Small business owners handle a ton of responsibilities. With so much to think about, it can be easy to miss opportunities to save money. The right fleet card can help your company generate big savings, at the pump and beyond. Here’s what you need to know to find the right fuel card for your business.
Preferred Fueling Locations
The first difference between fuel cards is where you’ll be able to fuel. Do your vehicles tend to stay local, with a fueling location nearby? Or do you have a more unpredictable schedule and use whatever gas station is convenient? Do you see this changing in the coming years? All of these questions could impact your choice of fuel card.
Current Fuel Spend
To find out how much you can start saving, it helps to figure out how much you currently spend on fuel. The most accurate way to calculate fuel spend is to add up your receipts, but you can also use the equation below for a workable estimate of your average monthly fuel spend.
- The average number of monthly fill-ups per vehicle
- Times the average number of gallons per fill-up
- Times fuel cost per gallon
- Times the total number of vehicles
Current Investment of Time
Beyond the money that goes into fueling, you likely invest a considerable amount of time tracking these expenses. How much time do you spend per month gathering fuel receipts and entering purchase data? A Kum & Go fleet card does this accounting automatically, saving you that time.
Do you train your employees to try to reduce unauthorized spending? Purchase controls can limit employee spending by product type, purchase amount, time of day, day of the week, and more. With the right purchase controls in place, you can give some of that training time back to yourself and your business.
Once you know your current fuel and time spend, you can calculate estimated savings for various card options. Start with savings on fuel. Then look at estimated savings from greater control on spending. If you know that employee spending is a problem, this savings could be considerable. Lastly, calculate how much your time is worth and how much time you will save.
A big business starts small. Give yourself every advantage for success by choosing the right fuel card.