FuelQuest Announces Holly Corporation Selects FuelQuest Software Solution for Enterprise Tax Compliance Optimization
May 30 2007 - 12:57PM
PR Newswire (US)
FuelQuest's ZyTax Enterprise Compliance and General Ledger
Reconciliation Solutions to Help Automate Excise Tax and Compliance
Filing Requirements HOUSTON, May 30 /PRNewswire/ -- FuelQuest,
Inc., the leading on-demand software and services company for the
downstream energy industry, announced today that Holly Corporation
(NYSE:HOC) has chosen FuelQuest's ZyTax Enterprise Compliance and
ZyTax GL/Reconciliation solutions to help streamline its excise tax
filing requirements. Holly Corporation -- a leading 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. "Holly's investment in these
FuelQuest solutions helps the company facilitate audit
requirements, support tax analysts' needs and free up the tax
department to focus on more strategic, value-added activities,"
said John Beaty, FuelQuest Vice President of Global Tax Solutions.
"We anticipate that these solutions will enable Holly Corporation
to become even more process-driven in their approach and help it
avoid potential liabilities related to tax filing and compliance
requirements." 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. Mr. Beaty points out, "This system allows Holly
to ensure enhanced accuracy and reliability with regard to its
rigorous tax calculations. This level of sophistication is critical
when reconciling its records on the audit side of the equation."
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. "FuelQuest's
system facilitates dependable and reliable tax compliance and
reporting capabilities that complement Holly Corporation's SAP
foundation," said Ryan Mossman, Vice President of Marketing and
Product Management for FuelQuest. "These solutions will not only
reduce compliance complexities and reporting risks from changing
regulations, but will also be able to scale with the company as it
continues to expand." About Holly Corporation Holly Corporation,
headquartered in Dallas, Texas, is an independent petroleum refiner
and marketer that produces high value light products such as
gasoline, diesel fuel and jet fuel. Holly operates through its
subsidiaries an 83,000 barrels per stream day ("bpsd") refinery
located in New Mexico, and a 26,000 bpsd refinery in Utah. Holly
also owns a 45% interest (including the general partner interest)
in Holly Energy Partners, L.P., which through subsidiaries owns or
leases approximately 1,700 miles of petroleum product pipelines in
Texas, New Mexico and Oklahoma and refined product terminals in
several Southwest and Rocky Mountain states. For more information
about Holly Corporation, visit http://www.hollycorp.com/. About
FuelQuest FuelQuest, Inc. has uniquely captured the market as the
preferred fuel platform provider for the global downstream energy
industry. The Company provides information technology, supply chain
management, tax automation, and energy services to the entire
refined petroleum complex. FuelQuest helps its over 750 customers
manage the supply chain complexity, tax/environmental regulation,
and commodity market volatility of billions of gallons of gasoline
and diesel fuel annually FuelQuest customers include fuel
retailers, fuel suppliers, government entities, distributors,
trading firms and large transportation companies who benefit from
real-time product information and fuel procurement, logistics and
working capital savings. The Company's technology initiatives and
energy services align with the increasing market/customer demands
to become more fully integrated with the primary and secondary fuel
supply chain. Find out more online at http://www.fuelquest.com/.
DATASOURCE: FuelQuest, Inc. CONTACT: Cindy Sartain, Director of
Events & Communications of FuelQuest, Inc., +1-888-645-7768 Web
site: http://www.fuelquest.com/
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