Accounting Software For Petrol Station

Accounting Software For Petrol Station – Buy Best Accounting Software For Petrol Station or Oil & Gas Companies In Nigeria Kenya Ghana – Sales from Petrol Pump

A Petrol Station business is known to be a capital intensive and highly regulated outfit – it requires funds that run into millions on initial setup – construction of gas station itself, stock of liquified gas, fuel and kerosene. While you an effective operation manager to organize this business, accounting and bookkeeping remain a top priority if you really want to be on top of your business.

A petrol station is an inventory-based business that requires software designed to show your inventory movements, from acquisition at the depot to delivery at your petrol station, and up to the sales at the nozzle point, including the sales or cashier in charge.

This roundup covers the basic deliverables of our QuickBooks accounting software and how we helped a client in the South-south power their petroleum lifting,  sales and distribution businesses.

Read – How I deployed QuickBooks For A Petroleum Company

If you are wondering or asking for the best version of QuickBooks that works perfectly well for petrol or gas stations, I’d first say that it depends on the current business structure – a single or multi-station business.

A single station, as the name implies, operation a single location business and it’s most likely that they are new in business or want to run a lean operation that’s restricted to the host community while a multi-station has different sales outlet across the states or country.

From our industry experience, QuickBooks Premier is the right version of a petrol or gas station with a single location assuming the number of concurrent users does not exceed five (5) which is the maximum. On the other hand, QuickBooks Enterprise Solution with Advanced Inventory Management works well for a multi-location station as it comes with an additional module tagged Advanced Inventory.

Advanced inventory helps inventory based outfits to manage inventory sales across branches and transfers between them – a feature that will you monitor the lifting of petroleum at the deposit and track distributions to the different gas stations, including quantity supplied. There are situations where a company may run out of stock at a gas station and at the same time have the same stock in exceeding at other gas station, QuickBooks Enterprise Solutions lets you record inter-branch supplies at cost including the user/manager that recorded such transaction.

You might also be concerned about the difference between QuickBooks Enterprise and Premier.

Premier is a lower version that lets up to 5 users access the central data on a local or server at the same while Enterprise offers a more robust functionality – from expanded access to 30 users and a higher number of customers, vendors inventories of up 100,000.

In terms of pricing plan, QuickBooks Enterprise Solutions with advanced inventory is subscription-based while Premier software is one-off but if you want to host your data on the cloud, you’ve required to pay an annual fee on both. The last version of Enterprise that’s a one-off is 2018 but comes with no multi-warehousing or multi-location module; this is for clients that want more users in a single location.

Let’s look at the key setups and deliverables of QuickBooks accounting software for a petrol and gas station.

Construction of the Petrol Station and Licencing.

If you are just starting or new in the business, it’s important for you to note all the pre-incorporation expenses and petroleum lifting license fees paid to relevant authorities before you commenced operation – this covers the cost of constructing the gas stations, leasing and acquisition of trucks, nozzle and payments to localhost community heads.

QuickBooks lets you input this under your fixed assets (to be amortized until it’s written off completely).

Inventories

The inventory side of your petrol station is very important – this is where you activate a standard unit of measure for your petroleum products, litres, and see the quantity on hand on a daily, weekly and monthly basis.

QuickBooks lets you record the purchase s at the depot, distributions/transfers and sales of your petroleum products including payment methods, cash, POS or credit transfer to your bank. For discrepancies at the end of the day, you can run inventory reconciliations to bring the actual quantity in the storage tank at par with the figure reported.

For petrol station with different locations, you can deploy your software to the cloud and have each branch heads post all the sales generated from their location and all inventory receipts into the storage tank. With this, you can generate financial reports to compare branch performances.

Fixed Assets

Depending on whether your trucks were hired or acquired, you can use the fixed asset modules to track depreciations of each of your owned trucks, and how much you spend on repair and maintenance. And if these trucks delivery are covered by insured against unexpected damages, you have the Chart of Account session of QuickBooks to create insurance prepaid.

Banking

The banking session of QuickBooks lets you track all receipt from sales of petroleum products to retail users and how payment was received; POS, bank transfers or cash, how they have been spent and your current balances. You can also run reconciliation if you noticed any difference between your bank balances and the figure displayed in QuickBooks.

If you have forex-related transactions you’d like to post, the software allows you to activate multiple currencies where you set your home currency and pay foreign vendors in their respective currency from a similar fx bank.

Multi-User Access

If you require different users to log from their desks, the system lets you switch to multi-user mode so that staff or sales manager can access the software using a unique username and password on a shared network – LAN or server. You can also set restricted roles for control.

This also makes it seamless for the super administrator to monitor the user’s activities on the system and trace irregularities if any.

Financial Reports:

As we would expect in normal financial accounting software, QuickBooks generates a real-time financial report that covers inventory activities at different locations, location-based sales and expense report, profit or loss for a specific period, statement of financial position and cash flow.

While these are some of the basic features of QuickBooks customised for petrol station or Oil and Gas Business, you can also connect with us for further clarification on some specific reporting features you want for your business.

Email: info@accountingsoftware.com.ng or bigresourcessolutions@gmail.com.