department to focus on what they do best.
RadiusPoint manages the process from initial audit to vendor payment utilizing our ExpenseLogic software for services like Electric, Gas, Water/Sewer and Waste. ExpenseLogic sets parameters, contract rates and hunts for exceptions with every bill to identify leaks and other inefficiencies in the system. It provides an unparalleled approach to utility bill analysis that helps your business maximize value from your utility services going forward.
- Inventory of each meter number by location
- Type of service billed by kWh, therm, CCF or gallons
- Audit by contract or tariff unit cost
- Audit by client specified limits or percentage variance
- Inventory and reporting of deposit amount and release date
- Inventory capability for garbage i.e. size of container and number of pick up details
- Budget and forecasting reporting
- Trailing 12 month trend reporting
- Site Comparison Report
- Date Comparison Report
- Meter Usage Analysis Report
- Utility Usage Ranking Analysis Report
- Receipt and loading of all invoices into ExpenseLogic
- Provision of GL Interface file and Accrual file
- Expense Allocation
- Detailed breakdown by kWh, therm, CCS or gallon
- Tracking of usage
- Invoice Payment
- Rate negotiation and tariff compliance
- Continuous audit and error identification
- Error Reconciliation with vendor
- Dispute and Credit tracking
- Ongoing Coding changes/updates
- Document Imaging and Management
- Budget/Forecast reporting