If your company purchases fuel with cash or credit cards, your accounting team know’s what a pain it is reporting fuel expenses. You have to collect the receipts from drivers and match them up with the credit card statements or cash you gave them.
Fortunately there’s a simple solution to this problem, fleet fuel cards. Fuel cards collect more data at the time of purchase than credit cards such as driver name, truck number, and odometer. This information will help you account for which driver was fueling which truck and will calculate the mpg’s for each truck so you know how much each vehicle is costing to run.
Taking it a step further, you will receive an organized fuel card invoice that has fuel and fuel only transactions so you don’t have to pick through credit card statements or stacks of fuel receipts. You can also break down your fuel card invoice into business departments such as sales, fleet, and management, or business branches such as Las Vegas, Dallas, and San Diego to allocate cost for each department or branch.
At the the end of each invoice you will get summaries by state, fuel product, and card. This will help you fill out IFTA reports and get a general look at what you are spending. Check out the example below.
