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Fuel Cards: The smart solution for car fleet management

21/08/2017

Managing and controlling the costs and overall operation of a car fleet can often be a "headache" for a business. However, a familiar solution in its contemporary technologically advanced and commercially mature version may provide the appropriate ... medicine.
Fuel cards’ "intelligence" has increased, thanks to the advancement of technology, to the extent of not only saving time and money both on the road and in the office but also contributing to wider administrative, management, accounting and tax benefits.
The global fuel cards market is growing rapidly. According to an international survey published in August 2017, it is projected to grow at around 20% per annum over the 5-year period of 2017-2022.
There are many cards currently in the market offered by fuel companies - and not only - operating in Greece, on behalf of companies with fleets.
The benefits of using fuel cards are many. The latter enable a company to control and manage its corporate fleet at any time via an online platform, thereby enhancing its competitiveness and boosting its growth.
In particular, each card may be issued to a specific vehicle registration number for more efficient management and control of its supply or in the name of the driver. Therefore, a company may have at its disposal all information relating to the supply of each vehicle in its fleet.
Also, the cards are protected by Personal Identification Numbers (PINs), which define the products and services offered to the user of each card separately. Thus, any combination of the products and services provided by a fuel station can be made.
In other words, fuel cards make a lot easier the life of the corporate fleet manager, who may have detailed information, reports and analytical accounts, depending on the needs of the business.
With fuel cards, it is possible to check and record the distance driven by each vehicle whenever it is refueled, to set a ceiling on its purchases, as well as to achieve major trade rebates from the fueling companies that issue them.
In addition, fuel cards are very helpful in accounting, as information on the costs and other details for each vehicle in the fleet is made available electronically, resulting in significant savings in time, money and management resources.
However, these obvious benefits may stumble upon such problems as choosing companies that do not provide an extensive network of fuel stations or their fuel is not always the cheapest. Also, tightening control over the car fleet is not always welcome by their users, like salesmen.
Therefore, before making the right decision to use fuel cards, a business must weigh all the parameters of this investment so as to reap the maximum of its benefits.
AS Network's experienced and specialized tax advisors, accountants and consultants will explain how these systems are organized, what are the management, administrative, tax and accounting benefits of a business from fuel cards and what procedures should be followed for their successful adoption.
M. Georgiou