In the fuel tracking sector, many companies do not realise the benefit of effectively tracking fuel tax credits (FTCs). There are many resources out there to calculate fuel tax rebate claims; however, many companies do not have the software to provide accurate data.
To optimise a company’s business spending, and avoid unnecessary costs, it’s absolutely vital to implement effective fuel tracking software. This will provide analysis, recording and tracking of your fuel data to ensure that it’s accessible and easy to understand.
Fuel tracking is important in preserving business efficiency. Here’s how we can implement it.
The first step to fuel tracking
FTCs can be claimed by transport and mining companies and any other business that utilises a large off-road fleet. This allows them to subsidize the cost of fuel tax. FTCs allow companies to save paying taxes on traditional roads that they rarely use. Under the fuel tax credit scheme in Australia, companies can claim a part of the price of fuel used in machinery, plant, equipment, heavy vehicles, and light vehicles travelling off public roads or on private roads.
However, keeping track of fuel usage with a large fleet of vehicles can be daunting. Fuel tracking systems globally are lacking. There are a myriad of fuel management solutions that lack the ability to deal with the sheer amounts of fuel data that large companies produce.
Unexplained fuel loss, incorrect fuel recording and poor fuel analysis has caused major money losses amongst these companies internationally.
To solve this, we need to look further than traditional fuel management systems. Instead, we need to implement innovate technologies such as artificial intelligence (AI) and blockchain technology. Traditional technologies, especially manual-based ones, lack the ability to secure track, store and analyse data.
AI provides massive value in its ability to analyse and forecast, which is vital in fuel tracking and reducing fuel loss. Blockchain technology allows companies to securely record and access data with the knowledge that it is traceable and transparent. Any changes or deletions are viewable to those with permissions.
This is especially vital in claiming fuel tax credits because it provides a transparent platform with authoritative bodies. Blockchain also largely eliminates intermediaries, as blockchain provides a single source of truth (SSOT). This has the potential to save significant costs.
STAMP Fuel: the fuel tax credit potential
STAMP Fuel is Blockhead Technologies’ blockchain-backed fuel tracking platform. The premise of STAMP Fuel is simple: a platform for securely recording, tracking and analysing fuel data, supported by blockchain.
However, STAMP Fuel’s potential is vast – it easily integrates with pre-existing fuel management platforms to reduce friction within companies. This allows for companies to access innovation without requiring excessive, expensive and disruptive processes.
STAMP Fuel amplifies the value of your pre-existing data. The platform integrates with both pre-existing fuel management software and hardware.
STAMP Fuel’s value reaches across the fuel supply chain. It will transform not only how we track fuel tax credits, but also identifying fuel loss to save costs at a corporate level.