Choosing how to handle your fleet fueling needs is critical because fuel ranks as one of the highest expenses for transportation companies even as the cost of fuel has declined in recent years. Companies have many options for procuring fuel for their vehicles with no one-size-fits-all solution fitting every type of fleet. Which is why it’s important to understand all of your options. Below we outline the types of card products available to help you compare fuel cards and decide what's best for your business.
Fleet fuel card reports help fleet managers and accounting teams monitor and account for every fuel dollar spent. For many companies, reporting tools are essential when evaluating fleet card services; it’s often a primary reason for using fleet cards to purchase fuel. Reports should be generated in a timely manner, detailed with relevant transaction information and customized with the right information for the right personnel. To help evaluate reporting services provided by fuel card companies, we’ve identified five common fleet fuel reports that customers request when signing up
When evaluating which fleet card is best for your business, it’s important to carefully consider everything that goes into the price per gallon. This includes rebates or discounts that fleet cards might offer, but even more important are the fees that fuel card companies often charge to offset those rebates and discounts. The best choice for your fleet might not be obvious until you’ve weighed all the factors and calculated the total cost per gallon.
Universal fuel cards offer many benefits to cardholders not unlike some of the benefits available with fleet cards in general. Unlike other cards, universal fleet cards enable drivers to purchase fuel at almost any gas station in the U.S. Some might argue there is a cost to this convenience compared with discount networks, but if you look more closely, there can be potential savings when you use universal fuel cards.
A common way for companies to track fuel spend is to collect receipts from drivers every time a purchase is made. Accounting personnel then need to store those receipts and manually record total gallons and dollars for all drivers. The process can be incredibly tedious and rife with errors. Fuel card companies help mitigate these issues by reporting detailed transaction information on invoices and reports, eliminating the hassle of receipts for both drivers and accounting teams alike.
Whether you own a fleet of vehicles or operate a single truck as an independent contractor, it’s useful to have access to fuel pricing information to benchmark current costs and forecast future expenses. There are many resources available online to check fuel prices, but with so many options, how do you know which one will work best for your needs? Well, good news. We’ve identified five different ways to find fuel prices online and outlined the pros and cons of each.
Fleet managers traditionally consider fuel card alerts as a tool for bolstering their control of driver fueling and protecting their companies against rampant abuse by cardholders. For many managers, this is still the primary purpose for putting alerts in place; they’re an extension of card purchase controls. However, there are other uses to consider when deciding which fuel alerts should be enacted as part of your company’s fleet fueling program.
The Board of Equalization (BOE) in California recently increased the excise tax rate for diesel fuel from $0.13 to $0.16 per gallon, effective July 1, 2016. Rates are normally updated annually, and it’s important for commercial fleets and businesses that use off road equipment to stay on top of any changes. While the increase in excise taxes was nothing new, a BOE decision around the same time to revise its regulation concerning the “nontaxable uses of diesel fuel” was noteworthy. The enacted revision has the potential to make filing and recouping fuel tax refunds far simpler for companies with off road equipment.
The state of California offers various tax exemptions for businesses engaged in agricultural activities, like farms and nurseries. One such exemption affects the sales tax charged on diesel fuel. While it’s fairly well known that farms and nurseries qualify for this exemption, it’s less known that other businesses, like trucking companies that haul ag products, can qualify when they support agricultural and horticultural operations.