With the working world moving at record pace, looking after your money is crucial. That means being efficient with company expenses.
The cost of fuel plays a big part in many businesses’ budgets. And fuel cards can help, giving companies a straightforward way to simplify their expenses when it comes to fuel. Here we’ll look at what fuel cards are, the way they work and the main benefits.
So, what is a fuel card?
A fuel card is a specific type of payment card that is only for fuel-related expenses. Lots of different providers offer them, letting employees fill up at certain affiliated petrol stations while keeping tabs on what they spend. It’s all about making it easier to keep track of your expenses, whether it’s fuel, vehicle maintenance or repairs.
And how do you use one?
Fuel cards work a bit like a credit card. You fill up your vehicle at a petrol station, then simply tap or insert your fuel card at the card terminal to pay. The payment is processed and the money is taken from the employees fuel card account. This keeps a specific record of the employee’s fuel costs, to help make it easier to keep on top of fuel expenses. There’s no need to use any other payment card – the fuel card does everything for you.
Alright, so why are fuel cards so great?
We’ve talked about what a fuel card is and how to use one. Now let’s discuss the benefits.
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Tracking expenses can be tricky, especially when it comes to fuel. Fuel cards give employees and their companies a detailed record of all fuel-related transactions. Using this, businesses can run reports and predict what cost of fuel they need to budget for in the future. This can be reviewed regularly and adapted accordingly.
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Manually keeping on top of fuel-related expenses can take time that businesses don’t have. Fuel cards reduce the amount of admin by keeping a digital record. So there’s no more sifting through fuel receipts and uploading to the system. Just open the fuel card account and analyse from there.
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With a more streamlined process – and being able to better spend your time analysing the data rather than ordering it – makes fuel cards a cost-effective solution for your business. They save time and therefore money. Some fuel card providers also offer discounted rates at their network of petrol stations, offering great savings.
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Fuel cards still give you access to a large network of petrol stations. So even if your work requires you to travel across different counties in the UK, you’ll still find a place to fill up and use your fuel card.
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Just like other payment cards, fuel cards have levels of security so you can be sure your payments are safe. You can set up a PIN number and even set spending limits so that you’re notified if your fuel costs are approaching your budget (or if your card has been stolen to prevent fraudulent activity).
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Fuel cards mean employees don’t need to carry cash around or pay for fuel using their own payment cards to then be expensed. The fuel card is managed directly through the company, so there’s less room for things to go wrong.
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Lots of fuel card providers give you tools to help tailor your experience. Things like restrictions on what the fuel card can be used to buy help keep spending in check and on budget. This can be different for different employees depending on the nature of their work.
There you have it. So are fuel cards for you?
Fuel cards are one of those simple solutions where once you’ve got them, you’ll wonder how or why you didn’t use them sooner.
They’re a great way to manage your company’s fuel expenses. They save money, simplify the expenses process, help you track what you’re spending on fuel and let you predict what you need to budget for further down the line.
They also give your employees a feeling of control, making it easy for them pay for fuel and know the limits of what their fuel card can do.
Finally, fuel cards are simple to implement. Just get in touch with a few providers, find out more about what they can offer you and your business, then let them take care of the rest.