With the cost of fuel skyrocketing these days, are you sure you are getting what you paid for when it comes to fuel deliveries?
Understanding if there are any differences between the amount of fuel you paid for and the amount that was actually delivered from your carrier is key to profitable wetstock management.
However, some factors make this a little tricky.
When fuel is delivered, there are different reasons that may cause a variance, such as temperature, vapor, theft or incorrect delivery.
While some are normal working losses like temperature or vapor related losses, others are more serious and shouldn’t be ignored.
If you don’t have good visibility over your fuel inventory, it’s hard to detect when this happens and why. No visibility means no action, which can result in overpayments, shorted fuel, inaccurate data, invoice disputes and monetary losses.
Our delivery reconciliation tool in iHUB analyses delivery events to precisely quantify the volume of fuel that was received from your carrier. With supplier delivery data, reported volumes can be validated against what was received in the tank, removing metering and administrative errors and temperature effects.
It also accounts for sales that occur during the delivery window, thus giving you an adjusted delivery amount of what was actually received and comparing against the BOL.
Fuel retailers receive notifications when variances are outside thresholds and information to identify the source of potential variance, allowing them to reduce loss and facilitate a quicker and more accurate reconciliation.
If you’d like to find out more about it, check out our iHUB page.