Here’s some sage advice found at TruckingInfo.com: “Proper record keeping is a fundamental key to ‘Operating Smart’. Whether large or small, successful business people know that proper record keeping is essential.” We think that is pretty well said.
For fleets and owner-operators, however, one particular area of record keeping, fuel tax reporting, has become increasingly cumbersome and time-consuming in recent years, namely due to new regulations such as the Interstate Fuel Tax Agreement (IFTA). While staying compliant hinges on proper fuel records, the more time spent on record keeping and fuel tracking means less time spent driving and delivering –which equates to less time making money.
To help fleets and owner-operators meet this increased reporting requirement, it requires cutting edge technology. Thanks to a new Ryder smartphone app, it’s now possible for fleets and independents to quickly and easily track fuel expenses, taxes, and usage – all with your smartphone, with no paperwork needed.
We don’t usually refer to Ryder in this space, but the creation of our new Ryder Fuel Receipt app for the iPhone and Android is a special occasion. It’s a powerful new free tool for our customers with one primary goal: making your job easier.
First, a few details about why Ryder Fuel Receipt was created: the International Fuel Tax Agreement (IFTA) is an agreement between U.S. states and Canadian provinces, aimed to simplify the reporting of fuel used by motor carriers that operate in more than one jurisdiction. Every mile you drive creates a tax liability. As your rental provider, Ryder reports IFTA data for all lease and rental vehicles. If we didn’t do this, customers at the fleet and individual levels would find themselves responsible for:
- Opening IFTA and Mileage tax accounts
- Securing accounts with bonds in some cases
- Ordering and renewing all fuel and mileage tax permits
- Processing all driver fuel receipts
- Storing information for 4 years
- Filing all IFTA and mileage tax returns monthly/quarterly
- Waiting for state to process possible fuel tax overpayments
- Having internal staff work with auditors
- Being liable for any state audit assessments
- Paying an outside service to do all of the above
With the new FuelReceipt app for iOS and Android smartphones and tablets, we’re able to seamlessly collect this data and process it for you. It leverages new technology for an old process by enabling rental and lease customers to:
- Create user accounts to track submissions
- Have key identifiers for each document
- Show on-screen confirmation receipt
Version 2.0 of FuelReceipt will have also text and email confirmations.
So, how does it work?
Now, when traveling between states or provinces, the old system – a glove box full of receipts and time-consuming paperwork – is replaced by smartphone actions you perform with other apps, like:
- Snapping a picture—Capture your non-Ryder fuel receipt on your mobile device’s camera.
- Adding small details—Verify info such as state or province of purchase and price.
- Submitting info online—Tap a button to quickly send your info to Ryder.
- No self-processing of fuel data—The app (and Ryder) do the required reporting and even store your fuel history for up to four years.
In short, the app simplifies fuel tax reporting records by tracking fuel receipts and eliminating paper from your life. The processing power of the app also has the ability to improve billing quality.
Want to get a true idea of the app’s value? Fleets and independent lease/rental customers should start by asking themselves this: what would it cost (in time and third-party help) to do my own IFTA reporting on the equipment I use?
Then, consider this: the cost of the FuelReceipt app is free! If FuelReceipt can save you time and, in turn, money, what’s stopping you from downloading it for free at the Apple or Android app store today?