One of the main reasons fleet managers invest in fuel card services is for the level of analysis and reporting that they bring. Automatically generated reports make life easier for both the accounting team and fleet managers. These reports sort through hundreds or thousands of transactions, and neatly compile them in to one easy-to-read spreadsheet. Here are four reports your fleet fuel card vendor should provide.
Exception reports are the most common and successful approach to identifying problematic spending. These reports deliver information in two ways: listing vehicles or drivers whose transactions are noncompliant, or delivering information according to the fields inputted by the user. Fleet managers can set up email alerts, or they can go in to the dashboard and pull the report according to the information they’re seeking.
It’s easy to forget about fuel analytics for vehicles that fuel on-site. In addition, it can also be a challenge to stay on top of each transaction that happens in your yard. Even if you have a high quality on-site system, its reporting capabilities can be limited.
Check with your card vendor that they provide a comprehensive solution that includes transaction data both on- and off-site. Your fleet cards need to be usable no matter where drivers fill up. Be sure to clarify that your vendor can integrate on- and off-site transactions in to one, holistic report for complete visibility into your fueling activity.
The idea of divvying out fuel expenses by department (or general ledger code) is tedious for an accounting team. An automated GL code report sorts through the transactions and groups them together based on what you’ve designated for each department. When you set up your GL codes, you have the option to tie them to specific fleet cards, vehicles, drivers, or fuel product. By setting these rules from the get go, you can better identify how to allocate expenses in a painless, less-manual way.
Between keeping up with receipts, sifting through mileage logs, hunting down drivers, matching fuel to taxes, and filing with jurisdictions, the IFTA (International Fuel Tax Agreement) process is a hassle. For your trucks going over state lines, an IFTA report can save a great amount of administrative time. Like the GL code report, this type of report sorts through transactions and shows users transaction details categorized by state and vehicle.
If you’re looking for a reliable fleet fuel card services company, look no further than Fuelz. Started by a fuel company, rather than a credit card company, we understand the basic needs of your fleet. Our fuel-only spending options and real-time exception reports can save you up to 15% on overall fueling expenses. Contact us today to learn more about how you can start saving!