One of the ways that can be helpful in fuel management is using business fuel cards. A single card comes with the privileges that cause filling up to be cheap and as accessible as possible. But do fuel cards save you money? Yes! In this guide, we discuss how they factor that in, as well as other advantages and a brief rundown of the fuel cards in the UK.
Are Fuel Cards Worth It?
Yes! Fuel cards also come in handy for cutting your fuel expenditures. This may be between two and three pence per litre, although the price can fluctuate. When you have cars, vans, electric cars, or HGVs in your fleet, this saves a lot of money in the long run. If you use a fleet card briefly, you will not enjoy the same benefits as above. But they continue to be useful for business people and working individuals. It also makes it easier to manage your expenses.
There are also time-saving elements because you do not have to deal with many receipts daily. Further, claiming VAT tax back from HMRC is far simpler, thus enabling you to refine your budget accordingly.
The Benefits of Fuel Cards
Every commercial entity managing vehicle fleets knows just how important fuel economy is. Due to the recent surge in fuel prices, requirements for fuel-efficient vehicles are more apparent than before.
Why Do Some Businesses Use Them?
Business entities employ Texaco fuel cards for several reasons, including convenience and fuel consumption optimization.
- Easy to Use: Fuel cards tend to make refuelling easier.
- Discounts and Rewards: Some of the benefits that they offer include saving and rewards at the pump.
- Improved Fuel Management: You receive comprehensive utilization reports for fuel.
- Increased Security: Fuel cards minimize the chances of making unauthorized purchases.
Benefits of Using Onsite Fuel Management
It is never easy to manage several vehicles, especially in terms of fuel consumption standards. Most business entities spend a lot of money on fuel and any saving on this front will translate to massive savings. It is an onsite service, which can be helpful for organizations in terms of proper fuel consumption.
- Money Saving: Onsite fuel management has several benefits for a business including cutting fuel costs, decreasing the rate of wear on vehicles, and reducing risks of accidents or mishaps on the road. Thus, there is less need to send drivers to petrol stations where you can discuss better rates with suppliers hence more savings.
- Increased Efficiency: Another reason is that onsite fuel management offers detailed data regarding fuel usage. Businesses can look for ways in which fuel use can be minimized using data like avoidance of excessive engine running time, better driver behaviours and better routing. This can lead to a great amount of money saved on fuel over time.
- Prevents Theft and Increases Accountability: That is why onsite fuel management enhances the security of vehicle fuelling. A major problem for many companies is fuel theft and fuel cards or cash payments can easily get lost, stolen or used fraudulently. Thus, onsite fuel management eradicates such concerns by offering a secure and controlled setting for fuelling cars.
- Convenience: Convenience: It means that businesses which use vehicles can fill the vehicles with fuel on-site such that the drivers do not need to visit petrol stations. This in turn saves time and costs while at the same time minimizing on time the vehicles stay off the road. Motorists can easily fuel their cars and get back to their businesses thus increasing production and productivity.
Ways Fuel Cards Lower Costs
Without further ado: Here are several ways that fuel cards will help you save your budget.
- Save Money at the Pump: Fuel cards are the cards that provide you with fuel at a fixed price. This usually is set every week which makes it easier when planning for expenses. Most providers purchase their fuel from suppliers with the lowest prices in the market. Fuel cards can save you as much as 3p a litre.
- Reduce Admin: They are cost-saving devices because they reduce the time taken on administrative issues. They maintain a record of your company’s fuel expenses and offer detailed reports making the data understandable. The reduction of paperwork leads to more time and money being saved.
- Get Interest-Free Credit: Fuel cards assist your business in getting fuel without availing the company cash for that purpose immediately. This helps in avoiding interest charges on outstanding balances on credit cards as well as other bills which can be paid timely thus no additional charges.
- Simplify VAT Reclaims: Fuel cards generate HMRC-compliant invoices for all your fuel costs. This saves admin time and guarantees that if an invoice is submitted it is correct and will not require resubmission.
- Help Manage Your Cash Flow: The fuel cards give clear printouts which indicate where each dollar is spent on fuel. This makes it easier for you to plan your expenditures, identify areas where you could cut down on expenses and therefore better control your expenditures.
Final Note
You can also integrate Texaco fuel cards with telematics devices so that you can monitor your drivers and ensure that they employ fuel-efficient ways. Each penny counts these days, which means the slightest money-saving wonders can prove to be truly effective in the long run.
