Webinar Recap: Driving Financial Accuracy to Optimize BOL and Invoice Reconciliation

The final step in fuel supply chain logistics is seldom straightforward and often the most complex. A supplier invoice comes through, and a customer invoice needs to be generated, but if they differ, which is correct? Is the ledger accurate? For fuel retailers who rely on spreadsheet-based systems, the result can be a tangled web of paperwork followed by payment delays and frustration. 

On the larger scale, the ripple effects of inefficient back-office systems can impact cash flow and working capital for the business as a whole. With so much at stake, it’s critical that operators utilize the enhanced technology and automation available to them to remain competitive and foster growth.  

In the final installment of our Fuel Supply and Logistics Mastery webinar series, Titan Cloud’s Director of Solutions Consulting Nick Viola and Senior Solutions Consultant Brent Puzak discussed the capabilities of such integrated technology and how it can drive financial accuracy for fuel operators. Here are some highlights from their conversation. 

Financials close the loop 

Recapping the first and second webinars in the series, Puzak explained that while fuel supply teams are focused on the buying strategy and dispatching and logistics teams are focused on executing that strategy, billing teams represent the outcome of both. 

“For the billing team, every action taken by supply and dispatch is a direct input into their process. They rely on timely and accurate data about where, when and how fuel was lifted so they can send invoices promptly and make payments efficiently, reinforcing the organization’s profitability and cash flow,” said Puzak. “Without that integration between these teams, costs can really balloon, and profits can erode. Interconnectedness underpins a business’s capacity to grow and compete effectively within the market.” 

Viola added that on a larger scale, critical business opportunities can be lost when the supply, dispatch, and financial cycle is compromised by incorrect data. 

“A broken link means that invoicing errors can occur, leading to re-billing errors, which drive up operational costs. This is especially critical when it comes to cost of goods sold,” he said. “If mistakes go unnoticed, the company risks overpaying for fuel or freight, directly impacting profitability. Additionally, re-billing and delayed corrections slow cash turnover, impacting the company’s liquidity.” 

Operational efficiency and the bottom line 

One audience poll question asked attendees to rank how satisfied they were with their current systems or processes for executing BOL and invoice reconciliation. Overall, about 85% of respondents reported feeling neutral or less, demonstrating the need for better financial systems. Our panelists explained how Titan Cloud’s integrated technology provides the financial accuracy needed to protect profit and cash flow. 

“Titan Cloud connects supply data directly to dispatch and logistics, which enables a seamless data flow into the invoicing process. We also use an automated alert system to enable management of exceptions in near-real time. As a result, teams stay informed of critical issues, minimizing manual touch points and addressing discrepancies immediately,” said Puzak. “Increased operational efficiency feeds the financial accuracy needed for a full understanding of profitability across the business.” 

Integrating to reach business goals 

Much of the conversation focused on the importance of centralized data in synchronizing supply, dispatch, and invoicing accurately and efficiently. As opposed to outdated systems, data-driven integrated technology enables fuel operators to avoid reconciling between systems, spreadsheets, or third parties. A single source of truth also means eliminating the need to chase down missing information, because every charge is accurately reflected from the start. 

“End to end integration, from order placement to delivery through the to the final reconciliation, is what drives financial accuracy. By having one unified platform for all product delivery, terminal, supplier and pricing data, we can ensure that every cost component is accurately captured and reflected in a company’s financial reporting,” Viola said. “This comprehensive integration enables real time visibility into cost of goods sold, accurate profitability analysis, and shorter cash cycles—all of which support the overall financial health of a retail fuel business.” 

To watch the full session on demand, visit here.

For a personalized demo of how Titan Cloud can streamline and optimize supply chain functions for your business, talk to one of our solutions consultants today.  

Nick Viola

Director, Solutions Consulting

Nick Viola brings more than a decade of experience to his role as Director, Solutions Consulting for Titan Cloud. He began his career in the U.S. Navy as a Nuclear Submarine Officer and team leader onboard the USS Pennsylvania before moving to the private sector. Since then, Nick has been helping companies achieve their business goals through data-driven technology and processes, in industries ranging from operations and manufacturing, to supply chain, logistics, fuel, and technology. Nick's wide-ranging background adds a wealth of expertise to the Titan Cloud team.