Utility Bill Management and ESG Reporting: What is it and why it’s important?

Utility Bill Management and ESG Reporting: What is it and why it’s important?

Consumers are now looking at how companies spend their time and money. As they research the businesses that they invest in, they’re looking for companies who care about the environment, social issues, and governance. 

However, many companies struggle with Environmental, Social, and Governance (ESG) Reporting. When they already have a lot on their plates, how are they supposed to add another thing? The answer is easy: They don’t have to. Utility Bill Management can help track utility cost and spend while also scraping data for ESG reporting - especially the environmental aspect. Here’s why this is so important. 

What is Utility Bill Management (UBM)? 

Utility Bill Management is a service that helps companies track their utility costs. Using UBM will help you track and process payments without the time-consuming effort that it usually puts on your accounts payable unit. Many companies simply don’t have time to track their utility bill costs, so they automatically pay it. However, by doing this, they miss out on reviewing the bill to make sure it’s correct, fixing any issues with the bill, and getting a better rate. UBM saves money, tracks spending, and reduces utility costs. 

What is ESG Reporting? 

As we mentioned earlier, ESG stands for environmental, social, and governance. While it’s always important to look at your energy costs and what you’re doing for the environment from a reputation standpoint, ESG reporting goes beyond that. When you do good for the environment, you also do good for your business. How? 

It’s easy. Imagine you cut your energy usage in half. Not only does this help save the environment, but it saves your company money as well. Any time you are able to cut down on your utility expense, you also help your ESG report. 

Companies are responsible for their impact on this earth, which is why it’s imperative to start reporting your ESG impact. 

How does UBM relate to ESG? 

A big part of ESG is the environmental impact that every company has on the world. Obviously, some companies have more of an impact than others, but regardless of company size, your environmental impact should always be something that you’re considering. Policy changes are making companies become more environmentally friendly, but many companies are having a hard time keeping up. 88% of investors believe that companies that prioritize ESG

reporting have better opportunities long-term than those companies that do not prioritize ESG reporting. 

Figuring out your company’s ESG can be difficult. It includes things like carbon emissions, water, and waste management, social justice, diversity and inclusion, business ethics, and more. And while you can often look at your diversity stats, it can be a lot more difficult to see just how much waste management and electricity you’re using. 

That’s where UBM comes in. UBM can scrape the usage data from invoices and input this data into our database to help you figure out your company’s ESG impact. 

How Cannon Can Help 

Cannon combines UBM and ESG, giving you a way to report and prove to consumers that your company is acting responsibly. 

We check, verify, pay, and look for the best deals for your utilities. Our technology and people work together to bring you seamless utility bill management. Then, we use the data that comes from your invoice to help you report the environmental impact your company has, making it easier than ever to practice ESG reporting.

If you are interested in implementing or improving your ESG reporting, click here to schedule a meeting with one of our experts.