Innovative Utility Billing Protects Your Bottom Line

Automated utility billing is popular with residents as it simplifies the payment process. The following are a few reasons why it’s also praised by property owners.

Late Fee Management

Incurring charges because a due date is missed takes an embarrassingly direct shot at your bottom line. With enough overhead as it is, these profit-killers should be prevented before they bear their ugly heads. Automated utility billing tracks invoices and monitors missing payments. This helps to capture and pay invoices before a late charge is incurred. NWP provides such services and has been audited by a 3rd party to ensure compliance. When late fees do hit, they aren’t obscured; instead they show up as a clear line item. This helps you to make the needed changes to avoid such charges in the future.

Better Informed Residents

When renters receive a detailed bill, they are more likely to conserve. This results in a cost savings for them, but be sure not to overlook the benefits to your bottom line. When a leak or other maintenance issue occurs, residents may ignore such if it doesn’t seem convenient for them to report it. Additionally, some feel ashamed and prefer to hide something that they may have broken. Turning a blind eye can create more costly repairs and cut deeper into your profits. On the other hand, when renters know that they are paying for wasted water or other utilities, they’re more likely to pick up the phone and call.

Preventing Issues that Arise due to a Change in Occupancy Status

Vacant units make up a share of your company’s monthly operating costs. When renters move in, they are required to contact the utility companies who serve them. On occasions when this process gets delayed, your business, rather than the tenant ends up footing the bill. When utility billing data is merged with move-in and move-out information, the result is a more accurate accounting of occupied vs. vacant units. This ensures that the renter pays the bill rather than the building owner.

Helping you Decide When to Make Improvements

Energy reporting assists in identifying resource hogs. If for example a remodel is slated, this data can help you see how best to invest.

The Advantage of Analytics

Budgeting and benchmarking tools are there to help you make informed decisions when it comes to how to manage your properties. Making sense out of raw numbers gives you the insight you need to stay ahead of the business. A rate forecasting tool allows for accurate predictions to be made about how future hikes will impact your bottom line. Integration with ENERGY STAR® Portfolio Manager is also available. Utility rate analysis is offered to compare what you pay against other area providers. If you live in a deregulated market, systems are also equipped with energy procurement and tax audit capabilities to help you negotiate the best rate possible.

Automated Utility Billing has helped many property owners to understand better their expenses, save money and provide their residents with an easy way to know their consumption. Consider using submeter technology to take advantage of these and other benefits.

Weston Barnes is a write and an avid reader. When he's not writing about business, marketing, health, pets, or relationships, he's immersed in his latest book.