Every day, 1.3 million business trips occur in the US. Even if you run a small business, you still probably contribute a fair share to this number.
When these destinations are close enough for your employees to drive, you might just have them use their own credit cards/cash. Then, you reimburse them later.
However, this method is obsolete and you should instead use corporate fuel cards.
If you’re skeptical about change, then you might be hesitant to introduce these cards. But trust us, it’ll make a world of difference!
Here are 3 benefits you can get from using fleet fuel cards.
1. Accurate Expense Tracking
Regular expense tracking can be tedious and inaccurate. Your workers have to remember to save every receipt, then pass it on to HR. HR then needs to give these receipts to your accountant, who then needs to input these numbers correctly in their spreadsheets.
When you give your employees fuel cards to use, all expenses will be tracked and recorded right away. You won’t have to rely on manual data entry, as the software will input these numbers into the spreadsheets automatically.
2. Save Time on Accounting
Because the transactions are automatically recorded, this saves time on accounting. No longer will your accountant spend time tediously checking every purchase; all they’ll have to do is download the card activity reports to their bookkeeping software.
They can then put their talents to better use and not worry about comparing receipts to reports. And they won’t have to waste time chasing down your employees to demand receipts either! This can be a time-consuming and exhausting process, especially if your workers are constantly busy.
3. Prevent Double-Dipping
Unfortunately, not every employee will be honest. If you hand them a regular credit card, they’ll find ways to sneak extra charges or double-dip. For instance, they might buy extra fuel to siphon to their own vehicle.
A specific fuel card can flag suspicious purchases in real time. You’ll know right away when someone’s using the card for fraudulent purchases. As a result, shady worker behavior won’t go unnoticed for months or even years.
When you prevent unauthorized spending, your business will save money!
4. You Can Set Spending Limits
It can be difficult to deal with fraudulent card use, even with real-time flagging. So to better protect your company, you can set spending limits on corporate fuel cards.
For example, you can set a $50/day or $200/week limit. Even if someone tries to take advantage of your corporate cards, the damage will be minimal. Once they hit the limit, the card won’t allow them to spend any more money!
If you want to learn more, then this business travel management helps.
Issue Corporate Fuel Cards
Corporate fuel cards come with so many advantages that’ll save both money and time.
So forget about traditional reimbursements and instead, issue these fuel cards. It’ll be a better time for everyone involved!
If you’re looking for more business products and services, then take a look at our other blog posts now.