One of the most significant overhead costs of running a fleet business is the fuel your trucks consume. Finding more efficient ways to manage payment processes will help improve the entire company.
A fuel card can help bring new levels of transparency, control, and efficiency to both drivers and managers. Below are the top ways that fuel cards can help you save money and streamline your business.
Convenient and Efficient
A fuel card allows all your drivers to have a simple, up-front method to pay for gas at the pump. An up-front payment method saves drivers the trouble of keeping receipts. The payments are then available for your review in one place online.
Stop fraud or misuse of company money before it begins. A personal identification number (pin) access code allows only your staff to use the cards. This code helps you track the spending of individual drivers. The access to spending allows you insight into what your drivers are buying and when. You can put limits in place on spending in cases such as only diesel gas purchases or allowances based on the day, week, or month.
Reporting and Tracking
Your fuel card allows you to efficiently track expenses, purchases, and load transfers in one place. You can also run reports on different parts of your company including departments, drivers, regions, or vehicles. These reports can help you understand your business better and pick up on chances to cut costs or increase savings.
There are thousands of participating types of cards and filling stations. Your company’s fuel card grants access for your drivers whether they travel around the country or in other countries. Also, there are many discounts and fuel tax exemptions your fuel card will gain for you, often automatically.
Want more information on how fuel cards can benefit your fleet? CoreFund Capital works with fleet companies to bring financial solutions that keep trucks on the road. Contact us at any time at 800-405-5464.