How far would you go to save $1,000? How about $200? What about $5? While checking out at a local grocery store the other day, I overheard the following:
Agitated Shopper: "You overcharged me."
Clerk: "No, I scanned everything correctly. I believe you misread your receipt."
Agitated Shopper: "No, you charged me twice for the paper towels. I'd like to speak to your manager."
While this interchange was obviously frustrating for the shopper, it illustrates an important concept: always check your receipt. By carefully reviewing the bill, the shopper spotted the clerk's mistake and avoided being overcharged. This advice not only applies to personal expenses, it's also an important concept for business, particularly when it comes to managing utility invoices.
The fact is, utility suppliers can and do make mistakes. Depending on the size of your business and the number of utility accounts you have, these mistakes may add up to a few dollars or tens of thousands. If the mistake is in your favor, they'll eventually discover it and bill you for any undercharge. But if the mistake is in their favor, you'll probably never hear about it. Remember the phrase "caveat emptor," which is Latin for "let the buyer beware?" It's the customer's responsibility to identify overcharges.
Utility bills provide a wealth of information, and while not all suppliers are the same, a few items are common to every bill, including current consumption (which may be actual or estimated), prior consumption, and rate. These, as well as any miscellaneous charges, should be checked routinely as they are frequent sources of billing errors.
If a utility supplier applies the wrong rate, charges you too much due to a inflated estimate, or tacks on incorrect miscellaneous charges, you could be paying for something you didn't receive. This is why it is so important to always check your receipt.
Photo by Dan4th