Keeping a handle on small business expenses can be difficult. It is easy for everyday costs to add up, leading even the savviest of business owners to look for ways to control spending and manage expenses. Fuel can be a major expense often overlooked by businesses, especially as gas prices and traffic across the GTA continues to rise. If your business has a fleet of drivers, you need to give them the ability to purchase gas on the road. Fuel cards for small firms are an effective and simple fuel management solution that can provide you, and your drivers increased flexibility Not only can drivers buy fuel and pay for other vehicle-related expenses while they are on the road, but they can also eliminate the need for reimbursement forms, and the time it takes to process them. Let’s explore a few more benefits for businesses that utilize fuel cards in their fleet management.
Gas cards and fuel management programs are two key ways local businesses can protect their bottom line and save money in the short and long term. Savings can be made not only through rebates and discounts at fuel stations, but you can also track and manage your fuel consumption, protect against unauthorized spending, and set alerts and limits of gas card usage. Additionally, as with credit cards, traditional gas cards often carry high-interest rates and charge substantial annual fees, increasing the balances if your business cannot pay them off in full each month.
Fleet fuel cards help you monitor your fuel spending and reduce fraud. With the right fuel card, such as FLEETCOR, you can set your own purchase limits and control employee spending based on things like a dollar amount, type of product, and time of day or week. Plus, each driver has to enter a unique driver ID number for every purchase, which adds a layer of security to help prevent unauthorized use. It also allows business owners to track what employees spend, when and where.
Reclaim your time. With automatic accounting, you no longer have to gather receipts and manually reconcile fuel expenses. A fleet card captures basic purchase info like amount and location, plus details like employee info, fuel grade, sales tax, and more. This allows small businesses to monitor spending in real-time. Fleet cards also capture accurate information, while manual entry is subject to human error.
Raw data can eat up a lot of time. The last thing a small business owner needs to do is pore over spreadsheets line by line. Not when there is an easy shortcut to find patterns or red flags in spending. A fleet card can gather data and populate reports that tell you exactly what you need to know.
For all of the problems our Ontario businesses experience when it comes to fuelling your fleets, our fuel card programs offer cost-effective and convenient solutions. Are you ready to start saving time and money on your fuel-related expenses? Contact us today to learn more about the benefits of a Fuel Card Program for your commercial fleet!