What is a Fuel Card?
A fuel card is an alternative payment method for drivers that allows you to track spend, limit usage and file expenses more efficiently. It can also help you manage your business vehicles’ fuel costs. No matter how many vehicles you have in your fleet, there are many benefits to managing your costs with a fuel card.
3 Common features of a Fuel Card
1. It gives you control over business spends
A fuel card can be an extremely helpful payment method, as it gives you total control over your driver’s spends. By restricting the purchases to fuel only, it gives you peace of mind that your money is being used appropriately. On some fuel cards, you can also add on unavoidable extras - such as paying charges on toll roads or tyre repair.
2. It can help cut costs
From reviewing the amount of fuel used and how much has been spent on your fuel cards, you may be able to see where you can cut costs. Although most fuel cards are widely accepted at stations across the UK, some fuel cards also let you customise where your drivers can top up. By having your own network of useable stations, you’re able to accurately calculate how much a journey is going to cost you and how much petrol you’ll need per mile. Controlling where your drivers fill up can also help you plan their routes for better fuel efficiency.
3. Invoices are HMRC approved
If your entire fleet uses a fuel card to pay for their petrol or diesel it limits the number of variables which risk miscalculatition of expenses. You won’t have to constantly chase for receipts or search through previous business invoices for the correct fuel transactions to add up. All of the fuel purchases made by your fleet will be collated on the one fuel card invoice. Fuel card invoices are also approved by HMRC, which means it’s an easy and efficient way to calculate the total fuel used by your drivers.
From planning your driver’s routes to filling in your expenses, it’s clear to see the benefits of using a fuel card to better manage your fleet. RAC offers a competitive fuel card with added discounts and benefits for its members.
Benefits of a Fuel Card
With an RAC Fuel Card your drivers can fill up at 7,700 refuelling stations, which includes 1,300 discount diesel sites across the UK.
You can also manage your business expenses online using the 24-hour reporting system, which lets you see all transactions by location made by your drivers.
Find out more about the RAC Fuel Card and how you can save here.