Improving cash management and process efficiency

Utilities

We help utility companies significantly improve cash management and customer satisfaction.

A range of services to manage utility payment and communication processing from receipt of invoice/remittance to payment allocation, delivering improved cashflow, customer satisfaction and compliance.

Don’t let inefficiencies or misallocation affect cashflow and debt collection

Having helped many utility companies over the last 20 years significantly improve their efficiency and capabilities, we understand the key pressures they face in this highly legislative market.

The current economic and political climate has only increased a pressurised market, where debt management, cashflow and customer service dominate. Inaccuracies and misallocation of payments, if not dealt with, can create significant suspense accounts, affect credit ratings and trigger unwarranted debt collection. 

The consequence is not only restricted cashflow but damaging customer experience. In a highly competitive market with new market entrants and ever more demanding customer needs, this can be critical.

High volumes of communication and stricter requirements from legislative bodies heightens makes it essential to find an effective and efficient way of resolving these issues quickly.

The challenges of cash management and communication processing for utility companies

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Debt management

Debts are rising. Misallocated payments significantly increase debt recovery and cost.

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Legislation

Inefficient processes make it easier to breach ever tougher regulation.

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Customer service

Competitors are eager to take customers from you that have experienced bad service or slow processing.

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Inefficiencies

Manual processing is inefficient and prone to mistakes.

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Cashflow

Failure to match invoices to payments increases suspense accounts and restricts cashflow.

Our capabilities

Drive down your suspense account and customer complaints

From better payment allocation to improving customer service and communication. Our solutions can transform your ability to compete.

We can create efficiencies and unlock cash for you that can be used to help lower cost-to-serve and make your organisation more competitive in a crowded and tough marketplace.

In the face of bad debt we could help you increase your cashflow. With better payment allocation, utilising an automated process to match and reconcile payments, we have helped some of our clients reduce their suspense accounts by up to 50%.

In doing so, errors were significantly reduced, radically improving customer experience and negating the need for unnecessary debt collection and further cost.

We can also simplify and speed up the high volumes of customer communications, whether that be by paper, electronic or voice. Our highly automated Digital Mailroom can accurately extract, digitise and segment communication, for far quicker resolution and easy retrieval. 

Whatever your specific need, we have the solutions and protocols to integrate seamlessly with your systems, and the agility to provide real value, quickly.

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Digital Mailroom

Mailroom management and digitisation of all inbound customer communication for onward distribution, upload to online portals or relevant processing duties.

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Credit Management

Full credit management services including invoice production, voice contact, query investigation and resolution to industry leading KPIs.

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Cash Allocation

Multiple payment channels allocated to appropriate customer accounts through automated or manual activities.

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BACS end-to-end

Full BACS payment instruction and processing, along with enhanced validation for multiple customers. 

The benefits

Benefits of  outsourcing cash management and communication processing for utility companies

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Cost & Efficiency

Time and money

Significant savings versus in-house costs, with faster results.

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Speed

95% Same day allocation

With levels of over 90% automation, payments  are allocated the same day.

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99.9% Accuracy

Right first time

Our technology increases accuracy but our exceptions protocol near guarantees it.

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Retention

Better communication

Less mistakes, unwarranted payment chasing and quicker resolution makes happier customers.

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Cashflow

Reduced suspense account

Substantially reduce your suspense account by up to 50%.

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Compliance

Assured

Less errors, faster communication and resolution with strict protocols and SLAs.

Client testimonial

A very agile professional partner...

Featured news & resources

Article

A focus on payment allocation automation will help water retailers improve their cashflow

With water retailers facing a mounting volume of deferred or unpaid bills from business customers, a focus on improving payment allocation can help them keep …

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Resource

The Big Business Efficiency Report – FREE whitepaper download

Find out how businesses are accelerating their transformation plans in our Big Business Efficiency Report.

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Talk to one of our utilities team today

Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.