REG chooses FuelQuest for complex fuel tax calculation, invoicing

By FuelQuest Inc. | April 02, 2013

FuelQuest Inc., a leading on-demand software and services company for the global downstream energy industry, announced April 2 a multiyear contract with Ames, Iowa-based Renewable Energy Group, North America’s leading biodiesel manufacturer and marketer with more than 225 million gallons of owned and operated capacity at seven biodiesel plants across the U.S. REG will enhance its customers’ service experience and reduce processing costs by using FuelQuest Zytax Determination to gain accuracy, transparency and agility in calculating fuel taxes on invoices.

“Our business is growing quickly across North America,” said Jonathon Schwebach, senior manager of tax at REG. “With Zytax Determination integrated into our JD Edwards back office, we expect to achieve efficient automation of tax calculations for all of our fuel transaction invoices, which will also reduce tax accounting and support costs within the organization. Zytax Determination will allow us to scale with confidence, meeting the expectations of our customers as a reliable supplier providing accurate invoices and a seamless customer experience.”

FuelQuest Zytax Determination automates the identification and calculation of taxes for fuel, including petroleum products, natural gas, biodiesel and other products. A leading cause of inaccurate fuel invoices is incorrect tax calculations, which leads to higher internal processing and support costs as well as increased levels of customer dissatisfaction. Zytax Determination addresses these issues by providing the following:

-Drives tax determination accuracy, financial control, and transparency

-Enhances the customer experience through reliable and trusted invoicing

-Lowers tax accounting and IT support costs

-Enables greater agility to expand into new regions, transaction types, or products

-Streamlines maintenance of complex and changing tax rates and rules.

FuelQuest provides its tax determination solution for companies of all sizes, across multiple industries including fuel retail, distribution, supply and trading. FuelQuest’s customers include such companies as CountryMark, Gavilon, and Mercuria Energy Group Ltd.

“Renewable Energy Group is the leader in North American biodiesel production and marketing, and we are pleased to provide them with a tax solution that will enhance their customer relationships through improved invoice accuracy, while reducing internal costs,” said Phil Fraher, COO and CFO of FuelQuest. “Fuel taxes are highly complex and continuously evolving. Automating tax calculations with Zytax Determination software that tracks and applies rates and rules for all major jurisdictions is the only way to achieve operational scale and reduce risk.”

 

 
 
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