Tenant Billing | What can it do for your business?

The number one concern of any business owner is the bottom line. As a result, we spend hours looking at ways to cut costs and streamline processes to increase efficiency and profitability. For every business, there are standard elements to review when it’s time to cut costs. Utility bills are often an area that gets overlooked. Many merely accept the tenant billing process as it is. 

But, what if you didn’t have to? What if you could automate the billing process, increase transparency, give tenants more control over their bills, and more? Well, the wait is over. 

Tenant billing provides owners and operators automatic billing software managed through a cloud-based system. In other words, tenant billing uses cloud-based systems to electronically collect consumption data, streamlining the invoice process, and more.

More Than Just Tenant Bills

“Tenant billing software” is a bit of a misnomer. There are many added benefits outside of simply billing tenants. Tenant billing offers visualization of real-time energy consumption data, centralizes billing activities, and presents tenants with transparent utility usage reports. 

Tenant Billing Usage reports

The right tenant billing platform will also provide monthly billing forecasts, report year-over-year differences, highlight inefficiencies, and reconcile bills from the utility, so you don’t have to. Whether you manage one building, multiple buildings, or manufacturing, having additional information for making decisions, leads to better cost management and savings.

Long Term Planning and Accountability

Billing Inefficiency kills profitability

Inefficiency is the killer of profitability. With tenant billing software allocating costs to specific tenents or departments, you can see those inefficiencies more clearly. Cost allocation creates accountability and makes them part of the solution. Moreover, raising general awareness of energy consumption helps improve energy conservation efforts.  

Furthermore, it incentivizes TI budgeting for improving power-hungry distribution systems and equipment to assist with accountability. Leveraging tenant billing software provides stakeholders accurate data to make real cost-saving decisions and ask questions such as:

  • Are there load shedding opportunities? 
  • What new tools are out there? 
  • Are we using the most recent technologies?

Recover Misappropriated Costs

Tenant billing software levels the dynamics of managing facilities. Rather than reacting to unexpected spikes in power consumption at billing, you receive alerts proactively through real-time monitoring. The software minimizes impact to your facility by allowing you to repair HVAC units, lighting control systems, or other critical equipment immediately.  

Most people may not think reconciling your utility bills is necessary. However, mistakes happen 1% out of a $100,000.00. For those whose utility bills exceed $10,000 a month, that 1% can end up costing you BIG. 

If an unexpected charge from the utility is proven not to result from the equipment on your side of their utility meter, bill reconciliation and reporting can help contest billings to recover costs. Don’t be left paying for their mistakes.

Improve Critical and Emergency Procedures

Lastly, complete transparency regarding consumption spread across critical tenants and processes helps to:

  • Improve emergency procedures (Load Shedding)
  • Improve long-term planning for maintenance and growth of the electrical distribution system.

Let Us Make Billing Easier

Applied Power Technologies and Alchemy Unlimited have a solution that is proven and reliable. Power monitoring makes data quality visible as soon as there is a communication problem.

Our experience allows us to utilize accurate coincident demand calculations to allocate costs to tenants accurately. Meter data management is our expertise, so you don’t have to worry about meter rollovers or time changes. Get the most out of your infrastructure by taking more profits to the bottom line. 

Scott McGaugh, APT Chief Financial Officer