Wheeloil and Gas Limited

Background

Wheeloil and Gas Limited is a trusted provider of premium petroleum products, gas, and lubricants in Nigeria. Known for its dynamic approach and commitment to quality, the company initially operated four filling stations and has expanded to six, with plans for further growth.

When we engaged with Wheeloil and Gas Limited, they managed their retail fuel filling station business operations, including financials, invoicing, inventory, and tax compliance, using Excel spreadsheets. While this approach was serviceable at their inception, the limitations of manual data entry, scalability issues, and inefficiencies became evident as the business expanded.

Problem Statement

Wheeloil and Gas Limited faced several challenges with their reliance on Excel for business management:

1. Lack of Integration: Separate spreadsheets for financials, inventory, and customer billing created siloed data, complicating operations and increasing the risk of errors.
2. Limited Financial Oversight: Generating financial statements, tracking cash flow, and creating projections required significant manual effort, often delaying decision-making.
3. Inventory Tracking: Managing inventory across multiple retail fuel filling station in varied locations was cumbersome and prone to inaccuracies.
4. Tax Compliance Complexity: Navigating varying sales tax thresholds across States without automated tools posed compliance risks.
5. Scalability Challenges: The existing setup could not efficiently support the company’s expansion to additional filling stations.

Project Objective

To design and develop a comprehensive Double Entry Accounting and Enterprise Management Suite tailored to Wheeloil and Gas Limited’s operational needs. The solution aimed to:

• Centralize and streamline business operations for efficiency and accuracy.
• Automate the generation of financial reports, projections, and tax compliance tasks.
• Enable inventory management across multiple retail fuel filling station in varied locations.
• Support the company’s growth trajectory with scalable tools and insights.

Deliverables

• Integrated Financial and Operational Management: Automated double-entry accounting with features for financial statements, invoicing, cash flow projections, and tax compliance.
• Enhanced Inventory and Sales Tracking: Real-time inventory updates and automated pump reading integration for accurate, efficient operations.
• Scalable and User-Friendly Platform: A flexible solution that supports multi-location management and adapts to the company’s growth plans.

Results

The Double Entry Accounting and Enterprise Management Suite transformed Wheeloil and Gas Limited’s operations by automating critical processes and integrating daily operations into a single, scalable platform. Key outcomes included:

1. Streamlined Financial Management:

   • Automated rolling financial statements provided real-time insights, enabling faster, more informed decisions.
   • Pump reading integration directly updated double-entry journals, eliminating manual data entry and improving accuracy.

2. Enhanced Efficiency in Operations:

   • Real-time inventory tracking across all filling stations reduced discrepancies and improved stock management.
   • Seamless invoicing and billing processes minimized errors and reconciliation efforts, ensuring timely customer billing.

3. Improved Planning and Compliance:

   • Tools for cash flow monitoring and projections empowered proactive financial planning.
   • Automated tax compliance across locations reduced regulatory risks and administrative overhead.

4. Scalability and Growth Support:

   • The user-friendly, scalable platform enabled Wheeloil to seamlessly onboard new filling stations, ensuring sustained growth with minimal disruption.

This solution not only replaced manual processes but also introduced advanced automation that saved time, reduced errors, and positioned Wheeloil for long-term operational excellence.