Apart from the drivers and vehicles, the other most significant operating expense for fleets is fuel. Driven by regulatory, economic, and political factors that are well beyond your control, fuel is also among the most variable costs that can fluctuate quickly and move your business from profit-making to loss-making. So, what can you do to manage and reduce fuel costs?
One proven way to get a handle on your fuel expenses is to use fuelcard. Similar to credit cards, a fuel card is dedicated exclusively to paying for fuel. It has a constant rate for a specific period, allowing you to plan. in this article, we shed more light on fuel cards. If you are not decided yet on using UK fuel cards, you need to continue reading.
Fuel Cards Are Good for Business
Fuel cards might operate similarly to credit cards, but they are smarter than them and way safer than carrying piles of cash around. To get the best from your fuel cards, you should choose a card that works best for your company.
If you want greater controls and insights on your fuel spending, the best option is to opt for fleet cards.
On the other hand, if you want to get the best rebate, you are better off choosing a fuel card from the largest fuel brand.
What does a fuel card do?
Fuel cards give business owners a better way of managing fuel and getting a handle on expenses.
If your business relies on a fleet of vehicles, fuel will be one of the most significant expenses you have to deal with. Also, fuel prices fluctuate a lot. They rise and fall due to factors that are entirely out of your control. With some of the best UK fuel cards, you get consistent savings irrespective of the pump price. This gives you just the competitive edge that you need to get ahead of the competition.
The best fuel cards enable you to control fuel spending by your employees, identify and stop misuses or fraud, give detailed reports, and help you keep tabs on your fuel purchases online. In the end, this saves you not only time but also money.
The Convenience to Fuel Anywhere
The best fuel cards are accepted anywhere at all leading fuel stations in the UK. This eliminates any need for planning for routes where to fuel. Also, drivers won’t have to drive for miles to get to the right station. They can even help drivers to locate the cheapest fuel nearby.
Fuel More Securely
The way fuel cards are designed is that drivers are required to enter their ID for every transaction. This ensures maximum transparency and security as you will always know which driver spends what amount, when, and where. Additionally, these cards allow you to set purchase limits so you get the best out of them. This puts guardrails on spending by employees based on the product type, amount, and location, among other things.
Get Automatic Accounting
Every fuel purchase transaction captures vital details like odometer reading, driver ID, and sales tax. This way, you don’t have to keep track of receipts to get this vital information. You also have the opportunity to view card activity at any time. You can even download reports and save them to your favorite accounting program.
24/7 Customer Service
Fuel card companies have customer service departments that take pride in their 24/7 availability. They are ready to respond to your call and solve any issues that your drivers might encounter. Whether it is your driver’s card that has been declined or any other issue, you can be sure that help is not far away. Great service is what makes a great fuel card.
How do you effectively manage fuel consumption?
Managing fuel expenses and consumption shouldn’t be an arduous task. If you haven’t done so already, consider switching to commercial fuel cards to help tame your rising fuel expenditures. These cards have other benefits like:
- They provide accurate and traceable purchase records
- They require inputting of odometer readings at every fueling up to keep track of consumption.
- They can be set to specific fueling frequency and purchase location limits
- They require driver verification before filling up. This ensures that only trustworthy and authorized individuals are using the card to pay for fuel. This helps to prevent fraud.
Using fuel and fleet software to manage fuel cards delivers a greater understanding of managing fuel consumption and purchases. Management systems enable you to automate fuel purchase reporting, which helps to prevent fraud. Also, it minimizes error-prone and time-consuming administrative processes.
How do I select the best fuel card?
Fuel cards come in all types of shapes and sizes, and they have a wide range of features. This complicates the process of choosing a card. To help you, there are a few factors that you need to consider.
For example, certain UK fuel cards allow you to fill up at only specific chains. You will need to consider your region of operation and see approved filling stations for the card. This ensures maximum access for your drivers. The time and mileage your driver spends looking for a specific pump can cost your fleet and eat into any savings you make. If you are concerned about the lack of available locations, the best option would be to go for a card that’s accepted universally.
Consider vehicle and engine options
There are a few questions that you need to ask yourself if you want to find the best fuel card for your business. Some of them are as follows:
- Who will be the driver and will the vehicle carry any supplies, products, or equipment?
- When are you likely to use the this card? Will it be every day or infrequently?
- How and where will it operate? Will it be used over shorter routes or long distances?
- Will you need to make stop/start journeys? How many, if so?
- How do we track fuel purchases and usage to assess performance and consumption?
Conclusion
Fuel cards deliver outstanding benefits to businesses. Whether you have only a handful of vehicles or thousands, you can benefit from commercial fuel cards a great deal. They enable you to get a handle on your fuel usage and construction, prevent fraud, and eliminate the need to carry cash. Also, because these cards programs come with accurate, traceable fuel purchase records, there lessen the administrative tasks as they don’t require you to keep receipts.
