In today’s fast-paced business landscape, managing utility bills can be a daunting task. From tracking expenses to ensuring accurate payments, organizations face numerous challenges.
Multi-source enterprise utility bill management software meets these challenges head-on.
This software captures data directly from invoices, validates it against predefined rules, and confirms accurate bills, reducing the risk of human error and freeing up valuable time for AP professionals. It also streamlines approval workflows by routing bills to the right stakeholders and provides real-time insights into consumption patterns, costs, and trends. There are sustainability implications too, helping organizations understand their Scope 1 & 2 emissions as well as helping with goalsetting and accountability.
Alleviating Burden and Enhancing Accuracy
Multi-source enterprise utility bill management software acts as a powerful ally for Accounts Payable (AP) teams. Here’s how:
Automated Data Processing and Bill Pay Functionality
Gone are the days of manual data entry and paper-based processes. With this software, AP teams can automate the entire billing cycle. It captures data directly from invoices, validates it against predefined rules, and confirms accurate bills. This not only reduces the risk of human error but also frees up valuable time for AP professionals.
Streamlined Approval Workflows
The software streamlines approval workflows by routing bills to the right stakeholders. Whether it’s department heads, facility managers, or finance executives, everyone receives timely notifications. This ensures that bills are approved promptly, avoiding late fees and service disruptions.
Real-time Insights and Reporting
Additionally, the software provides real-time insights into consumption patterns, costs, and trends. AP teams can track usage across different locations, identify anomalies, and take corrective actions. Additionally, customizable reports allow for better decision-making and strategic planning.
Harnessing Data for Sustainability: Scope 1 & 2 Identification
Scope 1 emissions are direct emissions from sources owned or controlled by a company. Scope 2 emissions refer to indirect greenhouse gas emissions associated with purchased electricity, heat, and steam. Organizations committed to sustainability need accurate data on their Scope 1 & 2 emissions. Multi-source enterprise utility bill management software plays a crucial role here:
Comprehensive Data Collection
The software aggregates data from all power generation sources—whether it’s grid electricity, solar panels, wind turbines, or on-site generators. By integrating with EnergyStar’s reporting system, it can benchmark against local standards or regulations.
Identifying Low Performers
Once the data is collected, organizations can identify low-performing facilities. These are sites with inefficient energy usage, contributing disproportionately to Scope 1 & 2 emissions. Armed with this information, companies can prioritize energy-saving initiatives.
Supporting Sustainability Goals and Project Tracking
With sustainability, the software goes well beyond data collection. It empowers organizations to create a roadmap for sustainability:
Setting Goals
Software like this can help define clear sustainability goals —whether it’s reducing emissions, optimizing energy usage, or achieving specific certifications—by helping to identify the energy usage leaders and laggards in a portfolio.
Project Tracking
From HVAC upgrades to lighting retrofits, every sustainability project can be tracked within the system. Organizations can monitor progress, allocate resources, and measure the impact of each initiative.
Collaboration and Accountability
Stakeholders across departments collaborate seamlessly. Finance, operations, and sustainability teams work together to achieve shared objectives. Accountability is enhanced, leading to meaningful results.
Other Benefits
One client in Real Estate with over 20 properties—and growing—leverages their system’s data to inform acquisition energy costs, benchmarking potential new locations against existing buildings to better understand unforeseen facility costs they may incur.
Another client, a large regional bank, uses its system to capture data that has enabled it to build—and continuously fine-tune—a 30% emissions reduction roadmap.
Conclusion
Multi-source enterprise utility bill management software is no longer a luxury—it’s a necessity. By automating processes, providing accurate data, and supporting sustainability efforts, it empowers organizations to thrive in an eco-conscious world.
Contact a Mantis pro to learn how we can help you leverage technology like this to benefit your own organization.
