The business landscape in the UK is one of the most dynamic in the world. One key to the success has been a humble little tool called the company fuel card, which has become increasingly more common over the last decade. At a time when managing company expenses can be the difference between a triumphant year end and a crawl to the finish line, fuel cards keep something as basic as fuel expenses ticking over with little-to-no fuss. These cards have been helping companies cut out the inefficiencies of manually expensing fuel by bringing it all together into one digital system, which can then easily be analysed and reported on to inform the planning of a company’s overall budget. Simple, powerful stuff that means UK businesses can focus their time and energy on improving their offering, not uploading fuel receipts.
How fuel cards have transformed in the UK
Company fuel cards have come a long way. They were originally just another way of paying for fuel instead of cash. Now, they’re considered in the UK as vital expense management tools for the digital age.
Cutting-edge businesses across the UK use fuel cards that are personalised to their companies – and even their individual staff – utilising specific features that allow them to track, report and plan fuel expenses across the entire business. Not bad for a little wallet-sized card.
Why UK businesses love a company fuel card
Where to start? Tax benefits, obviously. Using fuel cards in the UK makes tax compliance a lot easier. Because all your fuel expense data is recorded in real-time and easy to access, claiming tax reductions can happen with far fewer questions or raised eyebrows. Your company stays compliant and you get reimbursed. Win win.
This level of transparency help the business internally too. The old method of waiting for your employees to submit their expense receipts meant you never quite knew what funds were going in or out of the business at any given time. Company fuel cards change all that, giving you visibility on fuel expenses across the whole business in real time – with accurate reports for all transactions. Access to this level of data gives your analysts the chance to spot patters and predict what budget will be needed for the upcoming months. That security puts your company on solid foundations to invest elsewhere in the business, like making improvements to other processes to aid profits.
Another way to save money is by finding a fuel card provider that offers your company the rewards and discounts that best suit your business. Many providers work with their fuel station partners to offer you loyalty bonuses. It’s a great way for any business in the UK to squeeze the most out of their operations and optimise their return on investment.
At the other end, setting limits on what and how much your employees can spend on their company fuel card can help you keep to your budget plan. So there are no surprises that mean you have to dip into your emergency fund. These limits can be company-wide or set at an individual level, depending on how much your staff travel for work and based on past data of what they should be spending. It’s a great way to make your staff feel more secure too, knowing what they should and shouldn’t be purchasing and not wondering whether or not they’ll get it back on expenses
In the UK, preventing fraud is crucial to protecting a business. A few bits of bad luck can cause a nosedive in profits, so putting the correct steps in place can help. Fuel cards come equipped with PIN protection, which minimises the risk of someone using them other than the cardholder themselves. Any suspicious activity on the card is flagged in real-time, meaning you can act straight away and freeze the card before any serious damage is done.
Getting in on the fuel card action
Company fuel cards are now commonplace in the UK. What used to be a snazzy equivalent to cash is now a cornerstone of many businesses’ budgets, allowing companies to set a solid groundwork to build and plan for the year ahead.
The right fuel card provider can even add extra bonuses to make that partnership work even harder for your business – and the added perks can attract new talent to your company.
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