IFTA is an agreement among U.S states and Canadian Provinces. The agreement simplifies the reporting of fuel used by the motor carriers that travel in more than one member jurisdictions. According to the IFTA, every licensee operating under any member jurisdiction has to follow the tax rules. The agreement was made to bring a high degree of efficiency in the highway and transportation system. Also, this was made to collect and redistribute the fuel taxes paid by interstate commercial vehicles.
Every licensee must comply with the tax rules and pay the taxes on time. Therefore, it becomes necessary to keep all the records handy while filling the IFTA taxes. If there is any delay in filing the taxes on time, there will be fines or penalties on the licensee. Manual calculation of IFTA tax needs lots of time and effort. IFTA Software is the right choice as it helps you in calculating and reporting fuel tax saving your valuable time and effort.
How Fuel tax is determined for your trucking company?
There are different parameters involved in calculating fuel taxes. You need to have all the reports including distance documents, automobile mileage records, fuel records, and fuel purchase records. Collecting and calculating these data manually is a tiresome and complicated task. We know that any single error can result in hefty fines. Thankfully, IFTA reporting is easy and simple nowadays. The IFTA software provides accurate mileage and fuel records based on the fuel taxes of your trucking company.
The benefits of IFTA software are not only confined to calculate taxes. It also helps in increasing the productivity and efficiency of the trucking company. It can track the location and motion of fleet and generates precise trip records. The software also helps to reduce the interim administrative tasks. Using the IFTA software creates a good synchronism between the drivers and the dispatchers. The elimination of huge manual effort saves both cost and time. There are numerous of IFTA software available in the market. Be conscious while choosing the best software for your business. It is always better to research more before going with any particular one. The time by IFTA software can be utilized in other business activities. Using the software significantly reduces the paperwork that drivers used to do initially.
The software gives you the flexibility to control and manage the day-to-day operations. All these help your business to perform well in this competitive market. No matter what is the size of your trucking company, profit is always on the top of priority. If you get into huge penalties or fines, the losses can make your business fragile. So, it is always the best to have the latest software and tool that can make you remember of taxes all the time.
IFTA software is a savior in this situation. Good IFTA software gives you alert regarding the tax reporting and filing date as well. If you are new to the trucking industry and curious to know what is IFTA tax? Here we will help you to each and every technicality during the operation of the software. We all agree at the one point that IFTA reporting was not so simple before. Just a matter of clicks we get all the reports in our hand. Automation in the trucking industry has revolutionized the ways of daily operations. Introduce IFTA software to your business and make your company shine in the market.