How Does My Lucky Meter Help with Accounting for Petrol Pump Management?

There are several petrol pumps present in India, owned by corporations like Indian Oil, Hindustan Petroleum, and Bharat Petroleum, among others. Numerous people prefer to use their motor vehicles for commuting after the Covid-19 unlock in various places. While the increase in footfall for fueling up vehicles means more sales, it also leads to more management issues.

Manually computing sales and dip value along with managing daily transactions is the struggle. There is a high chance of making mistakes, and therefore you need to rework on entries. It is challenging to get timely updates on a daily business, and there is a lack of data on exact stock variation value. 

All the notes are scattered and distributed in different copies. Several entries of data in books also increase the overall expense due to the additional cost of stationery items. 

The answer to this issue is a petrol pump management software like My Lucky Meter. This software is used to manage inventory and accounting for petrol pumps.

In addition, it streamlines the daily operations at petrol pumps such as vehicle-wise billing, customer-wise billing, managing purchases, and generating auto sales invoice. My Lucky Meter helps in maintaining daily data like sale reports, stock variation and evaporation, rate variation, and so on.

Why My Lucky Meter is the Best Software for Petrol Pump Management?

My Lucky Meter petrol pump accounting software is easy to use, offers 24/7 customer service, and is customized. In addition, it comes with numerous features that make billing, accounting, and transactions at petrol bumps easier.

• Remote Monitoring

As the owner or manager, you always want to keep an eye on the petrol pump operations. However, you cannot monitor petrol pump operations when you are not present at the location. 

My Lucky Meter petrol pump software is compatible with desktop (Windows) and mobile (Android) devices. The dealer app helps track the daily activities of the retail outlet (RO), and the manager app can be used for tracking the operations remotely. 

This petrol pump software enables petrol pump owners to monitor and control business operations via ledgers. This includes banking ledger, EDC/ wallet ledger, salary advance ledger, customer ledger, and Loans ledger (given & taken).  

• Reduced Chances of Theft and Fraud

Attendants and other petrol pump workers often take advantage of the lack of robust measures to track every transaction during the day. The quantity of oil sold and the amount collected are tracked often at the day end. So, there are chances for workers to steal cash and adjust the amount in payments. 

The meter reading feature of My Lucky Meter software ensures that the right amount of fuel is provided to your customer. Automatic daily summary reports (DSR) are also available to track and view all transactions that occur during the day. 

The reports require an OTP for editing to ensure that the data is not tampered with. Admins can also manage staff access permissions for efficient control and security. 

• Effective Stock Management

Improper inventory management can lead to a huge amount of fuel loss. Managing a huge volume of volatile fuel at a petrol pump requires the full attention of employees.

These days, many petrol pumps even offer essential items and eatables. To minimize wastage, fuel stations record the amount of stock received. This is also necessary to ensure that you only pay for what you have received. 

My Lucky Meter Software ensures effective management of fuel and lubricant inventory and ledger maintenance to help increase sales and customer credibility.

Additionally, you receive a low stock alert whenever the quantity of any item at the petrol pump falls below the specified level of DIP reading. 

• Accounting and Billing

In manual billing/invoicing, there are high chances of calculation mistakes due to the lack of knowledge. Handling accurate accounts data is a challenge, especially when your staff is not fully equipped. Dynamic pricing system puts an additional burden on the team that is tracking prices and managing finances. 

With My Lucky Meter, bookkeeping and accounting become easier as manual errors are eliminated. In addition, it does bank reconciliation which ensures your accounts are managed well. Finally, you can view your financial status with an accurate balance sheet and profit/ loss statement. 

Indent management features further ensure invoicing support. You can generate invoices, vehicle-wise billing reports, and more. It also supports Tally software integration for export. 

• Generation of Reports

When you record all details manually at your petrol pump, not only does it take extra time and resources, but it is also challenging to analyze. In addition, reconciling physical stock with books is a time-consuming and error-prone task. 

My Lucky Meter provides an organized way of viewing data and making effective decisions through the automatic generation of reports. You can get regular and customized stock reports, sales reports, and purchase reports. The data can be downloaded in PDF and Excel formats or shared via SMS or email. 

• Staff Management

Salary calculation and timely payroll processing are some of the common issues at petrol pumps. Instead of using separate software to overcome staff-related functions, you can rely upon My Lucky Meter. It comes with in-built features for effective staff management. 

There is complete visibility when it comes to staff and related transactions. The cashier app is available for pump operators (DSM) to enter shift/duty details. Further, based on the attendance data of each employee, salary gets calculated automatically.

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• Sales Management

Maintaining sales reports and analyzing daily/bulk sales are among the important functions of My Lucky Meter petrol pump management software. Tracking sales records and purchase orders also become pretty simple with My Lucky Meter.

The indent management feature further facilitates credit sales management. You have a complete record of accounts payable/ receivables for accounting. 

• Building Customer Relationships

Customers are important for any business. The same goes for petrol pumps. My Lucky Meter’s loyalty program helps retain customers by providing them monetary rewards and better services.

It also offers a credit customer app so that customers receive automatic messages regarding their vehicles and fuel. They can also download their bill.

Conclusion

My Lucky Meter can greatly aid petrol pump owners and solve their accounting, billing, and stock management issues for effective petrol pump management.

Suggested Read: Top 10 Petrol Pump Management Software Best Suited for Fuel Stations