It’s no secret that IFTA (International Fuel Tax Agreement) can be a huge pain. Countless hours spent viewing and reviewing your numbers, late nights with cold coffee, trying to make sense of figures and digits. No one likes calculating IFTA. And when it comes to completing tasks we don’t like, most of us tend to procrastinate. So, in the blink of an eye, it’s the end of the quarter and you haven’t even started. It can be enough for some people to say “forget it.” After all, who likes doing taxes?
But letting yourself get behind on such an important task can really hurt your business and your bottom line. You’re left scrambling to get it completed, you lose time you could have invested in finding loads and are left with the worry of asking yourself “Did I do this right?” Or, worse, “What if I get audited?” It can be very stressful.
So how do you keep organized and ensure you’re ready for this tedious job? You could write everything down, keep it in a file, and spend a few hours doing the math. You could take all of that info to a tax service and pay someone to crunch the numbers for you. But what if you could do it yourself without stress and hours of lost time? What if it only took a few minutes, so you could get back on the road, or go have dinner with the family? Believe it or not, it can be that easy.
Using a software to complete your IFTA can save you an whole lot of time, money, and stress. There are plenty of IFTA programs out there, but how do you know which one is best? What should you look for?
The simple answer: automation.
Look for a software program that will complete 99% of the work for you. In other words, one that requires minimal data entry. The right software won’t ask you to enter your data prior to the end of the quarter, but track your mileage automatically with every load entry, from the very start.
With the right software, you don’t have to wait until the end of the quarter to enter your data – you can start right when you create a load. Easy-to-use programs like these will track your mileage right from the start. All you need to do is enter your fuel receipts, and if you’re aware of your expenses like most savvy business owners are, you will already know what you’re spending on fuel and in which state. Once this is completed, it’s as simple as hitting a button. In a snap, all that time-consuming math is calculated for you.