Managing fuel expenses for your business can feel like a complicated task, especially as your business grows and your fleet expands. Fuel cards are a fantastic tool to help streamline this process – but did you know that having multiple fuel cards can bring even more benefits? Whether you’re a small business owner or managing a large fleet, using multiple fuel cards can offer you greater control, security, and efficiency. In this blog, we’ll cover the benefits of having multiple fuel cards and how they can help make your business operations smoother and more cost-effective.
Benefits Overview
- Flexibility to use both personal and vehicle-specific cards to meet different needs
- Manage multiple cards easily and assign different access levels
- Get bulk fuel discounts and special offers
- Enjoy flexible payments and adjustable credit limits
- Detailed reports and software integration make it easy to track spending
- Assign cards specifically, and set alerts for unusual activity
- Automated reporting tools simplify ATO reporting & fringe benefits tax management
1. Flexibility with Card Types
One of the great benefits of having multiple fuel cards is the flexibility it offers when you take advantage of different card types (personal vs vehicle cards).
Personal and Vehicle Cards
By having both personal and vehicle-specific fuel cards, you can cater to the unique needs of your business.
- Vehicle cards stay with the vehicle, making sure that each one is only used for its intended purpose. This is great for tracking fuel expenses by vehicle and simplifies reporting for tax purposes.
- Personal cards are assigned to individual employees, providing flexibility for those who might use multiple vehicles or need to refuel rental cars, for example.
Adapt to Different Roles
Different employees have different roles, and their fuel needs can vary. With multiple fuel cards, you can provide tailored solutions – vehicle cards for your drivers and personal cards for managers or salespeople who use their own vehicles for business purposes. This makes sure everyone has the right tool for their job, enhancing overall efficiency.
Customisable Controls
Having a mix of personal and vehicle cards also allows you to set specific controls based on card type. For example, you can limit vehicle cards to certain fuel types and restrict personal cards to specific spending limits. This level of customisation helps prevent misuse and keeps your fuel expenses within budget.
2. Enhanced Operational Efficiency
Bulk Card Management
Managing multiple fuel cards doesn’t have to be a hassle. Many fuel card providers offer bulk card management features, allowing you to order and manage several cards at once. This means you can quickly and easily equip your entire fleet or team with the fuel cards they need, saving you time and effort.
User Role Customisation
For even more efficient management, look for fuel card providers that allow you to customise user roles. You can assign different access levels to your team members based on their responsibilities. For example, managers might have full access to monitor and control all cards, while drivers might only have access to their specific cards. This helps streamline operations and makes sure each team member has the right level of access to perform their duties effectively.
3. Cost Savings and Offers
Volume Discounts
One of the major perks of using multiple fuel cards is the potential for volume discounts. Many fuel card providers offer bulk fuel discounts to businesses that use a higher number of cards. By consolidating your fuel purchases across multiple cards, you can take advantage of these discounts, reducing your overall fuel costs.
Promotional Offers
Businesses with multiple fuel cards often have access to special promotions and offers. These can include discounts on fuel, rewards programs, or seasonal deals. Keeping an eye out for these offers can provide additional savings and benefits, making your fuel expenses more manageable and cost-effective.
Expense Monitoring
Better tracking and management of fuel expenses can lead to more efficient fuel use and significant cost savings. With detailed reports and monitoring capabilities, you can identify patterns and areas where fuel consumption can be reduced. This not only helps in cutting down costs but also promotes more responsible and efficient use of fuel within your fleet.
Read more: Choosing Between a Vehicle Card or Personal Fuel Card
4. Improved Cash Flow Management
Effective cash flow management is crucial for any business, and having multiple fuel cards can make this much easier.
Flexible Payment Options
Many fuel card providers offer flexible payment options that can help you manage your cash flow more effectively. With the ability to make top-up payments and settle invoices directly – often through an online portal or app – you can make sure your fuel expenses are always covered without any hassle. This flexibility allows you to adjust your payments based on your current financial situation, giving you better control over your cash flow.
Direct Debit Management
Managing direct debits is simple with multiple fuel cards. You can adjust payment terms and methods to suit your business’s cash flow needs. Whether you prefer weekly, fortnightly, or monthly billing cycles, or need to extend your payment terms, these options can help you align your fuel expenses with your revenue streams. This makes sure you always have the funds available when payments are due, avoiding any potential cash flow crunches.
Credit Limit Adjustments
As your business grows, your fuel needs may increase, and so might your credit requirements. Many fuel card providers allow you to easily request increases in your credit limits and adjust your billing cycles to better fit your business operations. This means you can make sure your fuel cards always have enough credit to meet your needs, preventing any interruptions in your business activities.
Read more: The Best Fuel Cards for Australian Businesses
5. Streamlined Expense Tracking
Detailed Reporting
Many fuel card providers in Australia offer detailed, itemised reports that make it easy to track your expenses. With multiple cards, you can break down fuel costs by vehicle or employee, giving you a clearer picture of where your money is going. This level of detail helps you monitor usage patterns and identify any irregularities, keeping your fuel expenses under control.
Simplified Accounting
Look for fuel cards that integrate seamlessly with accounting software like Xero and MYOB. These integrations allow for automated data entry, which means less manual work for you and fewer chances for errors. By syncing your fuel card transactions directly with your accounting system, you can keep your financial records up-to-date with minimal effort. This not only saves you time but also makes it easier to prepare for tax time and manage your overall budget.
6. Enhanced Control and Security
Specific Card Assignments
Assigning fuel cards to specific vehicles or employees helps you maintain better control over usage. Each card can be tracked individually, making it easier to monitor who is spending what and where. This way, you can ensure that fuel is being used appropriately and efficiently, reducing the risk of misuse.
Smart Alerts
Many fuel cards come with the option to set up customisable alerts. These alerts can notify you of unusual activities, such as excessive fuel purchases or transactions outside of normal hours. By keeping an eye on these alerts, you can quickly spot and address any suspicious behaviour, helping to prevent fraud and keep your expenses in check.
An example of how Shell Card allows you to set up Smart Alerts.Â
Card Management Features
Look for fuel cards that offer robust management features. With the ability to reset PINs, suspend or cancel cards, and set specific fuel types and purchase controls, you can tailor the usage of each card to fit your business needs. These features give you the flexibility to adapt to changing circumstances and ensure that your fuel cards are always used responsibly.
7. Better Reporting and Compliance
Automated Reporting
With multiple fuel cards, you can take full advantage of the reporting features provided by your fuel card portal. These tools offer automated, detailed reports that make it easy to track your fuel usage and expenses. By having all your data in one place and organised by card, you can quickly generate the reports you need for internal audits, budget planning, and financial reviews.
ATO and Fringe Benefit Tax
Fuel cards can simplify your reporting to the Australian Taxation Office (ATO) and help manage fringe benefit tax (FBT) implications. Vehicle-specific cards, in particular, can track odometer readings and fuel usage accurately, making it easier to report and claim fuel expenses. Detailed reports from your fuel card provider can also help you identify and calculate any FBT liabilities, ensuring that you stay compliant with tax regulations and avoid any potential penalties.
Find the Right Fuel Card Provider for Your Business
Ready to find the perfect fuel card provider for your business? Fuel Card Report is here to help you make the best choice. Our detailed reviews make sure you get the fuel cards that fit your unique needs, offering you the best deals, and the most useful features. Take control of your business’s fuel costs with the right fuel card provider. Check your business’s eligibility today.
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