Utility Accounting Education Update
Here are insights to help keep you current in the Power and Utilities industry!
utilityeducation.com
February, 2023
This month’s issue: Stashing revenues for a “rainy day”, partnering with employees on their goals, and allocating costs based on automated meter data.
The excitement never stops in the accounting world, so read on if these are of interest and/or forward to a friend! If not, submit some topics you’d like to see in this newsletter.
Saving revenues, isn’t that cooking the books?
An industry best practice strategy is using “rate stabilization”. This is not only saving revenues for a rainy day, BUT saving the revenues and booking them later. Is this legal? It is, using ASC 980 or GASB 62 to defer the revenues for later use. Here’s how.
When you use it, pay for it
Installing automated meters provides a treasure chest of data on time of use by customers and departments. Allocated costs based on usage data is the next step.
The UAES article library covers introductory and advanced co-op, FERC, and utility accounting, developing electric rates, and financial management. We include practical examples you can use now in your electric cooperative or utility!
Setting goals with employees
Set goals with employees vs. evaluating them after their performance. The process should be a partnership. Here’s some insights.
New to the Power and Utilities business? Here’s a course for new accounting and finance team members!
Welcome to the electric business!
The more you know about the electric business, the better value you bring to your organization and to your career!
This class will give you a high-level overview of how an electric utility and cooperative gets electricity to its customers, how it operates, the level of oversite governance, and the finances that make for a healthy business. You will be able to immediately use this information in your day to day work and "speak electric" with your peers!
Thank you for your support and interest in best practices in accounting, developing electric rates, and financial management. The Power and Utilities Industry is the foundation for a vibrant economy and an integral part of our society!
Just for reading this far down the newsletter you’ll get 20% off a 12 month All-Access UAES membership! Just use the code Newmember20 at checkout!
A few thoughts from Ed Mylett on focusing on your goals!
“Always stay true to yourself and never let what somebody else says distract you from your dreams.”
“Good is the enemy of great.”
“The truth is, if you are not putting in the time, effort and energy every single day, someone else is.”