iRely

Tax Reporting

SAVE TIME WITH COMPLETE INTEGRATION

For those calculating taxes outside of their accounting and inventory management system, Summit’s incorporated tax reporting system offers the most significant labor savings. Summit can literally do in minutes what now takes days to do by hand. Federal, state, local, sales, and excise taxes are all handled in a streamlined process.

CALCULATE TAX IN REAL-TIME

Tax schedules are stored in the system and exemptions can be noted by customer, by product or class. Whenever relevant transactions are made, tax information is stored and tracked through the system in real-time.

CALCULATE MULTI-STATE TAXES WITH EASE

Inbound taxes, outbound taxes, splash-blending, multi-state taxes, and tax exemptions are all accounted for. If you pick up fuel in one state, splash-blend it, and sell it in another state, Summit can quickly sort out how much tax is owed each state and if any exemptions can be applied.

FILE PAPER AND/OR ELECTRONIC DOCUMENTS

When it comes time to submit your taxes, Summit prints out all the necessary tax documents, and, if your state requires, submits them electronically. That information is then stored so that when audits occur, they can be quickly and easily resolved.

Inventory

While most transport models keep little or no inventory on-hand, Summit is hard at work on the back end ensuring proper in-truck inventory valuation and making the proper AP and GL entries.

Summit allows you to split loads, disperse to one or more customers, transfer inventory to consigned locations, and disperse remaining fuel to bulk plants. Splash-blends and additives are also easily accounted for.

No matter how you decide to distribute your fuel, Summit remains in-step beside you ensuring that you can account for every gallon and every cent.

One Solution

CREDIT MANAGEMENT

Summit Petrolac’s built-in A/R and Credit Managemnt tools are essential to improving cash flow and reducing bad debt in a fraction of the time it takes with traditional methods. By infusing A/R into our product, all inventory, blending, cost, price, and sales transaction information interact to form a solid defense against losing dollars to delinquent accounts. Summit allows you to flag over-due accounts, limit the amount of credit offered to a customer, and to employ tools such as EFT and budget accounts to improve collections.

GENERAL LEDGER

Summit General Ledger categorizes and summarizes your accounting data by both units and dollars so you can easily review various expense or income categories. Compare these categories to budgets or prior periods for up to 5 years. This vital management information can be used to increase the profits of your business by allowing you to spot and reinforce income-generating areas, eliminate waste, locate areas which are over budget, and implement actions for correction. Drill down to the source transaction in Petrolac from Summit GL, eliminating time spent on researching transactions.

ACCOUNTS PAYABLE/BANK ACCOUNT

Summit AP/Bank Account connects seamlessly with Petrolac saving time and eliminating duplicate entry. Summit implements a receipt-verify process on pending payables created in Petrolac to ensure that you never pay for items you don’t receive. Additionally, Summit offers Positive Pay which ensures that only the checks you write get cashed by the bank. Our reoccurring payables screen allows you to eliminate manual entries on recurring invoices. Reduce entry errors by matching invoices to purchase orders, ensuring you pay the appropriate amount.

PAYROLL

Summit Payroll helps you maintain employee payroll information, calculate taxes, handle voluntary deductions, an print payroll checks. Eliminate tedious manual payroll calculations and save time gathering and preparing quarterly and yearly tax information.

PATRONAGE

Summit Patronage is a key component to managing member-owned fuel distributors. Save time when calculating refund checks and preparing iRS and other government documentation with Summit Patronage. Track sales volumes on which to base refunds as well as stock dividends.

ECOMMERCE

Give your customers the ability to access their accounts online 24/7. Improve customer service while reducing the time you spend on the phone. Summit eCommerce is secure, robust, and accessible through your website in real-time.

EDOCS

Summit’s eDocs Suite comprises three products: eSignatures, eForms, and eDistribution. These products come together to allow you take a green approach by doing business electronically. Capture signatures electronically, create, view, and store electronic forms, and distribute these forms to your customers through email and fax. Save time, save space, save paper, and save money.

C-STORE

Do you operate convenience stores in addition to distributing petroleum products? Summit C-Store manages every aspect of the petroleum retail business effectively and efficiently. It centralizes your pricebook and streamlines your daily operations. Summit C-Store allows you to maximize your inventory, merchandising, and pricing to ensure you make more money. Both Summit C-Store and Petrolac are proven stand-alone solutions for even the largest organizations, but together they create an unrivaled complete solution for the petroleum wholesaler and retailer.