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How to Effectively Track Your Fuel and Realize the Savings
Collective Data Quarterly Newsletter article provided by: 
June 14, 2011
These days, every business is looking for ways to save time and money, yet many are overlooking the most costly function in their day-to-day operations: vehicles and fueling.
Wright Express has been helping large and small businesses alike save on vehicle management and fueling costs for the past 27 years. Put into practice, these procedures can help you to realize significant savings in your business as well.
The right tools reduce costs and increase efficiency.
Cost containment and administrative efficiency are no longer nice-to-haves - in today's marketplace, they're must-haves. The best fleet cards support you in multiple ways so you can efficiently manage your company's vehicle-related purchases - saving you time and money, hassles and headaches.
The best fleet card programs are designed so you can tightly control vehicle-related spending. With fuel such a large line item on your balance sheet - and with so many members of your organization authorized to buy it - custom fleet tools help simplify your management challenges and get results.
Here are some proven techniques and tools you should look for when working to reduce vehicle operating expenses significantly:
- Simplified invoicing that consolidates vehicle-related expenditures on one invoice
- Flexible billing options
- Robust online account management tools
- Streamlined data linking with B2B integration
- Easy to read standard and customized reporting
Take advantage of the best online tools in the industry.
A strong internet application, such as WEXOnline®, that lets you scrutinize and control expenses with timely, accurate information, whenever and wherever you need it, is necessary. Such a program allows you to stay in complete control of your fleet at all times, in a variety of ways:
Account maintenance
- Establish hierarchy to support your company's structure
- Add, change or delete cards, vehicles or drivers one at a time or in bulk
- Group cards into profiles for easy, ongoing management
- Enforce purchase policies by applying authorization control and purchase alerts
Administrator functions
- Add or delete online users
- Grant immediate online access to users
- Set up user roles, allowing user to see and do only what you want them to
Innovative reporting helps you save even more.
Drivers consistently refueling at above-average prices happens more than most business owners would like to think, and the money lost adds up quickly. By making use of benchmark reporting that identifies over-spenders, however, business owners can put an end to wasteful misuse of company money. And the savings multiply when you combine the information gained from specialized expense reports with programs such as Wright Express's Fuel Price Mapping to redirect drivers to lower cost fuel stations.
Keeping fleet vehicles past their prime can also prove to be expensive. But it's difficult to know exactly when to trade or turn over a specific vehicle. Vehicle performance and odometer data reporting is another way to help steer clear of steep maintenance costs by helping you decide when to pull a vehicle from your fleet.
The bottom line is - the best fleet cards and their tools and reports are designed to help save you money, trim administrative time and monitor industry pricing. With the right amount of research, simple but significant cost savings could be right around the corner.
