If you have planned a utility bill audit, hire only the best auditing services, like P3 Cost Analysts utility auditing. But, how do you choose the best one for your business? The best type of firm is one that not only collects refunds from previous expenses but also has a track record in managing funds for new ones.
Choosing the incorrect utility bill auditor may be expensive. When selecting the utility bill auditing company, here are few tips to follow and questions to ask.
What Is A Utility Expense Audit?
A utility expense audit will help you save money on your utility bill. An inspection of each utility bill, like gas, water, and electric can result in substantial cost reductions for the resident or company.
Reduced utility expenses are significant for companies that run multiple facilities. Often managers pay a utility bill without checking it, but errors will cost the company a great deal of money.
How Is The Audit Performed?
Whether you give the auditing charge to a renowned service provider, i.e., P3 Cost Analysts utility auditing, or you choose a different one, having an idea about the process of auditing is always a good thing. So, let’s first see how an audit is performed.
Getting purchase orders for each area and a certificate of approval for each vendor is the first step in conducting a utility audit. Following that, an auditing firm proceeds to the steps outlined:
• They perform a comprehensive industry study of options, suppliers, and legislative standards and enforcement.
• An audit firm analyzes all invoices and related contracts for quality and contract/tariff compliance.
• The auditing firm then sends the results to the client for acceptance after 4-6 weeks.
• After the results have been accepted, they put the agreed-upon cost-cutting steps in place.
• They get to participate in the savings until they reach the client’s bottom line.
• Each month, they review the invoices for consistency and overcharging to ensure benefits are maintained.
What Expenses Are Covered In The Utility Bill Audits?
The main expenses that you should get audited to save 20-40% of your expenses are:
- Electric
- Heat
- Water
- Waste
- Sewer
- Internet
Tips to Choose the Right Audit Firm
They Should Have Experience
Ask some questions about the amount of time your prospective providers have been conducting utility bill evaluations. It would help if you stayed away from the new and inexperienced companies and especially are hesitant to commit to long-term business.
Specialists Only!
You don’t want to hire a company that’s itself a beginner. So, it’s enough to seek an audit service providing firm that excels at the same and has been doing it for years.
Find Personnel That Does It The Right Way!
The true benefit of having a utility bill auditor is the individuals who will perform the audit. Check to see whether they’re experienced auditors, utility consultants, or tariff experts.
Industry Expertise
Learn about the utility bill auditor’s experience in your industry. Look for bill auditors that have experience in businesses similar to yours. Scrutinize cost-cutting studies to see how much money was gained from those in the industry.
Legal and Tax Experts
To eliminate costs hidden in the basic pricing system and not publicly stated in a utility bill, use the services and expertise of professionally qualified legal and tax consultants, retired high-ranking utility executives, experienced accountants, and tariff specialists.
Results Matter the Most
To optimize the highest refunds, savings, and credits for the business, decision-makers should rely on the extent of results and the range of auditing experience a company can deliver.
Some Most Important Questions to Ask the Auditing Firm
• Do they work to recoup funds to save money on all past and potential invoices?
• Can they make recommendations about getting discounts and better rates, or do they collaborate with other relevant companies or utilities to enact the improvements and receive all incentives, rewards, and credits?
• Do they review service data using patented specialized technologies to find utility cost reductions?
• Do they perform retrospective audits that have already been completed by different utility bill auditors, also known as trailing audits?
To Sum Up
Utility bill auditing can contribute to cost reductions and refunds. A business can also use this audit method to define high utility use areas within an organization, such that you can take actionable measures to minimize usage.
So, don’t delay and take the help of an auditing expert to add some more money to your business budget that you otherwise have to lose if you ignore it.
