If you own a small business, you definitely want to save money and reduce your expenses. One of the ways to spread the cost of your expenses and make the cash flow more manageable is to incorporate fuel cards. Business fuel cards have been on the rise in recent years and many small business owners are becoming aware of their benefits.
Fuel cards are a great idea for companies which rely on vehicles as they help the process run smoothly and efficiently. However, if you’re not sure why you should opt for this alternative instead of cash, you definitely need to learn some of the perks they offer. So, here is why introducing fuel cards is a savvy business move and which are the best cards available on the market.
The Perks of Using Fuel Cards
Less Administrative Burden
Regardless of the size of your company, by introducing these units, you’ll significantly reduce the amount of admin. Thus, instead of going through a countless number of paper receipts, you can handle everything through one account. Moreover, you’ll have proof of where each vehicle was filled up, the cost and the type of fuel.
No Need for Cash
Removing the need for cash is an obvious benefit which both you and the employees will immediately notice. Hence, the drivers won’t need to carry cash with them to pay for fuel, which adds a sense of security and safety. Your business will benefit from these units as you won’t need to provide the money before the drivers take that journey.
Consistent Pricing on Fuel
Many fuel cards allow businesses to buy fuel at wholesale costs or at discounted prices. This can lead to significant savings and you can manage your costs more effectively. Thus, you’ll know the cost of fuel before the journey and you won’t have to worry about the price fluctuations.
More Control Over Your Business
You’ll have greater control over your business and these units will help you determine exactly what can and cannot be bought with them. In fact, there are certain units which only allow filling up from certain stations. Thanks to these options, you will minimize fuel fraud and maximize your profit.
Flexibility on Forecourts
Plenty of these units come with flexibility on forecourts. This means you’ll be able to use them in different places, which increases the convenience of your drivers. The drivers can easily use these cards to make a transaction, which will allow them to hop on the vehicle quickly and continue their journey.
You can be sure that the payments with these units are secure as they all operate on a PIN style system. You can be on the safe side, knowing that it will be only your driver who will make a fuel payment and no one else thanks to unique PINs.
If you want to improve your business savings in the long run, you should definitely consider these units. Your business will save on fuel by getting consistent prices per liter or discounts. You will be able to control your business expenses as you’ll have insight into the spending each driver is making.
The employees also enjoy the perks of these units, not only the business. Hence, they feel safer carrying these cards rather than large amounts of cash with them. Plus, the employees are protected from being accused of wrongdoings as they can be used only for fuel. These units will only reduce the gap between the employees paying for fuel out of their pocket and receiving this money back after submitting an expenses claim.
Many fuel cards offer businesses a reward program. One of the most common reward programs is supermarket points. Hence, you will be more inclined to fill your vehicle up at their petrol stations. It’s a win-win situation both for the card provider and your company. Over time, these points can be converted into vouchers for groceries, trips away or leisure activities. This will make your workforce happier and more productive place.
These units are quite similar to invoices as they provide a complete monthly report at the end of each month. Hence, you get detailed info on where your money has gone and by who. This will help you track each driver and manage your company’s finances more efficiently. It will also help you understand your expenditure better and identify ways to save money.
There isn’t only one provider of fuel cards, but there is a huge variety to choose from. Each unit has been designed for a different kind of fleet. Thus, this means that you should get the perfect unit which will meet your business needs and make sure you get the best price on fuel.
The Best Fuel Cards on the Market
There are plenty of these units available on the market nowadays. Thus, choosing which one to use can be an arduous task. Hence, when choosing which unit to use, consider the following factors:
- The type and the size of your vehicles.
- The location of your company and where do your business vehicles travel mostly, whether nationwide or internationally.
- Are your vehicles using diesel or petrol?
- How much are your monthly expenses on fuel?
- Do you want to record other data, such as driving safety?
- Are alternative fuels a viable alternative for your fleet?
- How often will these units be in use?
Hence, if you want to purchase these units and incorporate them into your business, check iCompario. You can check this website which compares the most popular fuel cards available on the market today. Thus, you’ll be able to select the best one to suit your business needs and increase your potential to economize further on fuel.
Implementing fuel cards is extremely beneficial for both the drivers and your business. It will create measurable cost savings opportunities and it will be one of the savviest business moves you’ll ever make.