Whether you’re a startup or a mature, established utility provider, you may have overlooked the role that your utility billing software plays in your business’s efficiency and profitability. After all, dozens of factors influence the way your company operates, and it can be difficult to understand each one’s impact.
Efficient utility billing software is one of the most cost-effective ways to improve your bottom line and produce higher returns on investment. By optimizing this key component of your business, you’ll be able to reduce overhead costs, increase productivity across departments, and ultimately bring in more money.
The right billing software is essential for any utility company. It facilitates the collection of payments, tracks invoices, and increases efficiency across the board.
Sometimes, even the best utility billing software might not be performing at peak efficiency in your organization. Check out these three tips to help you optimize your billing software so that you can make sure you’re getting the most out of it:
Understand The Capabilities Of Your Utility Billing Software
The first step in optimizing your billing software is to understand its capabilities. This may sound obvious, but many companies fail to do this when they sign up for a new program. They don’t read the fine print or go over all of their options with their provider. This leaves them with a program that isn’t tailored to their needs, and they often have no idea how to use it effectively.
Make Sure Your Software Is Set Up Properly At The Outset
It’s also important to ensure that your software is set up properly in the first place. If you don’t do this, you’ll run into issues down the road that could have been avoided altogether with just a little extra time spent during installation and setup.
Automate What You Can
The world of automation has gotten so advanced that we often forget how much time it can save us when we put it to work. One study found that automation could save a manufacturing company about $1 million dollars per year — and that’s just one use case. For your energy business, automation can mean so many things: automatic meter reading (AMR) solutions, automatic bill payment processing, automatic invoicing… the possibilities are endless! We recommend starting with the areas in which you spend the most time — and then building from there.
Use Reports to Identify Areas Where You Can Improve Efficiency
The key is to continually look for ways to optimize your processes. Your utility billing software should come with several built-in reports, and these can be used to help identify changes that could benefit your company.
Choose the Right System Size and Scope
Utility billing software is available in a variety of configurations and options. If the system is too large for your needs, you may end up paying for features that you won’t use or need. However, if it’s too small, then it may not be able to meet all of your requirements now or in the future as your business grows and expands.
Keep Things Simple Whenever Possible
If you design a complex process, it will take longer to train employees how to use it properly and make changes when needed. In addition, systems that are overly complicated are more likely to have errors and mistakes made during data entry or other processes that could cause those errors to be replicated throughout the system.
Our systems integrate seamlessly with legacy ERP solutions often employed by utility companies. We’d love to chat with you about how we can help streamline all of your business communication and payment processes. Get in touch with us today.