Utility Budget Reporting
We Took the Guesswork Out of Utility Budget Reporting
Preparing for a utility budget meeting is time-consuming, especially when it means sifting through stacks of paper invoices or endless computer files. When it’s time, will you have the accurate budget reporting information you need? And, because utility service availability, usage demands and market prices are constantly changing, are you just guessing when it comes to your utility budget? At UMC Solutions, our BILLPAY utility bill management solutions deliver timely, precise budget information that takes the guesswork out of budget reporting.
What to Include in a Budget Report
Any detailed utility budget report should include the following:
Number of facilities and where they are located
Current and estimated future consumption levels by utility type and facility
Current market prices for each energy type (Ex. Natural gas)
Vendor contracts that are in place and status of those vendor relationships
Any energy procurement challenges or concerns
Rebates or other financial incentives that your company is eligible for
These should also be included in the budget report, whether it’s monthly, quarterly or yearly:
Budgeted vs. actual expenditures for the most recent time period
Your department’s available utility budget for the upcoming time period
Estimated costs and expenses for the upcoming time period
During the budget meeting, you should also be ready to discuss any potential volatility in the energy markets that could affect pricing, availability or supply chain logistics.
Why Report Accuracy is so Important
When preparing your utility budget, guessing wrong based on inaccurate or outdated “intel” can adversely affect your company’s financial performance. Depending on your company’s size, your budget report will probably be highly scrutinized by ownership and upper management. In addition, if your employer issues an annual financial report to shareholders, what you have to say in your budget report could cause your company’s stock price to go up, or down.
UMC’s Budget Reporting Services
At UMC, our goal is to take the guesswork out of budget report preparation by providing precise budget-reporting tools that can be individually tailored to your company’s specific utility bill management needs. Those include:
BILLPAY. Our all-inclusive utility bill processing and payment service is fueled by powerful EnergyCAP software that’s used by our team of data entry, data analysis and invoice reconciliation professionals to ensure reporting accuracy. With BILLPAY, you’ll have up to the minute data for bill invoices, payments and utilization, by vendor, right at your fingertips!
Report preparation. Because our energy analysts study market trends daily, they can help you prepare for an upcoming budget presentation by keeping you informed about any market fluctuations, including pricing and availability, that might impact your future electricity, natural gas and water expenditures.
Contract and vendor updates. Because UMC also specializes in energy procurement and vendor management, you’ll have two more items to cross off your “to do” list. While preparing your budget report, your UMC representative will be happy to provide you with an update on a specific utility vendor, including the contract’s status and any rebates and other financial incentives that you are eligible for.
Spend analysis. UMC’s spend analysis services will help you prepare for the future by simplifying energy procurement, lowering your risk exposure and showing you ways to adjust usage- all of which will make your budget reporting go more smoothly.
As a manager, producing accurate and reliable budget reports is vital to your company’s success. At UMC Solutions, we help clients in various markets be more competitive with our full-service utility bill management and budget report preparation services. Since 1987, we’ve been raising the bar when it comes to utility bill auditing, invoice discrepancy resolution and payment solutions. If you need some expert assistance with your utility bills, please call UMC Solutions today at: 601-948-2360, or use our convenient contact form now!
