The Insite360 FuelQuest Financial product suite includes three modules:
Transaction Module: Captures delivery data, BOLs, prices and taxes that enables customers to accurately Price and Tax their orders
Inventory Costing Module: Provides a complete costing of the Net Landed Cost.
Purchase Reconciliation Module: Utilizes automated processes and rules to accurately reconcile fuel purchases to supplier invoices and bank drafts. Ensures the correct freight rates and fees are calculated for carriers and customers
The Transaction module captures delivery data, BOLs, prices and taxes that enables customers to accurately Price and Tax their orders
Delivery / Order / BOL Receipt
- Interfaces with supply terminals and business partners to update purchase orders with BOLs and delivery tickets (full and split load deliveries and multi-terminal lifting) and ensures accuracy of inventory life cycle from product order to delivery and receipt
- Reduces the administrative cost and burden of manually entering data while improving data accuracy
- Automates the Pricing Imports
- Automates the Price Calculation for each transaction
- Simplifies collection and calculation of contract, spot and delivered prices for all sourcing options as well as reconciles suppliers invoiced price
- Minimizes fuel costs and supplier overpayment by independently calculating actual price of fuel; reduce administrative costs associated with faxed-in or published price
- Automates the Tax Determination for each transaction
- Maintains all state and federal rules and rates for accurate calculation of tax liability
- Removes complexity from tax calculations gaining visibility into true costs of fuel transactions
- Automates the matching and reconciling supplier invoices to priced and taxed BOLs
- Automates verification of physical delivery to each site; records delivery information from driver; and automatically compares the delivery to the site’s gauge
- Reduces administrative costs and manual burden of processing SOX-required proof of delivery for inventory and consigned sites
The Inventory Costing Module provides a complete costing of the Net Landed Cost.
- Allocates all relevant costs to determine the per gallon cost
- Determines the costs to calculate the margin for reporting and setting your street pricing. Run an exportable report to get the total per gallon cost by date, location and product.
- Allocates all delivery costs (product costs, freight, and tax liability) to each site by product grade to determine the true net landed cost of fuel
- Ability to use FIFO, replacement or last delivered costing basis
- Greater accuracy in margin analysis, setting street pricing and reporting
The Payment Reconciliation Module utilizes automated processes and rules to accurately reconcile fuel purchases to supplier invoices and bank drafts. Ensures the correct freight rates and fees are calculated for carriers and customers.
- Identifies un-reconciled invoices and providing ability to request credit and re-bill
- Automates and improves the accuracy and timeliness of supplier invoice payments
- Eliminates the overpayment of supplier invoices based on price, volumes and taxes
- Time savings due to automatic matching and approval process within tolerance rules (2 minutes saved per invoice results in potential salary savings) e.g. 60 invoices per day @ 2 minutes =120 minutes saved * $20 per hour = $40 per day savings.
- Automates reconciliation of invoices to payments and payments to bank drafts to identify drafting errors quickly
- Lowers purchase costs by reducing duplicate and erroneous bank drafts