Fleet companies, nowadays, make the most of business trip log records to get all the tax deductions they’re entitled to. However, keeping records of every trip — accurately, and consistently — is often a challenge for a fleet manager. With this in mind, a mileage expense tracker offers an easy way out of this time-consuming task. On top of that, it can also help managers reduce unnecessary expenses.
Utilizing Telematics technology to track mileage expenses
Considering that business miles are deductible, imagine how much a fleet business can benefit from tax returns; since the miles covered by the fleet are mainly for business purposes. Put differently, when you track your fleet’s miles during daily business trips, your tax savings increase with your odometer reading.
Thanks to technological breakthroughs, you now have all the right tools available to get your business to the next level. And the best part is that those tools can do all the hard work for you — down to the last mile. To get to the point, a vehicle monitoring system with a mileage expense tracker feature is such a solution. One that can help eliminate the hassle of tracking mileage for tax claims — among other things.
With the help of fleet tracking software, you not only save a lot of money for your company, but also help daily operations run more efficiently; given the fact that you can prevent the occurrences of excessive idling, fuel fraud, and aggressive driving, too. This way, you can contribute more to the company’s bottom line. When it comes to business efficiency, there’s no solution as effective, as using a mileage expense tracker within your trip log.
Three benefits of using a mileage expense tracker
To help clear things out, we highlight below the three most important benefits of using a mileage expense tracker; at least, for managing your business mileage.
It keeps timely, accurate, and orderly mileage records
Many fleet managers, as it often happens, submit inaccurate, or insufficient, mileage records for deduction claims to the IRS. The reason behind this? Well, mainly because fleet managers have a very tight daily schedule, in terms of workload and available time. Therefore, it’s almost impossible for them to keep timely records of mileage for each trip and vehicle; that is to say, when you do it by hand.
A mileage expense tracker changes everything, as it keeps accurate and tidy records of mileage, automatically; so that you don’t have to bend over backwards to get those tax reimbursements.
It ensures your records are IRS compliant, tax efficient, and safely stored
Indeed, with an intuitive fleet mileage tracking system up and running, the tax reimbursement process gets simplified. Plus, your mileage records will certainly be IRS compliant, and tax efficient — yay! However, note that — at the time of this writing — the IRS requires businesses to keep these records for three years; which means, during an audit, there’s a chance that they’ll ask you for older mileage records.
But you don’t have to worry about losing your business’s mileage records either; they’ll be right there on the Cloud, for as long as you need them to be. In other words, every single mileage log is safely stored; never to be misplaced/lost (handwritten logbooks), nor accidentally permanently deleted from your computer (excel spreadsheets).
It helps save money, and scale your business
Above all, having this whole process simplified, allows you to spend more time on what really matters. In case you’re wondering what’s that, we have a few answers for you: ‘Sustainability’, ‘scaling up’, ‘profitability’, ‘business growth’ — a fleet manager’s seventh heaven.
Veturilo: Putting your mind at ease, with an easy-to-use mileage expense tracker
Technology to the rescue!
Veturilo, a user-friendly fleet monitoring system with a trip-log-integrated mileage expense tracker, monitors and calculates your business miles, in real-time. What’s more, it logs them safely, after each trip, so that you always have an IRS-compliant mileage report of every trip — come tax filing season.
At the same time, Veturilo keeps tabs on fuel usage, as well. Hence, you can cut back on superfluous fuel expenses. With the IRS compliance requirements and trip-related costs taken care of, you have more time to focus on other important aspects of your business.
Time to start saving!
A vehicle management system with an integrated mileage expense tracker, like Veturilo, helps streamline the time-consuming tasks of mileage tracking. Your business miles get automatically recorded and organized per date, and trip purpose; so that you can maintain maximum IRS compliance, and find a window to reduce operating expenses. With expenses trimmed down, you’ll ensure a firm financial footing for the company — and, the rest is history.