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Petroleum marketers are taking advantage of technology to automate or otherwise streamline several aspects of their business. So it is not surprising they are welcoming the electronic Bill of Lading (BOL) for accurate invoice processing.
The BOL supersedes the delivery receipt used in verifying where a delivery was made and how much commodity was dropped, as well as providing the information needed for inventory adjustments. The manually prepared delivery receipt too often has errors that result in significant rework. For example, incorrect identification of the supplier likely results in error in the cost or price of the delivery and necessitates time-intensive correction.
The BOL reliably reports the supplier, products purchased, quantity of gallons pulled and terminal — all vital data in determining how much is owed to which supplier and the value of the fuel involved. Electronic BOLs — often accessible within minutes of the load being lifted at the terminal — further improve business by automating and streamlining accounting processes. They make possible justification of the quantity invoiced with that delivered, as well as capture of correct valuation, all in real time. This capability eliminates errors common in manual processes and results in faster, accurate invoicing that ultimately improves the marketer’s cash flow and profitability.