Cost savings with fleet fuel cards
When operating a business fleet costs can quickly blow out, especially in terms of fuel usage. With the falling Australian dollar (June 2013) forcing petrol prices to the highest price in years, cutting costs at the bowser has become more important than ever. One way to reduce your fleet costs is by using fleet fuel cards. But just what cost benefits can you receive from utilising fuel cards? We take a look at five of the main areas where your business can save money.
5 main cost savings
1. Fuel savings
The most obvious saving when it comes to fleet fuel cards is the fuel itself. These savings, which depend on the supplier, coupled with the other benefits of fuel cards can add up to substantial savings across your fleet.
2. Administrative savings
Time is money when it comes to administration time associated with your fleet. Instead of having drivers collect fuel receipts to be reimbursed later or using petty cash to pay for petrol, fuel cards combine all charges for each vehicle into a single consolidated monthly invoice. This cuts down administration costs and gives you more time to focus on your business.
3. Reporting savings
As well as having a consolidated monthly invoice for each vehicle, Fleetcare also offer in-depth reporting so you can drill right down to single transactions for accounting purposes. Because this information is all provided at the click of a mouse it reduces your costs in the area, saving you the time and money it would take to compile such reports yourself.
4. Fraud savings
One of the more hidden benefits to fuel cards is that they help protect your fleet against fraud. With in-depth monitoring systems keeping track of all payments and fuel cards being assigned to vehicles, any fraudulent activity is immediately identifiable. These security measures can greatly cut down any potential fraud losses and encourage your drivers to adopt good driving practices.
5. Cost collection savings
It can be difficult to allocate your fleet costs to the relevant departments when dealing with a pile of receipts from fuel purchases. This tedious chore could take unnecessary manpower away from your core business goals. However, when utilising fleet fuel cards this process is made simple, with all transactions and costs listed in online reports.
As outlined above, there are several main areas in which fleet fuel cards can help cut your fleet-associated costs. However, like with any financial product it is important to do your research to ensure that fuel cards are the right option for your business. If you decide that fuel cards will suit your fleet needs you will be able to benefit from some real savings across your fleet.
What fuel card savings are most important to your fleet?
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