If your business is looking for ways to streamline your operations and reduce outgoings, then fuel cards are going to be key, especially if your organisation does a lot of driving. We take a look at four reasons why your business should be investing in fuel cards.
What are fuel cards?
A fuel card is a credit card that can be used exclusively for fuel-related purchases. They are usually used by businesses to simplify paying for fuel and cutting costs.
There’s a huge range of different fuel cards available, but the fuel genie card is one of the most popular for UK businesses. By using fuelGenie fuel cards your business can cut down on paperwork, get better visibility of your finances, and monitor your company vehicles.
Fuel cards save money
Businesses everywhere are struggling with the impact of the COVID-19 pandemic, and it’s important to look seriously at ways to save some money. If you’re managing a fleet of delivery vehicles or company cards, then fuel is going to be a significant expense for your business.
As fuel prices are constantly changing, it can be hard to keep up with the cheapest place to fill up your company vehicles each week.
So this is one of the biggest reasons why businesses should invest in fuel cards. Many of them will offer a fixed or even discounted rate on fuel at a huge number of petrol stations. Instead of taking a gamble with the cost each time your team fills up, you’ll be able to have a better idea of exactly how much they’ll spend.
Better visibility of fuel usage
With an online account and inbuilt reporting software, using a fuel card will give you a lot more visibility of how much fuel your business is using. You’ll be able to see exactly how much you are spending on your vehicles and where, allowing you to optimise your journeys and reduce fuel consumption.
Reduce admin with fuel cards
Admin and endless amounts of paperwork are one of the biggest time drains businesses face. Fuel cards are a good way to significantly reduce your team’s administrative duties.
The same online system that means you can track what your spending also means you don’t need to collect and store paper receipts. And your team doesn’t need to fill in paper expense forms to claim back money because they’ve used the fuel card to fill up and your business pays directly.
On top of this, fuel cards can record HMRC approved invoices, which cuts out hours of accounting tasks and makes compiling your tax reports that little bit easier.
Fuel cards provide more control
If you’re running a large number of vehicles, with different employees driving all over the place, it can be hard to keep track of everything all the time.
But you can use your fuel card to monitor each driver’s activity — you’ll be able to easily keep an eye on everything from fuel usage to miles per gallon, the number of stops your drivers make and how often they are filling up. This kind of insight will ensure you’re consistently operating as efficiently as possible.
Fuel cards also provide a more secure way to fill up company vehicles, reducing the risk of fraud. They use a PIN system, and monthly reports that are separate from bank statements allow you to notice any discrepancies in what you’re paying.
Overall fuel cards offer a lot of benefits, from saving money to reducing admin, that your business should be taking advantage of.