Utilities Accounting Software: Find the Right Program for Your Organization

Utilities Accounting Software: Unique Requirements

One of the unique aspects of utilities organizations is the mix of standard commercial requirements with needs more typical of public organizations.

As many utilities are either public entities or receive public funding, there's often a need for fund accounting modules to trace expenditures back to specific sources. Fund accounting software provides the ability to create financial statements and balances sheets for each fund and can be very useful for public utilities. Additionally, with complex operations including different departments, frequent infrastructure projects, and multiple revenue streams, budgeting software is typically a necessity.

Basic Financial Management Tools

From an accounting perspective, utilities organizations also have all of the needs of a standard commercial enterprise. Accounting software packages designed for providers of services offer a full range of financial management tools. Accounting features include the ability to print checks, pay bills, track expenses, manage payroll, create orders and invoices, manage receivables, perform bank reconciliations, and create top level financial reports.

Additional Industry-Specific Functionality

In addition to standard accounting modules, utilities providers require a number of industry specific functionalities.

Because of the particular nature of utilities billing, specific billing software is required. As balances are frequently carried over, a balance-forward approach is needed rather than simple open-item invoicing. Additionally, your organization may offer customers the ability to specify alternative payment plans. Documenting and accounting for this can be complex and requires the right software tools.

Another typical application required by utilities providers is a work order management application. With extensive infrastructure inevitably comes service, upkeep, and repair work. A work order management application can help organize these tasks in an efficient manner.