Running a small business can be challenging especially when it comes to managing finances and cash flow. Implementing systems and tools that can help you effectively monitor expenses, save time and optimise your spending is key to any company’s success. Fuel cards are a valuable tool that can help with efficient fleet management and controlling the fuel expenses of your business. They may even provide fuel savings and a secure way to pay for fuel.
If you’re a small business owner, keeping a tight rein on your outgoings is essential. Fuel cards can help you track all your company’s fuel expenses without being bogged down in paperwork, collating credit card statements and service station receipts.
Depending on the business fuel card you choose, your expenses may be viewed online via easy-to-read statements. This cuts the administration time to manage your books and you’ll clearly be able to see what your employees are spending on fuel purchases, including other vehicle expenses such as car washing.
For many small businesses, fleet fuel is one of the company’s biggest outgoings. Depending on your fuel expenses, a fuel card may offer you volume-based discounts which can help reduce your overall expenditure and save your business money in the long run.
You may be able to specify the fuel type per card to ensure you’re not spending more than necessary on fuel for your company’s fleet. Some fuel cards will also allow you to earn Australian Frequent Flyer points which can be used to reward employees for good work or be put towards business travel expenses.
Fuel cards are an ideal tool to help small businesses budget their fuel costs.
Some of the best fuel cards available provide fuel management reports that can help you forecast your monthly fuel expenses. These include important details such as cost per kilometre that help you understand how much per month your business spends on fuel and optimise these costs.
Keeping receipts to be reimbursed for business expenses is a task that many employees struggle with. It’s easy to forget to ask for a receipt at the service station or lose it before submitting it to the accounts team.
Fuel cards offer ease for employees. They take out the stress of managing receipts and eliminate the need for employees to spend their own cash at the gas stations before being reimbursed come pay time.
A key benefit of small business fuel cards is the ability for owners to see and track any expenses incurred at service stations. You’ll be able to track the employee’s fuel purchases including how much they’re spending and where they are buying their fuel.
In the event you notice excessive fuel expenses, you’ll be able to investigate the issue before it becomes a financial burden on your business. Some small business fuel cards will even allow you to set spending limits to give you more control of employee expenditure.
Fuel cards give you the ability to track fuel expenses in real time. This means you’ll be able to identify any fraudulent spending immediately giving you added security and peace of mind.
Most fuel cards can also be set up to restrict the fuel types for each car. This means that the card can’t be used for premium fuels or fuels that are not used within your business’ fleet. Additional security of vehicle number plate recordings and odometer readings may also be an option. Therefore, in the event, your employee happens to lose their card or it gets stolen, you can take action to prevent unwanted expenses impacting your business.