One of the biggest hassles that fleet managers have to deal with is organizing and storing fuel purchase data. This information is vital for everything from tax compliance to understanding how your fleet fuels up but it’s hard to have it at the tip of your fingers when you need it. If this is a challenge you’re currently encountering, a fuel tracking software system might be exactly what you need.
Understanding your fleet’s fuel purchasing history can help you understand fuel buying patterns, make bulk fuel purchasing decisions, and remain compliant with IFTA. Luckily, there are systems available that can put all of the pieces of your fuel buying together to help you more strategically buy and fuel your truck fleet.
A high-quality fuel purchase tracking software can track and display your fleet’s fuel purchasing information in ways that make it much easier to identify places where you can save money. Fuel tracking software helps you understand fuel buying patterns, display invoices and show you what you’ve bought and how much of it was used.
What to Look for in a Fuel Tracking Software
While many fuel tracking systems offer many bells and whistles that sound like they’re helpful, there are a few basic fundamentals that need to be in place for it to bring maximum value to your organization.
- Ability to purchase fuel for your fleet. Your drivers are relying on you and your team to ensure that they can fuel up when and where they need, no matter what. A fuel tracking program should give you the ability to purchase fuel so your drivers can reach their destination without fueling issues.
- Invoice search function. Invoices should be accessible, searchable, and presented so you can easily validate invoices with the appropriate accounting control for that type.
- Fuel inventory information. Effectively running your business and your fleet means you need to have an in-depth understanding of your fuel inventory at all times, including usage history, inventory days remaining, current fuel levels, and delivery history.
- Environmental compliance information. UST compliance can be overwhelming. A good fuel tracking program will be able to give you the information you need for inspections and audits, without overwhelming you with all the information available.
- Consigned fuel audit function. Documentation is a persistent challenge with most Consigned Fueling programs. You need to have visibility into the creation of your consigned invoices so you can audit them with clarity.
- Transaction report downloads. Being able to download and analyze all of your transactions in one report gives you the opportunity to assess driver behavior, fuel delivery timing, and route structure so you can maximize low-cost fueling opportunities, as well as simplify IFTA compliance.
Benefits of a Comprehensive Fuel Tracking Software
Aside from making your day-to-day job easier, there are many benefits of implementing a comprehensive, universal fuel tracking system.
- Easier to find and provide proof of receipt.
- Easier to extract all your data when it’s needed.
- Easier for company decision-makers to have access to all the data they need.
- Gives you the ability to see fuel by the vehicle, which is necessary for IFTA.
- Helps with filing yearly taxes as well as quarterly IFTA filings.
myFuel is the Premier Fuel Tracking System
Our mantra is “visibility feeds insights.” myFuel, Diversified Energy Supply’s industry-leading customer portal, brings all your fueling activity into one place. The overall approach of myFuel is to focus on two key objectives for our customers: transparency and audibility. myFuel gives users a complete picture of their fuel purchasing activities to empower them to make the best decisions for their fleet, their drivers, and their company.