Not quite. For three phase, VA = A * V * 1.732, for single phase VA = A * V. In both cases, the product is volt-amperes, which includes both real and reactive power.
In general you only get charged for real power, however large facilities will also be charged if they have poor power factor.
On top of this, you need to figure out the correct amp value to use. For motors, you cannot simply use the nameplate full load amp value, because the current drawn by the motor will change as the mechanical load changes. A 50 hp 480V three phase motor with a mechanical loading of 25hp will draw similar current to a 25hp 480V three phase motor supplying the same mechanical load; there will be differences in efficiency and power factor, but I would expect the real current drawn in both cases to be within about 10% of each other.
You can convert directly from horsepower developed to watts; W = hp * 746 / efficiency. The numbers that you need to find to do your comparison are the efficiency values at the mechanical load. You will find that single phase motors of similar quality and rating will be nearly as efficiency as three phase motors.
-Jon