Finding the low hanging fruit is essential, which is why Inenco recently conducted a piece of research to look at the potential for businesses to recover savings from their energy bills.
Our Bureau team discovered that businesses could be missing out on up to half a billion pounds of unclaimed refunds and incorrect charges on their bills. Our analysis of thousands of business energy invoices revealed that one in five energy bills have errors on them, and businesses often don’t even notice that they are being billed incorrectly.
As energy users’ data is passed along the supply chain, from suppliers to network operators, any mistakes that are made filter through the chain and can often add up to a substantial sum of money. Common errors include miscalculated taxes and other imposed charges, technical issues and incorrect rates, alongside changing tenancies and incorrect meter readings.
Savings were identified across all sectors, from manufacturing to retail. However, the margin for error is particularly significant for multi-site businesses: the hundreds of half-hourly meter reads automatically submitted daily creates huge volumes of data that could contain hidden inaccuracies. In businesses like this, billing errors could go unchecked for years and cost a business a considerable amount of money; Inenco found that a major supermarket was paying duplicate charges, for example, that lead to them being overcharged by £700,000. Read the full Missing Millions report here.
At a time when businesses are facing increasing pressure on their bottom line, and with energy costs set to rise by 25%, businesses need to be sure that they are being charged correctly for the energy they use. The good news is that a simple audit of current and historic invoices could give businesses the peace of mind that they are being billed accurately and could unearth some hidden savings.
Carrying out a bill audit may seem like a daunting task, particularly for businesses with a wealth of half-hourly data, and there’s a risk that those that are unfamiliar with the intricacies of energy charges may not identify an error if they come across one. That’s where Inenco’s expertise is invaluable – our team of experts can manage the entire process end-to-end so it’s as simple and stress-free as possible.
Our data analysts process and validate over 1 million invoices every year, looking at all of the components of a business’s current and historical bills to drive savings out of all elements of the supply chain. Inenco’s close relationships with organisations at each point in the chain make it easy for us to resolve any issues and recover any overpayments, and we provide businesses with a full report of errors uncovered, action taken and the status of any refunds.
Businesses have the right to recover historic incorrect charges from bills up to six years old, meaning it pays to conduct bill audits and identify any refunds. To talk to us about how we can help your business to recover savings, call 08451 46 36 26 or email firstname.lastname@example.org.