Week 8 - Matching and Reconciliation
Happy New Year! Welcome to week 8 of our 8 week series on modern technology, specifically in the downstream fuel space. Congratulations, we've officially made it through :)
This week we're finalizing our discussion on our product suite, specifically our Matching and Reconciliation module - aka - Back Office Magic.
We all know what a hornets' nest the back office can be, specifically trying to match and reconcile what was ordered, to what was picked up, to what was delivered. This is especially true if it's being attempted in the ERP / Accounting system.
We've saved the best for last, as this is what we do best and how we leverage the connectivity and automation we've discussed in earlier weeks.
Let's start from the top. The site needs a delivery - either the customer called in, the dispatcher decided or the forecasting engine created the order. The load is then scheduled and assigned to a driver or sent to a 3rd party hauler. The load is then picked up and delivered. Great. Order completed.
Kind of. Next comes the hard stuff. A supplier invoice comes through and needs to be paid. An invoice to the customer also needs to be generated. Is the supplier invoice right? Is the customer invoice right? Is the ledger accurate? How do you know? How many systems are being used to verify accuracy?
This is where we come in. We have all the above data sets - locations, orders, drivers, carriers, terminals, products, tanks, and BOL's. Immediately upon delivery, we start the matching process and within 10 seconds we know it's either clean or it's not.
Clean transactions get sent to the accounting system for payment to the supplier and carrier + a receivable gets created for what the customer owes. If it's not clean, it's an exception and shows up on the exception report so someone can investigate and make adjustments as needed - all before getting to the accounting system.
By leveraging our platform, and specifically this module, we've saved companies tens of millions of dollars and tens of thousands of man/woman hours. This is why we call it Back Office Magic.
When you think about how you manage your end to end workflow, if it doesn't sound like the above, we would love to connect.