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Fuel cards have been around for decades and are used by thousands of businesses – the question is, though, do fuel cards save you money?
The answer is yes, fuel cards do save you money.
We’ve explained the benefits of using fuel cards and given you the five main reasons that using them saves your business money – along with listing the five best money-saving fuel cards.
Fuel cards have been around since the 1980s, and with good reason – they cut down on your admin time, simplify the process of getting a VAT rebate, and make it easier to monitor what your business is spending on fuel.
But while there are many great benefits to using fuel cards, the bottom line is this – they benefit your business by saving it money and that’s something that every company likes to see.
There are many ways that fuel cards save you money and these are the five most important ones for your business.
Fuel cards do save you money and one of the key ways they do that is through the fuel they give you access to.
There are a couple of ways that you save on your fuel costs by using fuel cards.
Firstly, they gave you access to fixed-price fuel – this is often set weekly, making it easier for you to plan your expenses.
Secondly, many of the providers you can choose from get their fuel from suppliers who use the most competitive prices – put simply, it means that your fuel card means you can buy cheaper and discounted fuel.
Almost no one enjoys admin and spending money on it, but every single business needs to do it and be on top of it to be successful.
Fuel cards save you money by cutting down on the amount of time you spend on admin.
How? We’ll explain.
They do this by keeping a record of what your company is spending on fuel and giving you access to reports that make this information quick and easy to digest.
All businesses need access to credit at some stage – you might need it to get your business off the ground, or you may require it because you’re waiting for a client to settle their invoice(s).
Fuel cards are a cheap way of accessing credit, allowing your business to purchase its fuel without dipping into the immediate company finances.
What this means you save on the interest fees associated with buying fuel with a credit card
But that’s not all – it also means you can direct your company funds towards settling other bills, saving you on late payment fees.
Tax is one of life’s few certainties, but it’s not a given that you’re paying the correct amount – VAT rebates exist to return money to individuals and businesses and fuel cards simplify the process of reclaiming your VAT.
Fuel cards make it simpler to reclaim your VAT by creating HMRC approved invoices for all of your fuel expenses.
This means that you save admin time and also have the peace of mind that the invoices you’re submitting are correct – meaning you won’t need to waste money and resources on re-submitting them.
Cash flow management is non-negotiable for all companies – if you’re not on top of it you might find you can’t even pay yourself (let alone your other obligations) and you’re at risk of going out of business.
Fuel cards help you to manage your cash flow.
How? By giving you access to detailed reports that allow you to see where every single penny is being spent on fuel – including what the expenses are for your individual drivers.
You can then use this to plan out your costs ahead of schedule, along with finding areas where you can make savings – such as seeing if a particular driver is refueling at expensive stations.
While there are many ways that fuel cards save you money, one of the most important questions your business will have about them is how much money they’ll save you.
The answer is that it depends entirely on your unique requirements and on the fuel card(s) that you select.
We can’t deal with the first part of that for you – though, we understand that you operate a transport business, we don’t know your debits, credits, and scale.
However, we help with the second part by giving you a list of the top five money-saving fuel cards.
There are many great money-saving fuel cards, each offering a different way of helping your business to reduce its costs.
We’ve highlighted the five best ones below and explained how it saves either money or time (time is money) for your business.
|Fuel card||Why it’s one of the 5 best fuel cards for cars||iCompario star rating|
|BP Plus||Saves money with fixed prices from 3,202 BP stations||★★★★★|
|Esso National||Saves time with access to 25% fuel stations in the UK||★★★★★|
|fuelGenie||Saves money by letting you refill at major UK supermarkets||★★★★★|
|EDC||Saves time by letting you fill up in 21 European countriess||★★★★★|
|Shell Multi-Network||Saves money with access to Shell, Esso & Texaco stations||★★★★★|