Manual vs Software Approach for IFTA Tax Calculation

Do you know what is the meaning of technology? Do you have a Mobile or Laptop? Don’t you use the internet? The answer to all these questions is Yes. We all use these things as we are living in a world of innovation and technology. We made such things because we know the value of time, and these things save time so much and so as the money. We can not increase the day limit because it is natural but we can increase the speed of our work and can save time and utilize that time in making more money.

The same goes for the International Fuel Tax Agreement, as we all know that it is very compulsory to file a tax return for the tax reporting period, with the base jurisdiction under section R910. Hence, all licensees should maintain proper records. For the same purpose, IFTA calculation software is used. Now the question arises why IFTA Tax software?

According to IFTA, the manual calculations of the taxes is quite laborious and time taking. On one hand, these tax calculation requires a lot of valuable time and effort on the other. But the fuel tax software has already overcome all these difficulties related to the IFTA tax calculations. The software has the ability to perform tax calculations in a better way. In earlier times, the licensees need to hire accountants or professional experts for tax reporting purposes under the jurisdiction of the IFTA member state.

IFTA Tax Calculation

This software is very user-friendly and easy to operate in a sophisticated manner. When you want to calculate the tax, you just need to put some information like

1. The different types of fuel used.

2. Amount of fuel used.

3. The number of miles the vehicle traveled.

4. Name and mailing address of the jurisdiction.

5. Name and address of the licensee.

6. The tax reporting period of tax reporting.

7. IFTA license number of licensees.

8. Total fuel consumed in all jurisdictions during the tax reporting.

There is some other important information that you have to enter after you put the information asked by the software, it will then calculate the exact amount of tax.

Apart from the taxes, the software manages various things that are required to substantiate the audit and tax filing information. It also helps in maintaining the many irksome accounts and book-keeping processes.

You can operate this web-based software from anywhere in the world, that is the reason why it is preferred over the standard fuel tax software. Licensees not only use this software as they save valuable time but also they brought a high degree of efficiency in the functioning of transport companies, falling within the jurisdiction of IFTA members.

IFTA Tax software is systematically designed software, it is designed in accordance with the rules and International Fuel Tax Agreement, to deal with various intricate procedures.

Hence it can be said that the IFTA Tax software proved as a helping hand for the licensees, as it saves time, effort and money. We do not have to do manual calculating nowadays. At the time of manual calculations, there were the chances of error, which may sometimes be the hectic situation but the IFTA software is very much accurate and easy to use.