In either case, there is a need for accurate information about gallons and dollars to ensure proper tax filings.Īccuracy is also critical for tracking company expenses. Other businesses may need to track fuel spend to file off-road diesel fuel tax refunds or agricultural fuel refunds. This is especially true for fleets operating interstate that must report fuel usage by vehicle as part of their quarterly IFTA filing. For companies that elect to pay by credit card or cash, it’s even more important to review gas station receipts to prevent fraud.īesides driver monitoring, many companies must track spend for tax-related reasons.
It’s important to verify that drivers purchased fuel at the correct locations, during work hours, and that gallons are consistent with routes.
The policy by itself means little if you don’t regularly check transactions to confirm compliance. Monitoring purchases is critical for ensuring that employees adhere to your fuel card policy. There are three main reasons to track a fleet’s fuel spend: 1) for driver monitoring, 2) for tax purposes and 3) to audit company expenses. Card companies help mitigate these issues by reporting detailed transaction information on invoices and reports, eliminating the hassle of receipts for both drivers and accounting teams alike.
The process can be incredibly tedious and rife with errors. Accounting personnel then need to store those receipts and manually record total gallons and dollars for all drivers. A common way for companies to track their fleet spending is to collect fuel receipts from drivers every time a purchase is made.