Fleet fuel cards provide real-time monitoring and reporting that help business owners oversee expenses for the long haul. These reports can help businesses identify opportunities for economies and efficiencies.
Before choosing a card for your fleet, consider factors like region, discounts, fee structure, and controls. Also, look for the ability to monitor idle fuel usage and other odometer data.
Expense Tracking and Reporting
Many small businesses spend much time tracking fuel expenses with spreadsheets and manual methods. Fleet cards like Voyager fleet cards help alleviate this burden by capturing key data points such as price per gallon, driver ID, and odometer readings for each purchase. Combined with thoughtfully designed accounting and reporting capabilities, this can provide a deeper understanding of your vehicle purchases. It can also help you identify cost outliers and problematic driving/purchasing behaviors.
In addition to automatic expense tracking, most fuel diesel card offer additional features to prevent fraud and waste. For instance, many have PIN-required transactions to protect against theft and unauthorized use. Some also allow you to set various spending controls on a card-by-card basis, including product, vehicle, and date ranges.
Additionally, many fleet cards enable you to see real-time transaction data on a convenient dashboard. You can customize the dashboard to view the desired data, allowing you to spot inefficiencies and quickly make changes. This data can generate accounting and expense reports, enabling you to save money with more accurate information and streamlined reporting.
Expense Reconciliation
Tracking and reporting fuel expenses is a major headache for business owners and fleet managers. It’s easy for manual spreadsheet data to go awry, with one misplaced decimal point potentially throwing off projections or budgets.
Streamline this issue with fleet fuel cards. They offer the ability to cut out a major step of the expense management process, with all transaction data communicated directly to an online fuel card dashboard. This eliminates the need for drivers to collect receipts or fill out expense reports while automatically communicating odometer readings and other important information that can then be used to create accounting and tax documents.
Many fleet fuel cards also come with purchasing controls that help to streamline accounting further. These can include restrictions on where, when, and on what product purchases can be made (including odometer-based limitations, driver IDs, product categories, and fuel grades), and allow for immediate responses to any suspected fraud or theft. This real-time data gives fleet owners the tools to make informed decisions, improving overall efficiency and cost savings.
Fuel Discounts
If you have a fleet of trucks or other transportation-related vehicles, fleet fuel cards can make tracking and reconciling expenses much easier. Unlike traditional business credit cards that often require an employee to complete a receipt, fleet cards can record all fuel and non-fuel purchases in real-time. At the end of a billing cycle, you can receive a single consolidated statement that you can use for accounting purposes. This saves you time and effort and can even help reduce employee mistakes.
Choosing the best fleet fuel card requires careful consideration of network coverage and discount offerings. Look for a card that provides detailed transaction data at most brand-name gas stations. This includes price-per-gallon, location, driver ID, and odometer readings. This data can help your company analyze and optimize your transportation expenses.
Many fuel cards also allow you to set purchasing limits on each card, ensuring your drivers spend appropriately. Some also offer exception monitoring that lets you know when a driver exceeds an established threshold.
Tax Deductions
Whether running a single-owner LLC or an OTR trucking company, fleet fuel cards can help you keep more profits. In addition to fuel discounts and expense tracking, many fleet fuel card programs also offer other benefits that make them a valuable tool for businesses that spend a lot on gas.
These features include comprehensive fuel usage reporting, allowing you to see detailed information about what your drivers are buying, where, and when. They also help you set adequate spending limits and automate International Fuel Tax Agreement (IFTA) reporting.
In addition, some fleet fuel card providers allow users to pay for roadside assistance services directly using the cards, further streamlining expenses. This is particularly useful for businesses that spend a lot on gas and have multiple vehicles, such as delivery services or companies in the tourism industry like limo companies.
Mobile Apps
Using a fleet fuel card eliminates the need to collect and submit receipts or create expense reports. This automated tracking drastically reduces the risk of error and frees up staff time for other tasks. It also provides access to more real-time data and purchase controls. Look for a card that offers site summaries, sales tax breakdowns, a custom reporting dashboard, and more to get the most from your investment.
Most fleet cards have a private payment network that covers more than 95% of stations nationwide, making it easy for drivers to find low-cost fuel. They also employ personal identification numbers or driver IDs to keep cards secure and allow for the collection of valuable data like odometer readings.
Look for a card with no hidden fees and easy-to-read monthly statements. Ask about a mobile app, the ability to receive exception alerts, and whether the card can be used for other purchases, such as truck repairs and parts. Ensure the card is backed by a company with 24/7 customer support so you can call or chat anytime.
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