One area where UK businesses tend to spend more than they need to is utilities. Fluctuating rates and complex billing structures further add to this problem.
When running a company, it is easy to lose track of what you should be paying. Thankfully, there are several tools you can use to overcome this.
Keep On Top of Utilities
Keeping a close eye on your water meter is one way to stay on top of your utility bills. However, you also want to make you’re getting the best value by comparing suppliers.
Uswitch is a free utility comparison service that makes it easier to switch suppliers if necessary. UK businesses can compare gas-only and electricity-only energy deals by simply entering their postal code.
MoneySuperMarket and Compare the Market are two other tools you could consider, but Uswitch is one of the better ones.
Understand What You Should Pay
Your water and energy bills will differ depending on where you live in the UK. You can make sure you’re paying the appropriate amounts with these tools:
- Type in your postcode to compare electricity and gas tariffs in your area using the UK Power tool.
- The Discover Water tool gives you access to detailed insights into water services across the UK.
- Protect yourself from rising energy prices by using Simply Switch to check average prices in your area.
Avoid Late Fees
Late payments on your sewerage services or water bill can also drive up your costs unnecessarily. Here are some tools to help you avoid late payments:
- With GoCardless, you can set up a direct debit for recurring payments, including utility bills.
- The Xero platform helps your business track due dates based on any previous bill and stay on top of payments to avoid missing deadlines.
- QuickBooks has useful features like automated reminders for upcoming payments and tracking expenses.
Manage Funds When You Are in Credit
There may be times when you have a balance brought forward on your bills. It is important to manage extra funds when you are in credit as carefully as possible.
A good place to start is by understanding your water bill. This water bill example can help you better understand what to look for.
In terms of managing any extra credit, you can use the accounting and expense tracking tools mentioned above.
Invest in Utility Bill Validation Services
Validating your utility bills can give you greater peace of mind, knowing they’re accurate. It also reduces the chances of overpaying on your metered bill. Here are some tools to consider:
- Utility Helpline‘s bill validation service includes reviewing and auditing your utility bills to check for accuracy.
- Inenco helps you spot errors, inconsistencies, and discrepancies. This way, you can feel confident you are being charged correctly.
- IMServ is designed to help your business identify billing errors and manage energy costs more effectively.
Final Thoughts
These utility billing solutions not only help you stay on top of your business bills but also give you the information you need to save on costs. There’s no reason why you can’t take control of your business utility bills with these tools at your disposal.
Also Read: Make Your Cross-Border Payments Fast and Trackable with SWIFT Payment