Fuel invoicing accuracy has been a challenge in the Fleet Industry for many years. There is anywhere from 10-25% of regular inaccuracy. The amount and complexity of variables contributes to the errors, including constantly changing and often complicated fuel tax rates, high volatility in fuel prices, and transportation and delivery costs. Historically, fleet-based businesses have not displayed significant concern over invoicing errors, despite fuel typically being the second highest operating expense.
A recent survey conducted by FuelQuest concludes that the industry is changing their plans to handle the inaccuracies: 40% of fleet-based businesses polled believe they are receiving fuel invoices with inaccuracies, and 25% state they are changing the way they manage and review fuel invoices. In fact, 38% indicated they plan to implement a new solution to combat the issue.
Retailers are also prone to issues with fuel inaccuracies. FuelQuest has witnessed invoicing error/failure rates related to retailers as high as 55% when a customer is brought on board. With processes, controls and open communication, that error rate is brought down to roughly 10%.
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