Choosing the Best Utility Billing Software

Key Features to Look for in Utility Billing Software

Digitalization has radically changed how companies in almost every industry manage and deliver their services, and customer expectations have changed along with it. In a recent survey of more than 3,000 adults in the United States, almost 70% of respondents said they prefer paying their bills through digital payment solutions like mobile apps or websites.

This quick guide to choosing billing software for utility companies helps you evaluate your options so you can find the best solution for your budget and tech stack.

6 Important Considerations When Choosing Billing Software

Investing in a new software solution is a decision that deserves careful consideration and thought. First, determine your billing software requirements by considering what goals your organization has for a new system. Some examples include:

• Improving the customer experience so you can reduce late or missed payments.
• Automating the billing lifecycle so office staff can focus on bigger priorities.
• More effectively tracking metrics like operating expenses and cash flow.

Next, research different solutions. Carefully evaluate each option and weigh the pros and cons before making your final decision. Here are six key factors to consider.

1. Cost

One of the most important considerations when choosing new software is how well your investment fits into your budget. Typically, a legacy system requires you to purchase a license for each device or user you register, which can get costly when your organization needs to scale quickly.

Cloud-based billing systems follow monthly or yearly billing schedules with flexible pay-as-you-go pricing plans that can help your organization save money over time.

2. Scalability

When purchasing any software product, think ahead and choose a solution that supports your company’s long-term goals. Make sure your solution can grow with your business.

Additionally, make sure your software is a well-developed system with long-term viability. Frequent updates and integration additions keep systems functional over many years, which is essential for longevity.

3. Deployment Options

It’s important to choose a software configuration that is accessible to everyone in your organization, as effective deployment increases your chances of successful implementation.

Typical deployment configurations include:

• Software as a service (SaaS): SaaS solutions are cloud-based, so you only need one license for your whole organization. Your software vendor also handles backend maintenance tasks, including hosting and updates.
• Legacy billing system: Your organization might already use a legacy system, which is older software that remains in use despite being outdated. As more utility providers go digital, companies relying on legacy systems are less likely to remain competitive.
• Virtual: Some organizations use virtualized software developed by in-house teams. While it runs similarly to most legacy billing systems, a virtual application enables easier third-party maintenance.

4. Security and Compliance

Your billing solution will handle sensitive personal and financial information, so you need to ensure it has advanced cybersecurity features in place. Additionally, make sure the solution adheres to all applicable standards and legal regulations in your area.

5. Integrations

When software programs do not automatically communicate data between systems, the risk of error increases significantly. Your utility billing software should integrate seamlessly with the other applications in your existing tech stack, such as:

• Meter reading software
• Asset management tools
• Accounting and enterprise resource planning systems
• Geographic information systems
• Outsourced print and mail providers

6. Client Testimonials

Before deciding on any software solution, it’s important to get an accurate idea of how well it works in the field. In addition to taking advantage of live demos or free trials, reading customer reviews can help you determine good use cases for the software as well as its overall effectiveness.

Review websites like Trustpilot, Capterra, Gartner Peer Insights, and GetApp are all good places to start researching software for utility companies. You can also ask around in your network to learn what works for your business partners.

Utility Software Features to Look For

While every software program has its strengths and weaknesses, some features are non-negotiable. Here are some of the most important features to look for during your research:

• Automation: Automated solutions handle repetitive and tedious tasks, freeing your staff to focus on more complex work.
• Reporting and analytics: Powerful analytics features help generate insights from customer data, allowing your organization to track revenue and customer satisfaction.
• Integrations: Make sure your software integrates with the applications you already use. A solution with a built-in integrations manager feature can simplify the process.
• Advanced security features: Look for a solution that uses advanced cybersecurity techniques like data encryption or multi-factor authentication.
• Backup and disaster recovery: Automated backups save the most recent version of your data so you can maintain business continuity during a disaster.
• Ongoing support: A vendor that offers excellent customer service and technical support helps you get the most out of your investment. Some providers also offer staff training services.
• Configurability: Custom configurations allow you to tailor your software to your company’s unique needs, helping streamline operations and maximize efficiency.
• Self-service portal: A customer self-service portal provides a convenient way for customers to manage their payments and improves their experience.

If you’re unsure whether a solution has the features you’re looking for, reaching out to the vendor and requesting a brochure or live demonstration can help you find the information you need. It can also help you gauge their customer service, which will be important for your business relationship moving forward.

Ready to Transform Your Billing Process? Schedule a Demo!

Are you looking for new utility billing software? Muni-Link’s intuitive user interface and full suite of advanced features streamline billing and collections so your staff can focus on their most urgent tasks. We help you understand your billing software requirements, guide you through integration, and provide attentive support.

Schedule a free demo of our billing software and contact us for more information.