In the construction industry, efficient time management is crucial for maintaining project schedules and maximizing profitability. The fuel card is one often overlooked tool that can significantly enhance operational efficiency. Beyond simplifying fuel purchases, fuel cards offer a range of features designed to save contractors valuable time (and money).
Fuel cards include robust controls allowing contractors to set purchase limits. These features provide oversight of fuel purchases and reduce administrative burden.
We will delve into how specific features of fuel cards—such as real-time data access, purchase controls, integrated accounting, detailed reporting and mobile access—can streamline operations for building contractors.
But before we do, let’s look at the basic functions of a fleet fuel card.
Fuel Card Basics
A fuel or fleet card is a payment solution for fuel and other fuel-related expenses. Many businesses use fleet cards because they offer rebates and are convenient and fast ways to pay for gas, diesel, parts and services.
Fuel Rebates and Other Savings
Most fuel cards offer fuel rebates as well as additional savings opportunities. WEX’s fleet cards give users a rebate of up to 3¢ per gallon and access to a special savings network. This means contractors can get exclusive discount pricing for hotels, parts, services and more.
Convenient Fueling Options
The majority of fuel cards are accepted at a wide range of locations. WEX fuel cards are accepted at over 95% of gas stations across the United States. With the WEX Fleet Card, the 3¢ per gallon fuel rebate applies wherever you fuel. An extensive network ensures contractors and their teams can find fuel stations easily, no matter where the job takes them. This eliminates time wasted searching for specific stations that accept particular payment methods.
Speedy Transactions
Fuel cards significantly reduce transaction times. Drivers swipe their card, enter a PIN and fill up. There’s no need to carry cash, wait for receipts or reconcile expenses later. This streamlined process means less time at the pump and more time spent on-site.
Real-time Data
Fleet cards capture transaction data in real time. Having immediate access to this data helps save time in several ways.
Proactive Fleet Management
With real-time data, contractors can monitor fuel consumption patterns and vehicle performance. This enables proactive maintenance scheduling and rapid response to irregularities, such as unexpected fuel usage indicating vehicle issues or unauthorized fuel consumption. Addressing these concerns swiftly helps prevent minor problems from escalating, ensuring vehicles remain in optimal condition and projects proceed without unnecessary delays.
Fleet Management Insights
Fuel cards provide valuable insights into fuel usage and vehicle performance for contractors managing a fleet of vehicles. By analyzing this data, contractors can optimize routes, reduce unnecessary trips and improve overall efficiency.
Purchase Controls
Fuel cards include robust controls allowing contractors to set purchase limits. These features provide oversight of fuel purchases and reduce administrative burden.
Customized Spending Parameters
With customizable purchase controls, contractors can set specific spending limits aligned with company policies. These controls can restrict transactions based on fuel type, purchase amount, time of day and fueling location. By automating the enforcement of spending policies, contractors reduce the need for manual oversight and intervention, freeing up management time for other critical tasks.
Reduced Unauthorized Purchases
Fuel theft and unauthorized purchases can cost contractors valuable time and money. Fleet fuel cards allow for real-time monitoring and control of purchases, ensuring funds are used only for legitimate business expenses. Purchase controls extend the protection by helping ensure purchases fall within specific guidelines.
Integrated Accounting
Automated Fuel Expense Tracking
Every time a driver purchases fuel, details such as driver ID, vehicle ID, odometer readings, purchase amounts, fuel types and fueling locations are automatically recorded. Immediate data collection eliminates the need for drivers to retain receipts or submit expense reports. Real-time data leads to reduced administrative tasks, minimized risk of errors and helps employees spend more time on specific jobs.
Simplified Financial Reporting
With all fuel transactions consolidated into a single system, generating financial reports is easy. Contractors can quickly produce detailed expense reports, facilitating better budget management and financial planning. This streamlined approach ensures financial data is accurate and readily available, supporting informed decision-making.
Easy Integration with Accounting Systems
Fleet cards, like those offered by WEX, can be integrated with most accounting software, saving hours of manual data entry.
Detailed Reporting
Whether monitoring fuel usage trends over time or assessing the impact of fuel costs on particular projects, tailored reports provide the necessary data to make informed decisions, ultimately saving time and resources.
Fuel cards provide access to detailed reports that analyze various aspects of fuel consumption, including per-vehicle usage, driver-specific spending, and overall fleet performance. These insights can be used to identify inefficiencies, such as vehicles with poor fuel economy or drivers with higher-than-average fuel consumption.
Centralized Reporting for Multiple Projects
Fuel cards can be used as centralized reporting tools for contractors managing multiple projects simultaneously. Running reports for specific jobs or sites makes it easy to allocate costs accurately and ensure resources are being used efficiently.
Customizable Reporting Options
Fleet cards allow users to create reports based on preferred data sets. This ability to customize reports helps contractors focus on specific metrics relevant to their operations. Whether monitoring fuel usage trends over time or assessing the impact of fuel costs on particular projects, tailored reports provide the necessary data to make informed decisions, ultimately saving time and resources.
Mobile Access
Fuel card mobile apps put essential tools at contractors’ fingertips. Users can find nearby fuel stations, track transactions, and manage their accounts from anywhere, further saving time and improving efficiency.
Remote Account Management
Many fuel card mobile applications allow contractors to manage their accounts remotely. Features such as viewing transaction histories, making or scheduling payments, and monitoring available credit can be accessed from smartphones or tablets.
Real-time Alerts and Notifications
Mobile access also allows contractors to receive real-time alerts for transactions outside predefined parameters, such as purchases exceeding set spending limits or transactions occurring at unauthorized times or locations. These instant notifications enable prompt action to address potential issues, helping ensure efficient operations.
A More Efficient Contracting Business
For building contractors, time is money. Every minute saved on administrative tasks, fuel management, and job site operations translates to increased productivity and profitability. WEX fuel cards offer a comprehensive solution to these challenges, providing contractors the tools to streamline their operations and focus on what matters most: completing projects on time and within budget.