Why Your Company Needs Fuel Cards
For a company to be successful, fuel cards are an absolute necessity that should never be overlooked. For over 40 years the cards have been in existence, servicing businesses, alongside consumers. There are 3 major reasons that every company should have an account for fuel.
For a company to be successful, fuel cards are an absolute necessity that should never be overlooked. For over 40 years the cards have been in existence, servicing businesses, alongside consumers. There are 3 major reasons that every company should have an account for fuel. These reasons are the ability to track what’s spent monthly on fuel purchases and separate those from non-fuel related expenses, a fuel card is safer than cash, and many fuel accounts include benefits such as roadside assistance and medical protection.
The job of tracking what is spent monthly can be burdensome. A fuel account makes this task easier to do so. It would be nearly impossible to track what is spent when cash is used. When cash is used, the only thing that would be left is a receipt, which would be brought back to the accounting department to be evaluated, and then the different charges would need to be separated and filed. This creates additional unnecessary work hours for the accounting department, which doesn't contribute to the bottom line of the company. If the purchases are made on the fuel account, it would be easier to separate the fuel charges from others.
Having a petrol card is more safe and secure than cash. If the card is lost or stolen during the employees journey, then the company would not be liable for fraud on the account. But if cash is lost or stolen, there's no way to track it, and that money is more unlikely to be recovered. Cash should never be carried by company employees because of the risk to company assets.
Let's face it, vehicles break down with normal usage. In the event of a vehicle failure, many fuel accounts offer benefits such as roadside assistance, and medical protection. This creates an added sense of security for the company driver because they will never have to be stranded. Also, having a benefit such as roadside assistance with a company is a company asset because vehicle towing charges can be quite expensive. Instead of the company having to absorb this cost, the fuel account provider would provide roadside assistance which is included with having the account.Having an account for fuel is one of the best investments that a company could make. These accounts help to separate company expenses, are safer than cash, and many account providers also provide roadside assistance to the account holder. These are all benefits that will help to maintain a company's profitability, and contribute to increased sustainability for the company in the future
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ABOUT THE AUTHOR
Barry Summers -
For business fuel cards and petrol cards visit Cambrian fuel cards