Businesses tend to lose large amounts to utility fees. There is a possibility that you may be routinely paying thousands of dollars for incorrect utility services. It could be due to improper reading of the meters, feeding wrong data, or miscalculating the costs.
The energy consumption by the commercial and industrial sectors in the United States keeps rising with time. Saving costs on your utility bills can be a winning aspect of your business.
Utility audits can help you identify energy inefficiencies. Top services such as https://www.costanalysts.com/services/utility-auditing/can help you to regain control over your utility expenses. You can save the following business expenses with utility audits:
Electricity and Power Costs
Table of Contents
Utility audits can identify the areas where you can decrease energy wastage. It can help you to save your electricity and power expenses. You get a clear understanding of where a majority of the energy for your business comes from.
Generally, air conditioning, heating, and lighting tend to cost the most among your utility bills. By professionally assessing all your utility bills, these audits can also offer power efficiency solutions. By implanting such solutions, you can reduce your energy consumption.
It cuts expenses while boosting your business’ productivity. You can look for energy-efficient alternatives such as
- Motion-sensor lighting
- Renewable energy system
- Proper AC insulation
- Energy-efficient Lights
The water expenses for your business can unexpectedly become a huge part of the utility costs. A utility audit will review all your water bills. Auditors can determine if there are any errors. Moreover, they can identify any overcharges that can be refunded.
The most common overcharges or errors that businesses face include:
- Broken meters
- Incorrect readings
- Over or duplicate billings
- Miscalculation of multiple meters
Utility audits can also help you to find better methods for water conservation. With these audits, you can assess your water usage. Ensure to look for the causes of an excessive water bill. It can be immense water use, faulty plumbing systems, or leakages.
You can prioritize implementing some cost-effective measures that can save water. It also helps you to contribute to protecting the environment.
Businesses today heavily rely on telecom and IT services. These advanced technologies may be costing you a significant amount. A utility audit will give you a concise report on these expenditures, and auditors also check for the accuracy of your telecom bills. It helps you to identify any cost inefficiencies and errors.
During a utility audit, there will be an assessment of all your phone bills, review of your telecom contracts and expenses. You can use these assessments to compare wireless and wired service usages, subscription fees, and other charges. It allows you to choose more cost-effective services.
Utility audits assess the electricity costs of the various devices of your business. You will then begin to be mindful of the power consumption of your electronic devices. Look for the options that have better energy efficiency. It helps you to reduce costs as well as save energy.
Many companies tend to overlook some tax exemptions for businesses. Utility audits double-check your utility expenses and account statements. Auditors can identify if your business is missing out on any tax exemptions.
It is crucial to do your research to ensure that your tax exemptions are reflected accurately in your final bills. However, it is possible to miss some of them on your own. By conducting utility audits, you can get professionals to verify such accuracies for you. It allows you to receive the tax exemptions that your business is eligible for.
You have to make sure to take advantage of such exemptions to save your business expenses. Tax codes may be overwhelming and complicated. With the help of utility audits, you can identify which of your utilities are tax-deductible. You can then include them on your tax return to save costs.
Utility audits check all the tariffs that your business has subscribed to and determines if these are the best for you. With such tariff analysis, you can assess if any alternative tariffs are available for your use.
Auditors can also identify any incorrect rate structures or tariff classes that are assigned to your company. These discrepancies can cost your business significant amounts. The auditor will check if you are paying the right amounts according to the tariff.
A utility audit can also check your company’s insurance coverage. You can receive an assurance that you are receiving a fair price for the right services or coverage.
As a business owner, you need to look for ways to reduce your business expenses as much as possible. Utility audits can assess your utility bills to help you identify such potential areas. Moreover, you can save your overall energy consumption.