7 REASONS EVERY SMALL BUSINESS OWNER SHOULD HAVE A FUEL CARD
If your small business either owns or operates fleet vehicles, you could benefit from a fuel card. And in more ways than just saving money on the fuel itself. We take a look at some of the most impressive reasons to make the switch.
Save money at the pump
A fuel card tends to save money at the pump, because it is, in essence, a commitment to only buy fuel from approved providers. As these are usually the major suppliers of fuel, which also tend to be the brands with the lowest fuel prices, your average spend on the forecourt diminishes by a couple of pence per litre. That might not sound like much, but when you total up the litres of fuel used by your fleet every month you soon start to see real savings.
Buy fuel efficiently
A fuel card works like a credit card: pop it in, chip and PIN, away you go. Not only do your drivers get spared the risk of carrying company cash on the road: they also pay as quickly and efficiently as is possible.
Avoid the paperwork mountain
One of the key efficiencies of a fuel card lies in the avoidance of paperwork. They take away the need for drivers to invoice you for fuel they buy on your behalf. Instead, you get a single invoice from your fuel card company, which covers all the fuel bought by your drivers within a specified billing period.
Manage when and where you like
Out of the office? Fuel cards make fleet management easier. With access to an online account, you can manage all of your driver’s cards wherever you are.
Earn loyalty points for your drivers
Got a supermarket fuel card? The loyalty schemes operated by the major supermarkets allow drivers to accrue points when they buy fuel with a fuel card. It’s an easy way to give something back to your employees and subcontractors, without any extra outlay on your part.
Stay in control
With many fuel card providers giving you instant access to information regarding the location and fuel spend of your drivers, it’s never been easier to keep tabs on your fleet. You can find out where and when your cards are used, a process with long- and short-term benefits. Pull card usage data out into reports, and you can develop a clear picture of fuel efficiency and spend over time.
Keep the taxman happy
Your small business should be able to reclaim 20% VAT on business fuel. To do that, of course, you need proper VAT receipts. Left in the hands of drivers, these receipts can go missing or not get collected in the first place. The invoice supplied by your fuel card services provider, on the other hand, is a pre-prepared, HMRC-approved VAT receipt, guaranteeing 100% recoup of the business fuel VAT to which you are entitled.
How are you using your fuel card? let us know on LinkedIn and Twitter.