There are several methods trucking companies can use to achieve IFTA compliance however not all are created equal. This article will outline how automating vehicle distance and fuel purchase processing for IFTA is the most accurate and cost-effective solution for IFTA compliance.
The majority of IFTA licensed vehicles operating in Canada and the United States can view their vehicle locations in near real time using GPS. While having access to a vehicle’s position can provide insights into your business, many trucking companies are not taking full advantage of the trove of data available for IFTA compliance with reporting and recordkeeping requirements.
The Most Accurate and Cost-Effective Solution for IFTA Compliance
Most ELD providers will make raw GPS position data available to you and fuel tax reporting service providers may be able to utilize this data to produce IFTA reports and returns. Some processors, such as TransReport, are able to pull data from your GPS provider directly into their fuel tax reporting platform, thereby automating the collection and processing of distance data. This method uses APIs to create integration and allows a carrier to enjoy significant cost savings versus manual entry systems.
Automation can also provide benefits to the other major hurdle many IFTA licensed companies face; managing fuel purchases. Many fuel card vendors not only provide exportable fuel files but also allow for outside integration. TransReport Services for example, can integrate with the leading fuel card vendors to eliminate the manual task of compiling, importing or entering fuel purchase data for reporting purposes. Fuel purchase data is automatically pulled to the carriers account and matched to the specific truck.
Automation eliminates the human errors associated with manual processing, saves your team countless hours each month and provides more precise and accurate IFTA and weight distance tax returns.
With the ability to integrate with dozens of ELD and fuel card providers, TransReport is making IFTA compliance affordable and easy. Contact us today to discuss how you can benefit from automation!
Related Trucking Compliance: IFTA Fuel Tax Reporting