A fleet fuel card can simplify your business operations and lower operating costs. When paired with field service management software, these cards can automate accounting tasks so you can save time and focus on more important things.
Fleet cards provide various reporting metrics to help you see where your drivers spend money and flag any suspicious behavior. They are ideal for companies of all sizes, from small plumbing and electrical businesses to large national operations.
Save Money on Fuel
A fleet fuel card reduces one of the biggest line items for small businesses: transportation costs. In addition, fleet cards automate expense tracking, making it easier for business owners to control spending and create accounting and expense reports.
For instance, a fleet one fuel card can also help limit spending on non-fuel expenses like parts and maintenance by allowing managers to set credit limits for each driver or vehicle. This keeps drivers from overspending and helps ensure the company remains within budget.
Additionally, the cards are a great way to save on fuel costs by taking advantage of discounts offered by the fuel card provider and its network of fuel vendors. Depending on the specific card, savings can range from a few cents per gallon to even more than a dollar. These discounts can add up quickly, saving your company money with every fill-up. Also, many fleet cards offer a variety of other benefits, including telematics and GPS tools to monitor the location and status of each vehicle. This information is gathered in real-time and is often available through the online portal.
Save Time on Receipts
As your business grows, piles of receipts begin to accumulate on your desk. Tracking and analyzing these can be a time-consuming task. A fleet fuel card eliminates this paperwork and saves you valuable time.
Many fuel cards also offer a comprehensive online monitoring tool. With this, key reports can be accessed anytime and from any device. These can alert you of any spending trends and allow you to stop wasteful spending with the click of a button. In addition, some products provide analytics that can help you identify vehicle usage patterns, giving you the tools to optimize your fleet operations. Be sure to look for a fleet fuel card with no set-up fees and low monthly fees when selecting a card for your business. You should also check if the card offers access to a wide network of fuel and maintenance stations and a robust range of discounts.
Reduce Waste
When your business has a fleet of vehicles, a fuel card can dramatically cut the chore list associated with tracking and reporting. It eliminates piles of receipts that must be collected and keyed in while reducing human error with streamlined data tracking and more granular transaction details.
Typically, the best fleet fuel cards offer a discount on fuel purchases at participating gas stations. This alone can save your business significant amounts of money over a year. Other features include a wide range of controls that help to prevent misuse and fraudulent activity, such as purchase limits, alerts, and exception reporting. Some cards even function like credit cards and can be linked to individual drivers, preventing unauthorized access.
Increase Safety
While fleet fuel cards offer a wide range of benefits, security is the most important feature to consider. Advanced fleet fuel cards include tracking, alerts, and instant locking to help protect your business from fraud and theft. You can also sync your card’s data with bookkeeping software like Xero, Sage, and QuickBooks to eliminate manual data entry and reduce errors.
Aside from these security features, many fleet fuel cards also offer reporting and expense management tools that provide businesses with a better outlook on their operations. This can help optimize routes and identify inefficient drivers or vehicles.
Most fleet fuel cards can be used at most gas stations and truck stops nationwide, with some even offering discounts for specific brands or types of fuel. But you should always research each card for its specific requirements and restrictions. Some cards require driver IDs, odometers, and engine control unit (ECU) data before approving a transaction, which helps to prevent misuse. This added level of security is a great way to keep your fleet running smoothly.
Increase Productivity
In addition to saving fuel, a fleet fuel card can help businesses save on vehicle-related expenses like maintenance and repairs. By providing employees with a loyalty card that can only be used for fuel or other related purchases, businesses can track what is being spent and on which vehicles. This helps them weed out unnecessary spending or uncontrolled usage. It also allows them to identify any issues that may be using up more fuel, such as driving with under-inflated tires or a damaged engine.
With a fleet card, all charges appear on a single bill for easy reference and analysis. This is particularly useful with a mobile app for field service management and automated mileage tracking. This data can then be used to spot inconsistencies, improve budgets, and better understand how your business operates.
The best fleet cards provide visibility into fleet activity with back-end reporting that provides valuable insights to make informed decisions. They can often be paired with telematics solutions to optimize routes and offer the kind of purchase controls that can reduce the risk of fraud or misuse.
