Get ready to save big with fleet fuel cards! Trucking companies can now say goodbye to paperwork and complicated accounting processes, as these amazing cards are here to simplify everything while helping you keep more money in your pocket. They can also provide better spending controls, analytical tools, and roadside assistance.
Fuel cards capture more robust data at the pump than receipts, such as price per gallon, location, driver ID, and odometer information. This data can help trucking operations reduce wasteful fuel spend by pinpointing areas for improvement.
Reduced Paperwork
Fleet fuel cards help you save time by streamlining accounting and eliminating the need to collect and manage physical receipts. A sound card will provide consolidated invoices and reports with essential information such as price, location, driver, sales tax, and fuel grade for each purchase.
You can control non-fuel purchases (like wiper fluid and motor oil) by setting spending limits for each driver or vehicle. And you can monitor odometer readings to identify vehicles that aren’t performing as well as they should be and take corrective action.
When looking for a fleet fuel card, ensure it’s designed to fit your business needs and is compatible with the services you use on your trucks. Check to see if there is a minimum spending requirement and whether or not the card offers suitable discounts for your fleet size. Also, look for a network that covers all your potential service stations. These details can make or break the value of a fleet fuel card for your trucking company.
Easier Accounting
If your business relies on vehicles for its operations, fleet cards are an excellent tool that can help you save money on fuel costs. These business-facing cards offer valuable metrics, controls, and rewards that can improve your profit margins. Plus, they’re easy to use and can make your job as a manager much more straightforward by simplifying accounting tasks within the company.
Instead of keeping track of receipts and submitting expense reports for reimbursement, your business can use the reporting tools offered by most fleet card providers. These tools generate digital fuel expenses and IFTA reports that can be automatically sent to your accounting team.
These reports can include essential details like date, time and location, fuel grade and amount, and driver. They can also help you curb wasteful spending by allowing you to set limits per card, driver, or vehicle, and they can be connected to GPS so drivers can find the most efficient routes for their deliveries. Some card solutions allow you to select a single card for each vehicle under a description, while others allow you to select a floating pin that works with any vehicle in the fleet.
Access to Discounts
Fleet fuel cards can save money because they offer discounts at the pump and in-store. They also typically feature expense tracking and reporting to give business owners a complete view of their spending. They require drivers to enter their Driver’s Identification Number when they use the card, which can help prevent unauthorized fueling or service station purchases.
It helps reduce fraud and allows fleet managers to track spending by product, dollar amount, time of day, or week. They can even set employee purchase limits that maximize savings and curb wasteful spending. These features eliminate the need to collect and review stacks of receipts.
Choosing the right fleet fuel card depends on your business needs and the size of your fleet. Some cards have minimum spending requirements and only work well with larger fleets. Others have flexible packages and offer many benefits, like a nationwide network, real-time data, powerful analytics, and streamlined account management.
Flexibility
Fleet fuel cards are designed for companies that rely heavily on transportation to help manage costs and track purchases. They offer robust fleet data, streamlined administration, and customized controls that can reduce fraud. They also enable businesses to use a vast network of gas stations, discounts on fuel and other purchases, and automated reporting.
While there are many ways for truckers to save money on fuel, a fleet fuel card takes a more data-focused approach to help keep businesses and drivers in control of spending. These cards capture more robust information than traditional credit or debit cards, including price-per-gallon, driver ID, odometer readings, and date and time of purchase.
These details, combined with a digital record of every transaction, can help business owners stay in control of their budget and make informed decisions about future purchases. With features like this, a fleet fuel card can eliminate piles of receipts, save time, and reduce waste for both businesses and their drivers. In addition, many cards allow for automatic online records of every transaction to streamline the process further and make it even easier for motor carriers to reclaim VAT tax from HMRC.
Tracking
With fuel prices rising, ensuring your drivers get the best deal is more important than ever. Fleet fuel cards allow you to monitor purchases in real time and limit wasteful spending. In addition, these cards can capture more detailed information on each purchase than a standard receipt, including driver ID, location, and transaction amount.
You can also set purchase limits for certain products, control the type of fuel used and find stations with low-cost fuel. Additionally, many fleet fuel card programs offer back-end reporting to help you keep track of your expenses and regulatory reports.
When deciding on a fleet fuel card, you should carefully consider the region where you operate, the discounts offered, the fee structure, and any other features that may benefit your business. Research the safety and fraud-prevention features, as most fleet cards require driver identification and odometer readings. Still, some go a step further to include geolocation and ECU data. It will ensure your cards are only being used by authorized drivers and that your company is not paying for personal use fuel.
