The inaccuracies on UK businesses’ energy bills could be costing firms £500mn collectively, a new report has revealed.
Published on 27 March, the Missing Money study analysed invoices from a wide range of industries, and concluded that one in every five business energy bills contained errors. These could, it said, be a consequence of inaccurate meter reads, wrong charges being applied to business bills, or processes and system errors when companies changed premises or tenants. It said that, while the problems were sometimes driven by human error, mistakes were most often caused by the complex flows of data between different bodies on the energy supply chain.
The report found the only way to identify and address these issues is by conducting invoice validation and bill audits to check for inaccuracies across the supply chain. However, it was revealed only 20% of businesses currently do these on a regular basis.