– Holly Corporation has chosen FuelQuest’s ZyTax Enterprise Compliance and ZyTax GL/Reconciliation solutions to help streamline its excise tax filing requirements. Holly Corporation — an independent refiner and marketer of gasoline, diesel, and jet fuel — prepares complex excise tax filings on a monthly basis. Various state and federal laws require the company to collect, categorize, interpret, and calculate large dollar sums based on sales volume.
FuelQuest’s ZyTax Enterprise Compliance module helps the company centralize and automate the preparation and filing of monthly tax returns. The product also helps Holly gain deeper insights into current tax laws and reporting requirements, allowing them to reduce potential liabilities, and analyze business opportunities that may impact tax calculation and reporting functions.
Currently, Holly uses FuelQuest’s ZyTax solution to calculate excise taxes for a portion of its jurisdictions. As Holly completes its migration to SAP and continues to automate internal systems, FuelQuest’s ZyTax Enterprise Compliance will help the tax department streamline and replace the existing combination of outsourcing, manual processes and spreadsheet tools used to report fuel excise taxes.
The ZyTax GL Reconciliation solution provides additional confirmation and assurance that a company’s tax return is aligned with expectations. This automated tool for identifying mismatched fuel transactions will optimize productivity by saving analysts hours of manual investigation steps, and guarantee accuracy, integrity, and transparency in the audit process.