Reduce Utility Invoice Processing Costs by 50%
Expenses like opening the mail, copying, scanning, coding, approval-routing and cutting checks can add up. In fact, they can add up to $11.63 per invoice.1 Using Velocity’s Invoice Processing services you can reduce the cost of invoice processing by more than 50% and reduce late fees by up to 85%. For a management company that processes 1,000 utility bills monthly, for example, the savings could be up to $70,000 per year.
Improve Online Invoicing Accuracy
All of your utility invoices will be sent directly to Velocity, where we’ll convert them to electronic format, check them for accuracy, and code them to the appropriate cost center and GL account. Every invoice goes through a three-step audit process to ensure data accuracy, identify billing errors and any rate and tariff discrepancies.
Reduce or Eliminate Billing Late Fees
Say good-bye to lost bills and late fees. With Velocity’s missing bill program we track when every account number is to be billed and received, and if it doesn’t arrive we’ll contact the utility company and request a new bill. Our processing reduces the “hold” time for processing bills by an average of seven days. The result is faster payments and a significant reduction in the late fees that can add up to thousands of dollars in unnecessary operating costs.
Multiple Invoice Processing Payment Options
Velocity offers two utility payment options, so you can choose the service that best meets the needs of your business, staff and cash flow requirements.
Bill Pay – the Velocity team manages the entire Accounts Payable process from invoice receipt to payment and reconciliation. With this service, Velocity manages all your utility invoices from receipt to reconciliation. Based on your funding requirements, we’ll send a request for funding to you; when funds are received, Velocity pays the bill immediately to avoid any late fees and utility shut offs.
A/P Extract – the Velocity team manages the entire front end of the AP process for all your utility invoices and automatically transmits the payables directly to your Accounts Payable system so you can control your cash flow. Velocity does not pay any of your utility bills with this service.
Improved Utility Billing Process
We provide comprehensive tracking of utility bills by monitoring, measuring and managing the data on them, allowing you to better understand what drives consumption and expenses at your properties.
Improve Utility Management with Advanced Energy Reporting
You’ll gain portfolio-wide insight into energy consumption and expenses with Advanced Energy Reporting. Using the data mined from your utility invoices, you can analyze consumption, expenses, trends, and provider rates; benchmark usage and costs; identify anomalies; determine the impact weather has on expenses and more.
Automatically Report Energy Performance for Compliance
Several cities and states have signed or introduced legislation requiring property owners to collect, report, and publically disclose energy and water consumption. Current cities that require multifamily owners to submit energy performance usage to the EPA’s Portfolio Manager are: Washington, DC (The Clean and Affordable Energy Act of 2008); New York City (New York City’s Greener, Greater Buildings Plan – GGBP); Seattle, WA (Council Bill 116731); Austin, TX (Energy Conservation Audit and Disclosure Ordinance – #20081106-047). With Velocity’s invoice processing services we can submit the required data to the EPA’s Portfolio Manager automatically, saving you time and reducing errors from manual data entry.
Invoice Processing with Seamless System Integration
Our Invoice Processing service supports most accounting solutions, including JD Edwards, PeopleSoft, Epicor®, Yardi®, MRI, Oracle®, Microsoft®, Microsoft Dynamics® GP, and others. If your accounting solution isn’t listed here, custom integration options are available.
1 Institute of Finance & Management (IOFM), 2011