Businesses that use vehicles for day-to-day operations constantly need to track fuel spending for expense and tax reporting.
Without the right tools, businesses are forced to rely on drivers collecting receipts, keying data into spreadsheet software, and creating expense reports. This approach takes up far too much time.
The right business fuel card will offer a broad toolkit for more efficient fuel expense reporting – without sacrificing a flexible, easy-to-use payment method for drivers.
Let’s take a look at how business fuel cards make expenses and tax reporting easier.
No More Collecting Receipts
Let’s face it, receipts can be messy. They can be misplaced or lost. They need to be manually entered into accounting software. And, they don’t tell the whole story. Business owners don’t know much more than the amount purchased and the station where it was made.
The right fuel card prompts drivers to enter their unique Driver ID number (PIN number) as well as their odometer readings before they can fuel up. The data is collected in real-time via a web portal or mobile app.
See you later, receipts!
No More Data Entry
Gathering receipts was only the beginning to managing your business fuel purchases. Next, they would need to be entered into expense tracking software. This process takes up huge amounts of time and is prone to error.
A fuel card collects this data automatically every time it is used. That should free up plenty of time to actually focus on running your business.
The Data Tells the Story
Every time a driver uses the fuel card to make a purchase, they are prompted to enter their unique Driver ID number and odometer reading. This tells the story of every purchase. You’ll know who made the purchase. You’ll know where it was made, when it was made as well as what was purchased for how much. By automatically collecting this info, your fuel card shows far more detail with every transaction than a bank issued card or even cash.
Automatic Report Generation
Even after the long work of collecting and keying-in receipts is done, the data needs to be turned into expense reports and tax documentation. Tax time means more hours spent crawling through expense spreadsheets.
With the right business fuel card, key reports can be generated automatically, ensuring that fuel expense data can be put to use accurately, quickly, and with minimum hassle. And, instead of being locked away in a spreadsheet, key reports can easily be generated and accessed from anywhere at a moment’s notice.
With the Chevron and Texaco Business Card Program for instance, managers can head to an easy-to-use web portal to check fuel spending, generate reports and even take actions like canceling specific cards or ordering replacements.
Without all of the information that a business fuel card provides, business owners are left in the dark when it comes to unauthorized spending. A business fuel card can alert you right away about suspicious spending.
First, you can control mis-use by placing limits on when and where the card can be used. By comparing the assumed fuel efficiency of a vehicle to its fuel purchases and odometer readings, you can spot mis-use fairly quickly. If a business owner suspects fraud, the fuel card provides the data needed to investigate.
Fuel Reporting and Beyond: A True Business Fuel Management Toolkit
The right business fuel card provides data and security to your fuel spend. By using the data, every purchase can be tracked down to the finest detail. With automatic reporting, the right fuel card is an essential tool to any successful business fueling program. Cards like the Chevron and Texaco Business Card offer all this and more.