Fuel marketers/distributors, terminal and pipeline operators, refiners and trading companies all deal with a staggering amount of non-stop data. Inventory positions and movements, bills of lading, product invoices and transactional tax records generate a vast amount of data that must be reconciled to maintain accuracy for financial as well as regulatory and compliance purposes.
In this Interactive FREE Webinar to be held at 1:00 CTL on September 20, we will showcase how tax analysts, inventory and exchange managers, accounting professionals, and others are able to set themselves up for reconciliation success. We’ll walk through tools available to streamline a necessary and vital business task.
Reconciling data for many evokes such “pleasures” as childhood visits to the dentist, the first scratch on a brand new automobile or stubbing a toe. It does not have to be that way! Many businesses are using new data tools to streamline such mundane and difficult tasks as:
- Inventory with third parties
- Tax paid to a vendor vs. tax collected from a customer
- General ledger matching to numerous other data sources
Take control of these processes and increase both the accuracy and productivity associated with reconciling large data sources. As part of this webinar Brad Henning, the Manager of Inventory Accounting from U.S. Oil, (a trading, terminaling and fuel marketing company) will be available to discuss their successful implementation of an automated data reconciliation tool and how it has benefited his business.
Steve Smith is the Chief Architect and one of the co- founders of IGEN, a motor fuels tax compliance software firm located in Green Bay, Wisconsin. Steve has worked in the Oil and Gas software industry since 1997 and has worked with many of the major oil and gas companies such as Shell, BP, Chevron and others. Steve has over 40 years in the IT industry and has worked at many major corporations in the Utilities, Banking, Manufacturing and Oil and Gas industries and was also at Microsoft in the early 1990s.
At its core, IGEN provides data automation and translation solutions with a focus on motor fuel tax compliance, and reconciliation of large data sources. Through its suite of solutions, users can automate difficult business tasks and create repeatable workflow processes thereby increasing accuracy while lowing associated time constraints and work hours. To learn more about IGEN, visit www.igentax.com.
Brad Henning is the Manager of Inventory Accounting for U.S. Oil, a leading energy and transportation products distributor and marketer. Brad’s 30 plus year career has been entirely in the oil and gas industry. Brad has worked in variety of financial roles over his career first with BP and now with U.S. Oil. Brad’s current responsibilities include oversight and control over U.S. Oil’s inventory at proprietary and third party terminals along with settlement responsibilities associated with U.S. Oil’s purchase and sale of bulk petroleum products.
U.S. Oil, a division of U.S. Venture Inc., is a leading energy and transportation products distributor and marketer. For more than 60 years, U.S. Oil has been recognized by our customers and partners for our value-adding approach in the distribution, marketing, trading and operations of fuel and renewable energy products in the United States and Canada. U.S. Oil prides itself on delivering unconventional, creative solutions that give our customers a competitive edge. For more information on U.S. Oil, visit www.usoil.com.
FMN’s Editorial Director Keith Reid will provide active moderation for the session with an abundant opportunity for questions from the audience.