• Subscribe
  • In Print
  • Cargo Tank Repair Directory
  • Tank Cleaning Directory

    • Latest from Trends

    Coffeyville Resources | YouTube
    coffeyville_resources_truck
    Tank4Swap
    isotank5
    Odyssey Logistics
    bulktankandiso
    Gemini Motor Transport
    lovestanker02101316
    Jason McDaniel | Bulk Transporter
    img_4554
    71666745 | Adobe Stock
    adobestock_71666745
    Jason McDaniel | Bulk Transporter
    ATA President and CEO Chris Spear highlights the pressing issues facing the trucking industry.
    Red Trail Energy
    redtrailenergy367
    Fergy | Hollandbusinessphotograhpy.com
    1. Fleet Management
    2. Trends

    FuelQuest survey reveals growing fleet concerns over fuel invoicing accuracy

    March 17, 2014

    FuelQuest Inc published on March 13 the results of a new survey highlighting growing truck fleet business over inaccurate fuel invoicing. The findings reveal nearly 40% of respondents suspect errors in their fuel invoices, and over 38% have plans to implement measures to combat invoicing errors this year.

    The survey reveals companies' concerns over a pervasive, long-standing industry problem. Working with many of the largest fleet companies in the United States, FuelQuest, an on-demand software and services company for the global downstream energy industry, provides a solution to inaccurate invoices with invoice reconciliation products.

    "Unaddressed, bulk fuel invoice error rates tend to hover around 25%, but we have seen some companies with rates as high as 55%,” said Ryan Mossman, vice president and general manager of FuelQuest Fuel Services. “Accuracy is a challenge for both suppliers and buyers due to complex fuel and freight contracts as well as manual or sample-based reconciliation processes. With such a high number of invoice issues, companies run the risk of paying more than they owe for bulk fuel purchases. We are glad fleet-based companies are starting to recognize the financial risk invoice errors can create."

    According to the survey findings:

    Invoice discrepancies cost fleets millions and higher accuracy is becoming a greater focus. Nearly 40% of the survey respondents are concerned that they are receiving fuel invoices with inaccuracies. Almost 38% say they plan to implement an in-house or automated solution to combat this issue, and over 38% of fleets plan on routinely checking a greater number of invoices throughout the year.

    Nearly one quarter of fleets experienced an impact to their business due to inaccurate fuel invoicing. Of the fleet owners surveyed, over 24% stated there was a business impact from invoicing errors including overpayments, increased operational costs, and lost trust in suppliers.

    Recent scandals serve to heighten concerns. Twenty-four percent say that they have changed the way they manage and review their fuel invoices as a result of recent scandals such as the prosecution of Pilot Flying J for fuel rebate fraud.

    Complexity of fuel invoicing was a factor in number of errors. Almost all fleets surveyed (99%) reported invoice discrepancies up to 25% of the time, with some reporting discrepancies up to 50% of the time. Spot price comparison ranked as the number one challenge for fleet owners (35%), closely followed by monitoring tax rule and rate changes (32%).