One of the biggest challenges for small trucking companies is keeping track of expenses. Fuel cards streamline bookkeeping by providing access to all fuel purchases in a single account and automated International Fuel Tax Agreement (IFTA) reporting.
Additionally, trucking company fuel cards can help set spending limits for drivers and offer significant fuel discounts at affiliated locations. Learn how these tools can improve fleet efficiency and profitability.
Save Money at the Pump
As most truckers know, fuel costs are a significant and unavoidable operating expense. As a result, it is vital to find ways to save wherever possible. Fuel cards are one way to do that, allowing fleets to monitor expenses more closely.
As a cardholder, truck drivers can get discounts at many gas stations and travel centers nationwide; some even provide special bonuses like roadside assistance. Additionally, all purchases are automatically logged and aggregated for easy tracking and reporting, reducing the need for manual record-keeping and eliminating the possibility of error. Moreover, some cards can also upload transaction data to accounting systems for seamless integration into back-office operations.
While avoiding paying for diesel may not be possible, saving on other related expenses can help improve profit margins. In addition to fuel, fleets can utilize a fuel card to pay for tires, emergency repairs, maintenance, and other items, helping them control their overhead and keep their bottom line healthy.
Fuel cards also make life easier for owner-operators by removing the need to carry wads of cash or receipts, which can be stolen. In addition, some fuel cards allow for advance loading of payroll to cover expenses while waiting on client payments and can even be used for vehicle repairs if the driver doesn’t have enough cash on hand.
Save Time at the Pump
With the right fleet fuel card, trucking companies can save time at the pump through computerized accounting, real-time activity reporting, and IFTA filings. Fleet fuel cards also allow managers to set employee spending limits and help them monitor driver performance. They can also offer additional savings on lubricants, tires, repairs, document scanning, hotel stays, and boarding.
The best fleet fuel cards will regularly communicate the current discounts offered throughout their networks. It allows fleet managers to monitor the latest prices and make decisions based on their location and the freight they are transporting. Some cards will offer a point-of-sale discount, while others provide monthly rebates on the purchase price of each gallon.
Trucking company fuel cards are also an excellent way to eliminate the need for advance payments from brokers and the hassle of waiting for reimbursements. It helps to reduce the risks of being trapped by unfriendly cash advances and eliminates the need for drivers to turn down high-paying jobs because they don’t have enough funds for the fuel they will need.
Whether you are a large trucking company with 1000 vehicles or an owner-operator, implementing fleet fuel cards is a wise decision that will streamline your business and improve your bottom line.
Automated IFTA Reporting
IFTA reporting is one of the many time-consuming administrative tasks facing every fleet operator. When errors occur, they can result in fines for your business and take valuable resources away from other operations. Fortunately, the fuel card integration extension can streamline and automate IFTA reporting for your business.
Unlike traditional credit cards, which require drivers to submit receipts for each purchase, fuel cards automatically record all transactions and are accessible in your virtual account management tools. It eliminates the risk of losing or misplacing receipts and saves on overhead costs from processing individual reimbursements.
In addition, most fuel cards offer additional perks to help your drivers make their jobs more comfortable and sustainable on the road. Some examples include discounted fuel, truck parts and maintenance, food and drinks at partnered locations, and other money-saving insights. It allows drivers to focus on driving and reduce their stress levels by putting less burden on their shoulders.
When paired with an ELD, the IFTA reporting feature can automatically send all fuel and mileage data from your FLEETCOR-issued fuel cards directly into the system for IFTA tax filing. It helps to minimize human error in the process and relieves operational burdens from your team so they can dedicate more time to growing their businesses.
Real-Time Reporting
Fuel cards help trucking companies streamline various operational procedures and reduce costs. They enable fleet managers to track fuel purchases in real-time, set spending limits, audit expenses, and automate IFTA reporting from their online accounts. Many of the best fuel card programs offer roadside assistance to save time and money.
A fuel card, also called a fleet card, is a payment method used at a network of diesel fueling stations for a discount. It can track fuel expenses, set spending controls, and more for fleet managers and owner-operators.
These trucking company fuel savings can make a huge difference when it comes to the profitability of a business, especially with the ever-changing cost of diesel fuel. As a result, truckers must find ways to optimize their fuel management plans.
While some truckers may still prefer to use cash to purchase fuel, a fleet fuel card allows drivers to record and monitor their expenses efficiently. These cards also eliminate the need for drivers to carry wads of cash vulnerable to theft and make it easier to capture detailed transaction information like odometer readings, driver ID, sales tax, and more. They also offer the ability to automatically upload transactions into an accounting software program, streamlining tedious accounting and saving valuable time.
