Fuel cards offer small business employers and employees the ability to purchase fuel at a variety of gas stations while keeping track of usage details and time. With the fluctuating price of fuel, being able to keep up with costs is incredibly important. You can allow employees to operate and conduct business on your behalf with the fuel card and monitor it right along side your budget. One of the many innovative things about it is that it allows you to make immediate decisions regarding your business expenses particularly when it comes to traveling. There are several benefits to using fuel cards. Below are five of the many reasons using it is a major advantage.
1. Ability to Customize
You can customize the fuel card to fit your business needs. Whether your company owns a fleet of trucks that use diesel fuel or a fleet of cars, the fuel card can work with your business needs. You can customize the card to the gallon and limit the amount used per day, week or month. Knowing the details of your employees’ travel schedule allows you to accurately budget for daily trip costs. If your company has business around the country you can customize the fuel card by state. You can also monitor your employees’ habits based on how often the card is used. Some cards even track the odometer.
Each card is assigned, so it is easy to know who is using what and where. Since routes are usually pre determined, there are security settings you can take advantage of including limiting the city and area of use. The real time tracking allows for great security as the business owner is able to make real time adjustments. As well, if you lose the card, the card owner can shut down the account immediately and without delay. You can cancel unauthorized purchases right away. Some cards require a secret pin number so that it is individually accessed by the appropriate employee.
Small business owners are able to track where, how and when their fuel cards are being used.
You can track various details online with real time control over the use of your card. With some companies, each card can work with a designated vehicle. The online system of many of the fuel cards allow you to obtain information about the designated card and assignees. There, you can monitor where the person visits and at what time. This makes it easier to spot inefficient work by immediately communicating with your employee or simply modifying his or her use of the fuel card. Some cards even populate the information that will become useful to you during tax season. You can track your drivers from the comfort of your office even if they have travelled out of the state for work.
Using some fuel cards gain the user rewards from various retailers. Participating stores range from automotive shops, tire shops and other care maintenance retailers. Users also save money at the pump. If a business owner chooses to work with one gas company the company can receive discount pricing. Some small business owners allow their cars to work with mechanical shops in order to quickly manage car and truck maintenance issues but also manage what is being serviced.
5. No Need for Cash
Opting to use a fuel card eliminates the need for you or your employees to carry cash or the company credit card. Carrying the fuel card is easy and if your company prefers a specific gas company you can choose specific cards for the provider. Users also reduce the risk of theft or misspending money. There also isn’t any need to keep paper receipts. If you happen to miss a receipt the transaction is recorded online. You can also prevent mismanagement and employees using cash for personal use.
6. Saves Time and Money
As evident with all the other specific benefits fuel cards save businesses time and money. The initial set up of the card and online system is well worth the fact that you can access real time traveling details. This includes fuel usage and locations twenty four hours a day. You can reconcile your fuel related accounts daily or weekly and stay on top of your company’s trends. With this information being available so quickly you can make immediate adjustments to your account that may give you instant savings and keep you on budget. As well, if you separate from an employee, remotely canceling the card is an easy process which can make for a cleaner separation.
The use of fuel cards is becoming a more popular choice for small business owners as it has made getting gas and managing vehicle maintenance less complicated. Business owners are also able to reduce the amount of money and time spent administratively reconciling accounts and following up with spending. It is a perfect solution for truckers or business owners with a transportation business. Not only does the use of fuel cards ultimately save you money on gas, you can link the fuel card to your budget or online tax program. You can then allow it to help you organize your business expenses by category for the year. There have been so many technological advances making fuel cards more useful for business owners that the benefits are endless. Getting fuel for your business vehicles any other way is ultimately a waste of time.