How to Improve Your IFTA Reporting Accuracy
1 Feb 2017
When it came to fuel tax reporting years ago, each state had its own mandates and regulations. Today, most are now International Fuel Tax Agreement (IFTA) members. This system standardizes the multiple and sometimes occasional contradicting regulations created by the states. Although some states might have additional rules and requirements for this reporting system, since they now use the IFTA system, the fuel tax reporting system has become much more simplified.
The IFTA is an agreement that the U.S. lower 48 states and the Canadian provinces have to make fuel reporting easier for the motor carriers that are operating in several jurisdictions. One way to simplify this process is through GPS tracking. GPS fleet tracking software can help you make your IFTA report more accurate in a number of ways including:
Fleet Asset Turn-by-Turn Tracking
GPS fleet tracking technology allows you to track all your assets in the field turn-by-turn. You can divide activity into a monthly reporting system or by specific driver trips. This helps you keep track of every mile.
GPS Data Reporting
You can create records of the data collected from your GPS tracking technology. Not only can you create reports, but you can also store this information to use in the future in the event you are audited. You can also track your vehicle fleets’ average MPG to help you keep track of inconsistent fuel consumption rates.
Round-the-Clock Tracking
GPS fleet tracking can track every vehicle 24/7 so you can collect each fleet vehicle’s use and mileage data continuously, even if you have drivers that forgot to document their driving activity. You can also spot any gaps in odometer data. The data you get from the GPS tracking devices allows you to monitor your drivers’ driving behaviors, keep your drivers on task, and help you to plan detours quickly to get your drivers around closed or congested traffic roads.
When it’s time to come up with your IFTA report, it can often be a challenge to collect and log each vehicle’s fuel use. You could face investigations and fines if there are discrepancies, which will cost you both money and time. GPS fleet tracking can help you improve the accuracy of your IFTA reporting as well as stop any type of fuel fraud or theft. When you reduce loss risks, your insurance company will likely lower your insurance premiums.
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