There are several organizations that have a stake in accurate invoicing, including sales, IT, fuel operations, tax accounting, and accounts receivable. A change management process should include documentation of the change implementation plan, and the opportunity for review and feedback by all stakeholders. NGL is an attractive option for companies as natural gas is much lower in cost on a per-gallon basis than gasoline or diesel in today’s market. It does not burn as efficiently as gasoline or diesel in terms of BTUs, but it burns cleaner than gasoline and diesel, which is good for the environment and thus provides companies with a marketing boost.

The impact goes well beyond the gain or loss that occurs when an incorrect invoice is paid. Auditors can discover unpaid tax liabilities years later and require payment of accumulated taxes along with penalties and interest. As a gas station and convenience store owner, you need to be cognizant of various tax liabilities, such as sales tax, excise tax on fuel, and income tax. Proper, accurate record-keeping ensures a smoother, less stressful tax filing process. It also helps you leverage any relevant tax deductions and avoid late payment penalties.

Accounting for Gas Stations

There are a number of methods for doing this but most companies rely upon their store management team to acquire this competitive intelligence. A common area for improvement is that many store managers only observe competitor prices on their way into gas station accounting work at 4 am. The downfall of this early hour of reconnaissance is that most price changes are between 5am and 6am or before the morning rush hour. Decentralized fuel pricing is not practiced by the Industry top quartile companies for motor fuels.

When dealing with multiple transactions occurring simultaneously, your team should assess whether these transactions should be accounted for separately or combined. In many cases, the software used for managing the assets being acquired may differ significantly from the buyer’s existing system. Companies in this situation will need to extract data from the seller’s accounting system, transforming it as necessary, and then integrating it into the buyer’s enterprise resource planning system.

Take a look at some of the best solutions for inventory management for small businesses, such as c-store and gas stations:

Vague wording in TSAs is common and sometimes deliberately included by the seller to avoid additional work. In our experience, sellers often view the TSA as an opportunity to hasten its conclusion and may consider the acquiring team a hindrance. Learn how Zenput can help you elevate team execution across every one of your stores. Through connected technologiesBy integrating every device at the site in order to control price changes remotely.