There is a lot of employee theft that is going on and surprisingly there is a lot of potential to it. When you want to keep an eye on the company, you can implement a fuel card program. Fuel cards are those which offer small business employers and the employees the ability to buy fuel at different gas stations while keeping the log.
See, the matter is simple; you have a business to run and you need to cut costs. Hence, you can allow the employees to operate on a small budget and conduct the business that way. It is a very innovative thing.
If you want to know more then click here about those 5 ways it can influence your business’s success.
With the help of these fuel cards, you can manage your budget. The decisions about business expenses can be excluded from this because it doesn’t allow any fraud or abuse. There are a lot of benefits of using this for the company.
As we know, the managing directors cannot be everywhere to supervise their employees. Hence, when there are fleet fuel card programs, this can help to prevent fraud by monitoring the transactions and purchase controls. This helps in the improvement of overall efficiency. Here is how it can help:
The use of fuel cards can enable strict and rigid purchase controls from the very beginning. This way, the company budget is being saved. The transactions done through this card need to the driver to input a personal identification number or a PIN which is generally of 4 digits. After this, you can easily track the expenditures of the employees. You can set the daily limits that can be spent as per your wish. You can do it anyway: limit the number of transactions or set a certain amount of money per day. You can also place time restrictions or day restrictions. The managers have complete control over how these fuel cards will be used.
You will receive Alerts and E-Receipts
A very important thing about using fuel card is you can receive alerts and e receipts. This is if you think purchase controls are restrictive. You can set alerts for those transactions that happen over during the weekend or after work purchased. You can set the notifications to when the purchases are happening. You can also set geographic alerts. The choice is up to you. You will also be emailed if the drivers do not fuel at a designated place.
It is highly rewarding!
Yes, using fuel cards are highly rewarding. There are a few fuel cards when you use them, you can get various discounts and cashback offers from various retailers. You can expect to get offers to form automotive shops, maintenance retailers or tire shops. Either way, it is a great way to save money at the pump. You can allow the employees to get their car maintenance done in those shops. This way, there is a better way of car and truck maintenance. They also manage whatever they service.
You can go to cashless!
Not finding cash can be pretty frustrating and here the fuel cards are providing you with a solution. When you use a fuel card, it eliminates the need for you or your employees to carry cash around. Again keeping track of the cash spent for the company can be a pretty daunting task. Hence, here is what you can do: carry the company fuel card and make it easy for yourself. This way the owner can reduce the possibilities of misspent cash or theft. There is no need for paper receipts when you use a card. You are saving the environment too. Every transaction can be tracked online so there is nothing to worry about. This can prevent mismanagement or the employees using company money for their personal use.
Universal Coverage and Centralized billing
Fuel cards are not regional they can work anywhere in the world. They are mainly to reduce the costs of the driver time and also the operation of the automobile. A fuel card can be accepted in any gas station and if your fuel card is partnered with a gas company, it is all the more good for you. You can give the drivers access to almost 320,000 fuel destinations worldwide. With such huge coverage and universally accepted card, who wouldn’t use it?
The accounting is also streamlined and everything is centrally billed. This means that even if your fleet is operating at different locations, one single central bill statement can come with regional distributions. The management has a complete picture of what is happening and how much money is spent.
Hence, you can click here to receive more information about this. While you use this fuel card, you can be exempted from fuel tax. You need to apply for qualification and if your fleet qualifies, then you can no more need to refund filling.