5 WAYS A FUEL CARD CAN SAVE YOUR BUSINESS MONEY
Using a fuel card is more than just a convenient way to buy diesel or petrol. Easy account management and access to the best fuel prices ensure you’re saving money for your business too. We look at the five top ways a fuel card can cut costs for your business.
Savings on fuel
Fuel cards offer savings on fuel in a number of different ways. Some fuel card providers fix the price of fuel to below that at the pump while others pass on saving made by sourcing their fuel from competitively priced suppliers.
Be mindful of fees though! While some fuel cards are free to apply for and free to use, you may be charged by some fuel card providers - so make sure you carefully check all the charges and savings that each fuel card has to offer!
No receipt errors
Fuel cards that connect directly to tailored reports and accounting systems mean you don’t have to worry about missing receipts. Online data storage and simple access mean you’ll keep your expenses up to date, say goodbye to costly errors, and understand exactly how much fuel your business uses.
Control your cash flow
A fuel card lets you see exactly what you’re spending on fuel, where and when. You can often assign unique cards to each driver or vehicle, giving you immediate access to information on purchase and usage. Over time, you’ll be able to gauge fleet expenditure and budget better. And because your total fleet fuel costs are paid regularly by direct debit, you’ll know exactly when your petrol or diesel spend is leaving your account.
Pick a fuel card that lets you set spending limits for each driver, giving you the ability to control the maximum amount your business is spending on refuelling every month.
See where you are overspending on fuel
Many fuel card accounts let you generate reports, or download your fuel usage data for custom reporting. You have the information you need to analyse expenditure at your fingertips. Use a standard report for a quick snapshot, or build your own analysis after you’ve downloaded.
Make sure your fuel card lets you generate individual card reports, which show usage and fuel efficiency for each vehicle or staff member. To increase accountability, you can even ask drivers to monitor their own usage.
Reduce your admin fees
There are no admin fees to pay when you use some fuel cards. You should be able to choose an account that doesn’t charge you for using your card, the account itself, or paying invoices.
By using a fuel card to manage your business costs in this way, you cut out all the extras and pay only what you see on the pump.