In today article we are going to speak about Free IFTA Tax Reporting Software and their importance. I know most of you every quarter you need to create and submit IFTA reports ask your self is there any Free IFTA Tax Reporting Software that can help me speed up the process and make it easier.
Creating IFTA reports is not something most people like to do and somehow trucking companies always postpone this reporting all the way to the last day until the deadlines are on the door step.
Almost all trucking companies do this so if you are one of them don;t feel sorry for that – It is fine, you are just one of us!
But as a trucking company owner or if you are owner operator there is no other options besides doing IFTA reports and if you don’t do it you will face the penalty and get a fine for not doing it according to the deadline.
But there is some ways how to do it easier and to make sure your IFTA reports are created on time and properly.
Possible ways how to do it look very simple and some of them will save you money and on the other hand some of them will save you time and it is up to you to decide which one of these options you prefer more:
- Create IFTA reports on your own
- Outsource IFTA reporting to the specialized company for $120 per truck/report
- If you are a trucking company owner dedicate a person that will create reports
- Ask your drivers to do it
As you probably already know some of the above mentioned scenarios are not likely to happen such as asking your drivers to do reports on they own but there is some trucking companies that actually train their drivers to do this kind of reports for the company as a part of their job description and duties.
Why Is IFTA Reporting So Complicated
To create IFTA reports you need to enter all the miles truck drove trough each state and you need to enter the amount of gallons purchased in each of the states in the last quarter of the year.
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The thing that makes this report creation so difficult is that there is simply a lot of data that needs to be entered in report. If we just say that for example an average long hauling Class A truck driver makes 12.000 miles a month and let’s say that they fuel the truck once per day on average that will lead us to 100 diesel bills and data entries to add on top of the prices, miles and so on.
This definitely is not an easy task to do and there is a lot of challenges trucking companies face during this process.
Dealing with IFTA and creating reports when you have a fleet of 10 or even 100 trucks in your company could very easily turn to a nightmare for the person in charged. Most common obstacles people in charged for creating IFTA reports face are following:
- it is very hard to collect all the diesel bills
- a lot of diesel bills gets lost by truck drivers
- all the lost diesel bills you need to extract data from fuel card reports which take a lot of time
- drivers don’t deliver documents on time and very often they are late
- some drivers are not punctual and cause a lot of problems
In dealing with these situation takes a lot of patience and diplomatic skills to get all the things you need and create all IFTA reports – sometimes you feel like you are fighting again windmill.
So I would say that creating IFTA Reports actually is not that complicated but rather it is hard to collect all the information and data you need to create it. Once the data is collected any person working on reporting is capable to finish it within few hours maximum.
How To Create IFTA Tax Reports Quickly
Let’s say that you finally managed to get all the information you need in one place an you managed to persuade all the drivers to send you all the diesel bills and the ones that you noticed where missing you get form the fuel card report.
So all the data is in your office and now you ask your self hot to create IFTA Tax reports in a faster and easier way but at the same time to make sure you will get 100% accurate report and that everything is 100% legal and according to the law.
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There is some tips and tricks you can use or you can use some tools to speed up the process. Try using some of the following tools:
- Use excel spread sheet form for IFTA reporting to speed up the creation
- Use software to increase the speed for data entry
- Create it Manually
- Get Free Software that will allow you to finish IFTA reports in minutes
Some companies use different approach and all depends how trained is the person that is in charged for report creation. If you have a person that is skilled with computers and knows how to use them on medium or advanced level then you can finish the job for the entire fleet in a day.
Instruct and train your company staff to use the computers and software tools to help themselves and speed up the process and in the same time save you a lot of money that instead of invested in creating IFTA reports can be invested in much more profitable things.
What is the best Free IFTA Tax Reporting Software
We at Fueloyal deeply understand trucking industry and trucking business and we know that operating and doing business nowadays is not easy and that companies are struggling to break even and that lad prices are not as they used to be.
For that reason we wanted to give our small contribution and we wanted to makes things a bit easier for trucking companies so that they can focus more on finding better paid loads that will keep them in business for a long period of time.