How To Record Fuel Purchases
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What is the best way to record fuel purchases?
All companies need to monitor their fuel costs as part of their legal obligation to keep accurate financial accounts. But different companies of different sizes, in different fields, demonstrate many different variations in how they record their fuel usage.
Some have a looser, more liberal system, where individual drivers report on what they’ve spent and reclaim the money from the company. Others may have a dedicated software system that records every journey and every fuel purchase. Some have a cash-based system; others use credit cards. And, of course, an increasing number of you use the best method of all (or so we think!), fuel cards.
British companies all realise that some sort of records are important to manage the business’s fuel consumption. For the best analysis you need to be able to monitor individual driver’s records and individual vehicles too. That’s the only way you can work on improving cost efficiency.
Ways of recording fuel purchases
But no fleet operator wants to spend all week fiddling with receipts and vehicle logs.
Petty cash is the most awkward of all, involving all the palava of running a small shop, including keeping a float and a ready supply of change.
Bank cards are certainly easier. There’s a monthly bill that itemises purchases. But that can include purchases of anything – not just fuel. It can even include interest and administrative payments to the credit card company. And it certainly doesn’t tell you which vehicle was being filled. You can’t even tell what sort of fuel it was or how many litres were bought. Most companies using bankcards will combine the monthly bills with paper receipts handed in by drivers.
A better way
That’s where an Allstar fuel card really scores: the invoice supplied direct to the company will detail the purchase right down to the vehicle registration and mileage. The date, time, location and type of fuel are listed. There’s no need for receipts or cash reconciliation. The driver doesn’t have to waste time reporting anything and the fleet operator gets all the information in one simple document.
Allstar's online customer account portal allows you to monitor the performance of any driver or any vehicle and take action if necessary, like economy driving training or vehicle maintenance. A fuel card is another step to minimise fraudulent purchases and abuse. And perhaps, most importantly, it frees your time and effort to concentrate on other more worthwhile projects.
An Allstar fuel card is quick to set up, easy to run and eliminates the need for receipts. Apply for an Allstar Fuel card today.