A guide to fuel management software
Discover what fuel management solutions can do for your business and how the right solution can transform your company-wide productivity
When you’re running a fleet, you need an efficient, automated mileage system to keep your business moving forward. Without this, managing fuel expenses and employee benefits can create a significant drain on resources, including both money and productivity.
Whether you’re still using a manual process or you’re already running software, this guide covers the features and benefits of the latest fuel management solutions and what you should be looking for when choosing one.
What is fuel expense management software?
The latest fuel expense management software packages, such as Allstar’s Business Mileage Monitor (BMM), provide an all-in-one fuel management solution that automates your company’s mileage expensing. These modern solutions can collate, collect and validate mileage expenses through a hands-off, online approach that gives back valuable productivity to both fleet management teams and drivers. Spend less time on admin and more on growth.
What to look for in a fuel management solution
A new fuel management solution that under delivers or is cumbersome to use can pose just as much of a business risk as an outdated one. Get it right and your business will have an efficient solution that reduces company-wide workload, saving your staff hours in admin time. Before you make any decision, it’s important to research the options available, compare the features and benefits and match the solution to your specific fleet needs.
Here’s what to look for when choosing fuel management software for your business:
An integrated solution – Your fuel management solution should work in combination with your fuel cards to reduce administration.
GPS enabled – GPS technology will give you pinpoint details on all journeys and fully track your driver’s locations.
Informed calculations –By collating all costs, benefits and allowances, your fuel management solution can eliminate the problem of over-reimbursement or under-reimbursement of fuel costs.
Pence per mile calculations – This gives you informed data on each driver’s fuel expenses, so you can identify and monitor inefficient, high risk or uneconomical drivers.
Less paperwork – Remembering to get a receipt and keeping them safe causes extra admin. Integrated systems should remove the need to keep receipts. Meanwhile, the software should complete calculations on your behalf, working out expenses using HM Revenue & Customs (HMRC) Mileage Allowance Payments (MAP) and thresholds. If your company is Value-Added Tax (VAT) registered, the software should reclaim all VAT on business miles.
Management reports – The ability to run and view management reports on all of your drivers allows you to observe how your fleet operates, and to develop tailored fuel policies as a result.
Important to know
If your current solution fails an HMRC investigation, it could mean a demand for unpaid taxes and a penalty of up to £36,000 per driver - that’s up to £6,000 per annum for the previous six years. It’s important to fully understand expenses and benefits on company vehicles.
The key to reducing your workload
Traditional fuel management solutions and even some expense management software packages require users to manually combine their mileage expense data and their fuel card data. This is time-consuming, a drain on productivity, and exposes the business to the risk of calculation errors. Integrated solutions offer you one point for all data, including mileage, fuel transactions, benefits and HMRC considerations.
Allstar’s Business Mileage Monitor (BMM) is fully integrated with any of our fuel cards to give you an automated solution that delivers greater visibility and control. It’s easy to use and implement, giving you an accurate account of both business and private mileage through and offering a complete HMRC compliant audit trail.
To learn more about Business Mileage Monitor (BMM) and how it can help your company, get in touch with our team today on 0345 266 5101.