HOUSTON, TX--(Marketwired - Feb 12, 2014) - FuelQuest Inc., the leading on-demand software and services company for the global downstream energy industry, today announced a new multi-year contract with Colonial Pipeline Company, an interstate carrier of petroleum products. Headquartered in Alpharetta, Georgia, Colonial Pipeline owns and operates a 5,519-mile pipeline system that transports an average of 100 million gallons of fuel to more than 260 marketing terminals across the Southern and Eastern United States. Under this agreement, Colonial Pipeline will use FuelQuest Zytax Compliance 5 to ensure the accuracy and improve the efficiency of its motor fuels excise tax filing.
"Colonial is committed to being a good corporate citizen as well as a good neighbor to the communities where our facilities are located and our employees and contractors live and work," said Keith Fuqua, indirect tax manager at Colonial Pipeline Company. "Ensuring our taxes are filed accurately and efficiently is part of our responsibility to our customers and the consumers they serve. We felt FuelQuest was the best product available to help us meet that responsibility."
FuelQuest Zytax Compliance 5 is the most widely adopted motor fuels excise tax filing solution in the market today. Zytax Compliance 5 automates the importation of tax data from back-office systems, evaluates applicable taxes, creates schedules and returns, and files electronic returns where applicable. The software streamlines tax processing, reducing errors that can lead to fines, fees, and penalties. Zytax Compliance 5 offers companies:
- Automated, end-to-end filing from data import, to electronic filing, to support for audits and amendments,
- Comprehensive, out-of-the-box coverage for excise tax schedules and returns,
- Timely updates of frequently changing rules, rates, and forms across all U.S. jurisdictions,
- Configurable features and workflows tailoring the solution to a business's unique requirements, and
- Reduced capital infrastructure investment and reliance on internal IT support.
FuelQuest provides fuel tax automation solutions for companies of all sizes -- from single-jurisdiction to the largest oil companies -- across multiple industries including fuel retail, distribution, supply, and trading as well as rail, airlines, and trucking. Customers include CHS, CSX, Delek US Holdings, Delta Airlines, FedEx, Hy-Vee, Northern Tier, and hundreds more.
"Colonial Pipeline Company is a leader in North American petroleum distribution and transport, and we are honored that they've chosen our solution to drive their tax compliance," says Matt Tormollen, president and CEO at FuelQuest. "Colonial Pipeline Company joins over 500 customers who have partnered with us and have made Zytax Compliance 5 the leading excise tax compliance solution in the market today."
ABOUT COLONIAL PIPELINE COMPANY
Colonial Pipeline Company is an interstate common carrier of petroleum products and delivers an average of 100 million gallons of gasoline, kerosene, home heating oil, diesel fuel, and national defense fuels to shipper terminals in 13 states and the District of Columbia. The company operates 5,519 miles of steel pipe buried underground. The Colonial system connects refineries in the Gulf Coast and elsewhere to more than 260 marketing terminals. This network of pipelines and terminals operated by Colonial customers serves communities across the Southern and Eastern United States. Learn more at http://www.colpipe.com.
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 22 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 www.fuelquest.com.