Fuel is one of the largest operating expenses in trucking, often second only to driver wages. And getting control of fuel receipts helps truckers with crucial reports necessary for everyday operations.
Accurate reporting gets you paid and keeps all parties on the same page. But proper documentation and recordkeeping are just as crucial. After all, you need a way to verify your reporting, especially come tax time. And some truckers need fuel receipts to get reimbursed for fuel expenses.
Keeping up with records while on the road is a distraction no one needs. Sure, you can create your own analog solution with accordion folders and paper clips and sticky notes. But when you’re already driving and cooking and sleeping in your truck, you likely don’t have room for extra office supplies.
And if you really want to live dangerously, you can always store your fuel receipts in your door pocket like some truckers. But you don’t have to think too hard to see how that tactic can spell trouble later on down the road.
Common problems with maintaining physical fuel receipts include:
- Receipts get lost.
- Receipts fade and become unreadable.
- Receipts can be challenging to keep organized.
Digital solutions like Optym’s LoadOps TMS let drivers upload fuel receipts for easy archiving and storing.
You can also enter your receipt information, including:
- Fuel type
- State where purchased
The right digital tools make keeping up with receipts easier with the power of digital document management.
Benefits of managing fuel receipts digitally include:
- Importing receipt information enables real-time monitoring of fuel expenses with the power of augmented intelligence.
- Capturing data on the go with your phone makes data entry quick and easy.
- Enabling automatic calculation of fuel economy and other metrics lets you change driving behaviors to improve efficiency and combat rising fuel costs.
Digitally storing and managing your receipts makes IRS and IFTA audits easier. And integrating with accounting software like QuickBooks speeds up calculating your tax obligation so you can make proper quarterly and annual payments.
Or, kiss fuel receipts goodbye
The right technology can even eliminate the need for fuel receipts altogether. Fuel cards can send your fuel purchase information directly to the technology you already use to run your trucking operations.
For example, you don’t need physical receipts if you use a fuel card. LoadOps by Optym can integrate with your fuel card to import transaction information to reduce manual data entry.
Stop struggling with fuel receipts
The traditional way of storing physical receipts can be cumbersome and time-consuming. Embracing digital solutions simplifies receipt management and saves time, increases accuracy, and ultimately improves the bottom line.