Are you being overcharged by oil companies?
A Government department had an existing fuel card contract with a major fuel supplier. This included a large number of individual cardholders spread over a wide geographic region. The Procurement team needed to ensure that all fuel purchases were compliant with the contract, but to do so internally would have incurred significant time, resource and data subscription costs. They were also required to prove that any auditing was transparent, independent and accurate.
Fueltrac conducted monthly Contract Compliance audits to:
- Recalculate every single card transaction against the negotiated contract pricing
- Consider every variable, including purchase date, price, location and volume, along with international pricing indices and other industry pricing benchmarks
- Identify any pricing errors from the fuel supplier and analyse for trends
- Report the total value of any incorrect transactions to the client
Using our specially developed proprietary software, we audited every card transaction on a monthly basis. This entailed assessing every variable in the supplied transaction data. All discrepancies were flagged, reviewed by our experienced analysts and reported with the correct purchase price.
We then acted on behalf of our client to manage the credit process, ensuring every overcharged amount was recovered.
Our monthly contract compliance audits of this client’s fuel transactions:
- Identified approximately $250,000 worth of incorrect charges over the three-year contract
- Streamlined the credit process, ensuring all credits were received from the fuel supplier
- Saved expensive allocation of internal resources
- Met the necessary regulations for transparency and independence