July 2021 - Quarterly Market Letter
On behalf of the team at 5, I am pleased to forward our market letter for the second quarter of...
Utility bill payment and processing can be a very manual and time-consuming exercise for clients with multiple locations across different states and utility service territories. It is especially problematic for non-franchised operations where there is a single accounts payable department that is responsible for processing all invoices. In these instances, a bill consolidation and payment service can serve as a centralized resource to view, track, and pay utility bills. Many larger clients seek a solution that also provides transparency into utility costs for benchmarking and reporting, enabling the organization to identify locations that are more energy-efficient than others. For clients that need a more robust bill consolidation and payment solution, 5 helps to identify the best vendor and solution set.
5’s vendor identification process begins with an assessment of the client’s specific needs. A client searching for a relatively simple bill consolidation service is different than a client who intends to use this service for detailed benchmarking and reporting purposes. 5 develops and issues an RFP for the specific service the client requires and then evaluates vendor proposals. 5’s recommendation is based on the amount a specific vendor charges per invoice, how quickly the invoices are processed, and the accuracy of the vendor’s payments, allocations, and reporting. 5 applies the same objective and rigorous process used for commodity procurement to solicitations for bill consolidation and payment services.
Contact Us to learn more about how 5 can help your business with bill consolidation and payment solutions.