FuelQuest Zytax Compliance allows us to manage and automate the tax filing process effectively for the CHS Energy division as well as support all of our reporting jurisdictions.
Houston, Texas (PRWEB) April 27, 2012
FuelQuest, Inc., the leading on-demand software and services company for the global downstream energy industry, today announced a five-year contract renewal with CHS Inc., a Fortune 100 company headquartered in Saint Paul, Minn. CHS is a leading refiner and wholesaler of fuels as well as a top-20 North American fuel retailer with a network of 1,400 branded sites across 19 states. Under this agreement, CHS will adopt FuelQuest’s proven Zytax Compliance Software as a Service (SaaS) solution to streamline filing of energy and fuel excise taxes.
“FuelQuest Zytax Compliance allows us to manage and automate the tax filing process effectively for the CHS Energy division as well as support all of our reporting jurisdictions,” says Mike Morrissey, director of information technology at CHS. “The fact that we can now use Zytax Compliance over the web, knowing that our data is secure and that the application supports high transaction volumes, made it a straightforward decision for our company.”
FuelQuest Zytax Compliance automates the importation of motor fuels excise tax data from back-office systems, evaluation of applicable taxes, creation of schedules and returns, and filing of electronic returns where applicable. Zytax Compliance streamlines tax processing, reducing errors that can lead to fines, fees, and penalties. Zytax Compliance offers companies:
- Automated, end-to-end filing from data import to electronic filing,
- Relief from tracking frequently changing rules, rates, and forms across all U.S. jurisdictions,
- Improved reporting support for audits and amendments, and
- Reduced capital infrastructure investment and reliance on internal IT support.
FuelQuest provides tax automation solutions for companies of all sizes across multiple industries including fuel retail, distribution, supply, and trading as well as rail, airlines, and trucking. Customers include 7-Eleven, Chemoil, Circle K, Global Companies, Hy-Vee, The Kroger Company, Meijer, Murphy Oil, Sinclair Oil, Speedway, truenorth energy, and hundreds more.
"We are pleased to extend our long relationship with CHS as they adopt Zytax Compliance under our SaaS model," says Phil Fraher, COO and CFO at FuelQuest. “Like the one hundred-plus other customers who are already live on the latest Compliance, CHS will benefit by having instant access to a web-based solution processing their returns in a highly secure, scalable environment managed by FuelQuest.”
CHS Inc. (http://www.chsinc.com) is the nation’s leading cooperative, owned by farmers, ranchers and co-ops across the United States. A diversified energy, grains and foods business and a Fortune 100 company, CHS is committed to helping producers and member cooperatives grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, grain marketing services, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products. CHS preferred stock is listed on the NASDAQ at CHSCP.
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 650 customers. These customers include leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 19 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. Learn more at http://www.fuelquest.com.