The Use of Fuel Cards in the Business World
A fuel card or petrol card is an asset to a lot of companies
. The biggest issue any company has in their payroll department is completing reimbursements for petrol purchases or use, and using a fuel card prevents a lot of hassle. By using a Petrol card an employee doesn't have to put up their own money to fill the company vehicle, instead they can simply swipe the fuel card at the pump and get back on the road. This system has also proved beneficial in the recording of mileage and location of the company vehicle at any given time as most fleet programs have a means to track usage in real time.
For companies that have large fleets like utility companies, this provides an easy means to track fuel usage and spending on a companywide level, as well as providing a means to receive and process one bill as opposed to reimbursing multiple employees. Petrol cards are also only good for petrol or diesel purchases and generally require a pin number and mileage to be input before any use is authorized.
Companies have chosen to use
petrol cards over company credit cards due to security reasons as well. There have always been concerns with employees abusing company credit cards to purchase items other than what they were intended for. With a
Fuel card you can only purchase gas, and the company can dictate how much gasoline is allowed to be pumped in a day, week, or month.
Some fleet programs work like credit cards in a sense, as they can allow companies to pay for gasoline purchases over time or all at once. Some companies, generally those with large fleets normally have a running balance that is never completely paid off. While this allows a company to always be in debt, it allows better control over their accounts payable department.
Companies prefer these methods simply because they are easier, but sometimes it can also prove to be cheaper over the long run. Some fleet account providers often offer discounts to companies that use a certain quantity of gasoline or diesel. In general using a fleet account will provide a company with more security and even savings.
The Use of Fuel Cards in the Business World
By: barry summers
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