Cards aren’t just for Christmas, says fuelGenieNews
Posted by: electime 15th December 2022
As 2022 draws to an end and we move into 2023, leading fuel card provider fuelGenie is urging SMEs and fleet operators to make a New Year’s resolution to better manage and minimise the costs of fuel purchasing.
While prices at the pump have dropped somewhat from their peak earlier in the year, fuelGenie believes there are still savings to be made through best practice in this area.
Tony Burgess, Director, Merchant Network at fuelGenie explains: “It’s been a turbulent year for all, with prices rising across the board and queues at many outlets to secure the least expensive fuel. What that means more than ever, though, is that company owners and managers should not neglect any action possible to reduce costs within their business.”
Fuel cards represent an effective way to save cost, as they can ensure that drivers use the most economical options when purchasing fuel.
Using a fuel card also cuts down the administration time for individual drivers who no longer need to keep sheafs of receipts, before filling in lengthy paperwork each week or month to claim this back on expenses.
“This helps individual staff members too,” continues Tony, “as they are no longer facing a monthly credit card bill bolstered by company fuel costs – and those that were paying for their company fuel by cash no longer need to worry about a trip to the cashpoint to ensure they have enough. Given that fuelling a vehicle from empty can now cost three figures, that will be a big boost to those individuals’ personal cashflow too.”
A further benefit is that of control – fuel cards can include a vehicle registration number (VRN), ensuring that fuel purchased is definitely going into a designated company vehicle, and that only fuel is being purchased. The use of personal credit cards allows drivers to buy other items such as food and drink. This has been a major issue in the past for some companies who may not even have been aware of it.
Tony goes on to explain how the reduced administration burden extends to internal office staff too, as they are no longer processing so many expense claims, and can instead spend time on great added value activity.
He says: “The hours spent on checking, validating and processing each claim mount up rapidly, especially where dozens or even hundreds of claims are being processed each month. Then VAT reclamation must be considered too, which can itself become a challenge if receipts are unavailable. And, of course, any mistakes made when dealing with these claims can cause irritation and ill-will among colleagues expecting – and needing – rapid reimbursement given the tough times everyone is facing.”
He concludes: “The introduction of fuel cards will cut this administrative burden and the risk of not being able to claim, at a stroke, while providing valuable and highly accurate information for each vehicle on mileage undertaken and overall fuel economy – itself a key indicator of driver behaviours and of where extra training may be needed. The fuelGenie account holder will receive a single monthly invoice, making fuel payments quick and easy.”
To find out more on how fuel cards can help save money on fuel purchase and administration costs, visit https://www.fuelgenie.co.uk/?utm_source=fuelGenie2022PR&utm_medium=referral&utm_campaign=Press-release-Nov-2022.