Budgeting and financial planning for the new year

It goes without saying that budgeting is a crucial aspect of any business’s plan. But it always seems extra important going into the new year. A strong Q1 can build a platform for a strong 2024 – one where there were no nasty surprises or big compromises, because everything was considered and budgeted for.

If that’s the goal, how do we get there? That’s where fuelGenie and our fuel cards can help.

In this article, we discuss one aspect of business that can trip up the most meticulous of budget plans – and a simple solution to keep you moving forward through the year.

The challenge of fuel expenses

Anyone who manages a fleet of business vehicles knows it comes with challenges. From dealing with ever-changing fuel prices to minimising environmental impact to looking after your drivers’ safety, there’s lots to sort out.

But one thing that always niggles away at fleet managers is the conundrum of how to manage fuel expenses. Asking your drivers to expense their fuel can make forward-planning and budgeting an ongoing nightmare, as by its nature it happens after the event. It sounds like such a small aspect of your business, but multiply those uncertainties by every driver and every day they travel, they can soon add up and throw your financial plan out of whack.

Overcoming the challenge

There’s not a great deal you can do about fluctuating fuel prices, other than to stay up-to-date with the latest prices and find the stations offering the best value. Our Fuel Prices app can help with that.

However, one challenge you can face head on is fuel expenses. With the simple addition of fuel cards, you can make buying, managing and monitoring fuel infinitely easier.

Taking control of fuel expenses

The business world has moved on from paper receipts and drivers putting in their expenses at the end of the month. Today, fuelGenie fuel cards can help you track what your drivers are spending on fuel in real-time,  helping you make predictions about what your drivers  might spend in the future. In other words, they’re a budgeter’s dream.

Every fuel card you give out connects to the same monitoring software allowing you a helicopter view week-by-week, month-by-month, making it easier to keep track of your cash flow and profit margins. You can even set limits to stop your drivers going over budget, allowing you to pause and rethink your strategy.

With fuel cards you can:

  • look at specific driver’s routes to optimise their fuel consumption
  • keep tabs on your fleet’s environmental impact by making sure your drivers are as fuel-efficient as possible
  • calculate each vehicle’s MPG rate to see if any are using more fuel than others, meaning they may need some maintenance
  • download HMRC-approved VAT receipts to cut down on admin time
  • save money on fuel

All in all, fuel cards can make it easier to budget and plan ahead. They offer real-time data, expense tracking and customisable reports that allow you to analyse there and then, as well as predict what you might need in the future. It’s one less thing tripping you up as we enter 2024.

New year, new tools

The new year is always a good opportunity to try something new. As well as looking at new ways to grow your business and save money over the next 12 months, upgrading to fuelGenie+ could set you off to a flyer.

With fuelGenie+ you can:

  • use your fuel cards to fill up at low-cost supermarket petrol stations as well as most Shell stations
  • access additional 24/7 refuelling sites where you can still use your fuelGenie fuel cards (because most businesses don’t just work the traditional 9-5 anymore)
  • access additional stations that can accommodate larger vehicles like vans, trucks and lorries, easy to find through the fuelGenie app
  • collect supermarket loyalty points and Shell+ Go rewards – a perfect perk for your drivers to enjoy on food, hot drinks and car maintenance

2024 here we come

It’s always good to have a plan going into a new year and a clear budget is a huge part of that. We know that taking care of your everyday fuel expenses can go a long way to help establish your budget throughout the year. fuelGenie fuel cards can give you that stability, enabling you to see what you’re spending and predict what you need to budget in the future. fuelGenie+ can make it even easier for your drivers to access the petrol stations they need wherever and whatever time they need them, all year round.

Apply now for free