What does Innovative Audit Group (IAG) offer a client?
IAG offers a complete turnkey solution in order to secure a refund and ongoing savings. Our main goal is cost reduction and cost recovery. We take the client through all steps of the process from the initial agreement, through the auditing, implementation, and billing. Further, we continue with ongoing management of your account.
What is a Utility Audit?
A Utility Audit specifically analyzes your utility bills such as gas, electricity, sewer and water. An audit looks for discrepancies, irregularities, and errors. The audit can go back as far as 48 months, depending on the state, and it is also an ongoing process for continual optimization of savings.
Is an Energy Audit or Energy Audit Performed by the Utility the same as a utility audit?
No. A utility audit is not an energy audit or energy audit performed by the utility. Energy Audits are generally referring to an energy consumption analysis. It looks at purchasing more efficient motors, lighting, or equipment that saves energy. It most often involves cost to a business to implement the new products. A breakeven analysis is completed to show when the equipment or lighting pays for itself in savings based on the consumption reduction.
An Energy Audit Performed by the Utility is usually an audit geared toward freeing up energy so the utility can sell it in other, more profitable, ways. They will not be looking for their own mistakes, misclassifications, or tariff changes.
What type of savings does the IAG Utility Audit look for?
When IAG does a utility audit, we look for both refunds and on-going savings through misclassifications, tariff changes, and overall correctness of your utility purchasing.
How long does the audit process take?
The length of the audit depends on the complexity of the business and its accounts. In most cases, your savings will be identified within 3-5 weeks. The entire audit and refund process should be completed within 120 days in most cases.
What is my time commitment as a client?
We are aware that your time is valuable. No one wants to take on a project that will take up a lot of time. You can expect the following:
15-30 minutes - Collecting Agreement, Authorization Letter, and one bill for each account. 30 minutes - Welcome Call from your Auditor to learn about your business operations. 30 minutes - Emails or calls with occasional additional questions (most audits do not require this). 30 minutes - Findings Call to explain and receive signatures to correct all that was found.
Is there a cost for having an audit done?
There is absolutely no cost to the client for performing a complete audit. IAG's focus is to recover all overpayments to the utilities and find you savings. Typically savings are found 70-75% of the time. There are three possibilities:
- No savings is found - IAG will inform the client that all is in good order. There is no cost to the client.
- IAG is successful in recovering a refund -a payment is made to both the client and IAG per the service agreement terms.
- IAG finds ongoing savings opportunities - a payment will be made after the savings are realized per the service agreement
What is a typical amount of savings?
Different factors and variables that go into an audit determine the amount that can be refunded or saved on an ongoing basis. Typically, the savings will be 8-15% of your total bill.
What is the statute of limitations on getting refunds on utility bills?
Depending on what state you are in, a utility audit can recover funds as far back as 4 years. Typically, most states allow you to go back 3 years to recover any overpayments to the utilities.
Will the client have to recover the savings from the utility?
No. IAG will handle everything. Once we identify savings, the client's only responsibility is to approve the findings and sign documentation prepared by IAG to complete the process. All negotiations will be handled by IAG to secure the refund and ongoing savings.
Is there a minimum amount that is considered for an audit?
Any company that spends more than $24,000 a year in energy expenses should have an audit done.
What is the success rate of finding a refund or ongoing savings?
The success rate will depend on different variables and regulations in different states. However, in general, 70-75% of all audits completed uncover errors and savings opportunities.
Will the audit impact my service with the utility provider?
No. The utility audit will have no effect on how the utility provider services your accounts. IAG makes sure that the utility has followed the proper rules, schedules, and regulations when billing the customer. We will work on your behalf in a professional and courteous manner.
What are the benefits of working with IAG?
- With IAG, there is no upfront cost to perform a complete audit.
- IAG will provide a highly trained and professional audit group to make sure that the client is maximizing their savings.
- IAG will recover overpayment refunds.
- IAG uncovers ongoing savings opportunities that will continue indefinitely.
- IAG will monitor your utility bills for the length of the agreement to ensure your savings remains.
- IAG does all the work.
Will your audit help my company use less energy?
Our primary focus is cost reduction as opposed to consumption reduction. However, we have strategic alliances in areas to help you cut the use of your energy.
What services does IAG offer?
Innovative Audit Group is a full-service energy advisor specializing in Utility Audits (gas, electricity, water and sewer).
What is your privacy policy?
IAG does not share any information with any other entity or business outside of the audit process. All information provided to IAG for auditing is strictly confidential.