Energy software company
FuelQuest Inc. has announced a five-year contract with bunker supplier
Chemoil Energy Limited for the company to adopt its tax invoicing and filing software.
Chemoil will use
FuelQuest Zytax Determination to automate tax calculation for supply quotes and invoices, and
Zytax Compliance to streamline filing of energy and fuel excise taxes. By using the products, the fuel supplier will aim to achieve greater processing accuracy, consistency, and efficiency for all of its subsidiaries.
"As we pursue our aggressive growth strategy worldwide, Chemoil in the US will use Zytax Determination to ensure that every area of our business, beginning with aviation fuel, provides accurate tax quotes and invoice amounts to our customers, which will drive operational consistency and a better quality of service," said
Bhavesh Chauhan, system comptroller, Chemoil Energy Limited.
“Zytax Compliance will automate the filing of our excise taxes increasing efficiency and reducing audit risk as we scale our operations. FuelQuest is the only company to provide the tax capabilities we need across all U.S. jurisdictions," added Chauhan.
FuelQuest Zytax Determination identifies and calculates in real-time applicable volumetric taxes for energy-related transactions. Available as a Software as a Service (SaaS) offering, Zytax Determination also includes automatic updates of U.S. and international rate and rule changes, relieving companies of the burden and risk of tracking and applying them on their own.
According to FuelQuest, the software provides companies with the following benefits:
* Accurate and consistent tax determination across disparate systems, organizations, and business entities.
* Reliable fuel tax quotes and faster invoice payment.
* Greater corporate scale covering the simplest to the most complex volumetric tax scenarios, and
* Reduced audit risk and improved audit defense.
FuelQuest Zytax Compliance automates the importation of motor fuels excise tax data from back-office systems, evaluation of applicable schedules and returns, creation of signature-ready returns, and electronic filing where applicable. Also available in a SaaS model, Zytax Compliance streamlines tax processing reducing errors that can lead to fines, fees, and penalties. The software is said to provide companies with the following benefits:
* Automated, end-to-end filing from data import to electronic filing.
* Compliance with frequently changing rules, rates, and forms for all U.S. jurisdictions.
* Increased consistency and reliability of the filing process, and
* Improved reporting support for audits and amendments.
FuelQuest provides tax automation solutions for companies of all sizes across multiple industries including fuel retail, distribution, supply, and trading as well as rail, airlines, and trucking. Customers include 7-Eleven, BNSF, Canal Barge, Epic Aviation, Global Companies, Mercuria Energy Group, Murphy Oil, Northern Tier, Shell Oil, Sinclair Oil, United Airlines.
"Chemoil is clearly a worldwide leader in marine and aviation fuel supply, and we are pleased to provide them with tax solutions that will allow them to scale their operations and provide a better service to their customers," said
Phil Fraher, COO and CFO of FuelQuest. "Whether determining a specific tax liability or complying with government filing requirements, the accuracy and reliability that FuelQuest tax automation provides are essential for a company that values operational consistency, reliability, and customer loyalty."