Fuel cards allow corporate employees to refill the fuel at fuel stations. Instead of cash or credit/debit cards, employees from the company present the fuel card to cashiers. The company is directly billed and the employees will be able to get the receipt to prove the purchase.
Can Anyone Use the Fuel Card?
Fuel cards for small business can be utilized by small-sized businesses to large corporations with fleets. Businesses can provide fuel cards to every employee to control their consumption of fuel. The company will be responsible on behalf of the employee for fuel.
What Are the Advantages of The Fuel Cards?
Fuel cards offer many advantages for businesses. The advantages include an unlimited amount of employee fuel cards for no cost, premium quality fuel for your vehicle, earning points for loyalty at supermarkets every time you use them, and reduce fuel expenses by using less expensive fuel at the supermarket.
Can Fuel Cards Save You Money?
Most definitely. Fuel cards can be a money saver for companies in different ways. First, the time saved from not needing to manually reconcile purchases of fuel and receipts will save time and money for your business. Additionally, since the account that is linked to your fuel card produces the authorized invoices, you will save time and money at the close of the VAT year because your account will be ensured an accurate VAT invoice.
Are Fuel Cards Helpful for Employers?
When you’re an employer, fuel cards could be beneficial regardless of whether you’re a small medium, or large company. Joining a fuel card scheme will allow you to cut down on time in preparing expense claims and will allow you to save money in the process directly. You will receive HMRC-approved invoices. It will save even more money by restricting your employees to a few petrol stations. There are fuel cards that come with fixed-price week-long plans where you pay for the fuel on an agreed-upon weekly cost instead of fluctuating pump prices. This is beneficial when your employees refill their tanks at expensive locations.
The fuel cards can also be used by businesses to keep track of the miles they drive for each vehicle. If employees are asked to provide the registration number, they could also be asked for an estimate of mileage. This helps keep the track of your fleet much easier. It can aid employees in tracking their mileage by keeping an organized list of receipts.
You can track employees’ fuel costs to ensure security and you can also see the exact location each time they fill up and how much they paid on fuel, their mileage, and the registration of the vehicle. This could help in preventing fraud.
What are the ways fleet management fuel cards function?
While many businesses could benefit from using fuel cards, businesses that have a substantial fleet of vehicles get more benefits. The management of fleets is an approach to coordinating work vehicles to boost efficiency, decrease costs and increase compliance. There’s a broad selection of fuel cards for small businesses that are available for purchase. Certain cards have specific features that make them less or more suitable to manage your fleet’s specific needs. Cost, coverage, kind and online features are just a few aspects you need to take into consideration when selecting the right fuel cards for your fleet.