Motor Fuels Tax Minute, Episode 95: What Else You Should Know About Software
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In this episode of Motor Fuels Tax Minute, our hosts continue their six-part series about tax software. Listen in to learn how else you can utilize them besides just returns.
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Detailed Description of Weaver’s Motor Fuels Tax Minute, Episode 95
00:00:00
Leanne: Welcome to Weaver’s Motor Fuels Tax Minute, the vlog where we talk all things motor fuel.
We are still talking software because I’m sure that, you know, once I’ve chosen my software, once I’ve been honest about my data, once I’ve understood why I need it, there’s probably still lots of questions I’m not asking.
So, Kelly, what else do I need to know?
00:00:19
Kelly: One thing that you should start thinking of, that I would recommend, and once again, this is different than back in the day when we had one option, and that was the clear option. And all that option did was file tax returns. That was its job.
Now these softwares can do so much more. They can maintain your licensing. They can help you verify licensing. They can maintain your excise tax rates. They can even develop tax rules like we were talking about with that ERP [enterprise resource planning] system if you have one where you’re still flagging yes or no.
And that knowledge is based only on one person who might have a workbook to reference. It’s a great way to not go through an ERP implementation, but utilize the software that you have to verify that your taxes are correct. Now they also have movement reconciliations, and I’ve even heard about some GL recons that they are working on, and I’ve seen some impressive progress with those.
Now all these things come with a cost. I drive an old SUV. I would love to drive a newer SUV, but I have a five-year-old who spills yogurt in my car daily. Now there is a level of insanity that my seven-year-old has pointed out. Why do I keep handing said five-year-old the yogurt? He’s cute. He’s slightly feral. Sometimes as a mom, I don’t have time to fight. So, I’m not going to get a new SUV because that doesn’t make sense.
So, all these extras, see if they make sense for your team, see if they are something that could help your team, or if you already have that down, you might want to invest somewhere else. Just additional things to think about when deciding on a software.
00:01:53
Leanne: Well, thank you, Kelly. It sounds like the answer to my question of what else do I need to know is lots of things.
And if you’re thinking about software and you’ve got questions, please do reach out. Kelly and the rest of our team really do have a wealth of knowledge there.
Thank you for watching. That was this week’s Motor Fuels Tax Minute.
