Why You Should Be Concerned About Your Business Utility Costs

When was the last time you looked at your business utility costs? Really looked? The truth is many utilities just get a glance over and get sent to accounts payable without a second thought. Whether the invoice is for internet, phone lines, cellular, natural gas, or electric there are multiple overcharges or incorrect charges that can be hiding on your invoices. The carriers and providers of these utilities aren’t in the business of catching these errors either, unfortunately. So, what should you do? Here are three quick ways to reduce your utility expenses.

 

1. Don’t overlook because the amount is similar to the last payment

It’s easy to fall into the mindset that since the invoice total is similar to that of the last payment, it is accurate. However, billing errors, even just some pocket change, can be tacked on to every line item and can add up quickly. Do you have dedicated personnel to monitor changes in cost and service? Unless the difference in the amount is substantial, chances are it will not be noticed.

 

2. Make sure you understand the charges on your invoices

You could unknowingly be paying for long distance phone calls even though that service is included in your plan or perhaps you’re paying taxes when your business is tax exempt. Confirm that the services on your invoice are still in use. Many times, new services are installed and even though a request was placed to cancel the old services, the charges are still reflected on the invoice, causing leakage of your company’s valuable resources.

 

3. Watch your contract end dates

Being out of contract can mean that you’re paying month to month costs. If your rate isn’t locked in you could be overpaying, but you also don’t have stability in understanding your recurring costs. Constructing a process to address your contract end dates can result in savings and headache prevention.

 

Still frustrated? Don’t have the time or the resources?

 

4. Let Verify! conduct a risk-free analysis

A Verify! analysis can give insight into the services you pay (or overpay) for. An analysis provides an in-depth inventory of accounts and recommendations tailored to your business’s needs. Understanding the services your business utilizes and how they’re working for you can be a valuable tool in determining cost effectiveness. Not only will you have a better grasp on the services you have, let us find you savings and increase your internal efficiency. Verify! averages 12% savings on telecom, 26% savings on cellular, 21% on natural gas, and 10% on electric. Contact us here to get started!