If you own a business with a car, whether it’s just one car, or a thousand, chances are you’ve been approached about setting up a fuel card account. You’ve probably also asked the question, ‘what is a fuel card?’
To help you make an informed decision on what’s best for your company, here’s a comprehensive overview of fuel card accounts.
What is a fuel card?
A fuel card is an account set up for your business to pay for fuel. The company receives an itemized monthly tax invoice to replace individual tax receipts from staff. The fuel card can be used at many locations around the UK and Europe.
Who uses fuel cards?
Fuel cards are set up for companies that have one or more vehicles. They are used in place of cash or a company credit card to pay for fuel used in fleet vehicles. For example, if you own a fleet of heavy vehicles, say, trucks or buses, you might need bulk fuel delivery of box diesel or any other type of fuel for that matter, at all times. So, no matter you own a small, new, or large business, a fuel card could come in handy, making it easy for you to track your fuel usage and forecast your fuel costs in the future. Along with a fleet management service like Lytx, fuel cards make it easier for you to manage your payments.
Why would I want one?
‘Eliminating the need for receipts and upfront payments, fuel cards from Esso reduce your administration and increase your control,’ UK Fuel. By using a fuel card, it eliminates the need to collect individual receipts from staff members, giving your company greater control of tax reclaims and budgeting. Bills are itemized and can be paid in one simple payment.
How many can I have?
Depending on how many vehicles there are within your company you can have as many or as few as you like. Cards can be assigned to staff members along with a pin number for security.
Where can I use them?
Depending on what fuel card you decide to use, the cards can be used from the UK to around 10 European cities.
Are there different types of fuel cards?
Yes, there are many types of fuel cards on the market. Depending on how many company cars you have and the destinations your staff will be visiting will depend on the type of card most suited to your business. ‘UK Fuels has the widest selection of fuel cards at the most competitive prices’, UK Fuel.
Is it easy to set up?
Most fuel card providers are fairly simple to put in place. You will more than likely be assigned an account manager, who will walk you through the process step-by-step, and be there to answer any queries should you have any.
If you’re involved in the management of company cars, could fuel cards be the future for you?
Author bio: Leah Jarratt is a guest writer for UK Fuel.