4 Simple Ways To Save & Streamline Company Fleets:
Finding ways to save money and streamline your company fleet are two things that probably take up more time than you’d like. But that’s because they’re incredibly important to the present and future health of your company.
We’ve saved you some time by highlighting four ways that you can make savings and streamline your operations.
All you have to do is read them, decide which one to start with, and then put our advice into practice.
Streamline your company accounts by using fuel cards:
Accounts cover your expenses, invoices, tax submissions, and more.
Managing them inefficiently can cost you time and money. Fuel cards can streamline these processes, making your fleet more efficient and cutting costs for your business.
Travel expenses need to be recorded to ensure that your company accounts are in order. This can be tedious, time consuming, and costly if you need to redeem paper invoices. This is because manual entries take time and are prone to human error.
This means your business may not submit the correct amounts to the government and could get a smaller tax rebate than it’s entitled to.
Fuel cards solve this problem by creating an electronic record of your travel expenses, streamlining your accounts and ensuring your costs are recorded correctly.
To ensure you get the full benefits of fuel cards, you must pick the option that meets your needs. Using a site like iCompario allows you to prioritize the things that are important to your company. You can search iCompario for cards that offer diesel, gasoline, or both, along with highlighting options that can be used in a variety of regions.Check it out now and start streamlining your company accounts by using fuel cards.
Save money by selecting the best ownership model:
Fleet ownership seems like a straightforward topic to grasp. You buy the vehicles you need and then use them to fulfill the work they’re required for. Simple.
But the reality is more complex because there are a range of different options and selecting the correct one will save you money. There are three main ownership models that you can use:
- Outright ownership
- company vehicles
- fleet leasing
- grey vehicles
Each of these come with their pros and cons.
Outright ownership means you can do what you want with your vehicles, but they have the highest upfront costs. Company vehicles can offer tax breaks, but are a business expense. Fleet leasing passes some of the maintenance costs to the rental company, but means the automobiles aren’t your own.
We’ve just given you a short summary of the costs and benefits of each model.
This means it’s important that you review each of them in detail and establish which one is the most cost-effective option four company — it may be that a combination of approaches saves you the most money.
So, review the different fleet vehicle ownership models, decide what works best for your company, and then put this into practice today.
Streamline your fleet by making sure it’s the right size:
Fleets come in various shapes and sizes. Some are big, some are small. Some are short, some are tall.
But whether you need a large amount of motorcycles or a small number of trucks, if your fleet isn’t the correct size then it’s costing you money (one way or another) and streamlining it can correct this. If you have too many vehicles then you’re paying for insurance and tax that you shouldn’t be. If you haven’t got enough vehicles then you’re paying for repairs or hires that you needn’t.
There are two pretty simple things you can do to ensure your fleet is the correct size.
You can conduct regular reviews of how much your vehicles are being used. This will tell you if you’re paying for vehicles you aren’t getting value from, allowing you to establish if your fleet is bigger than it should be.
You can review your accounts to learn the amount your company is spending on supplementing your fleet — such as by renting vehicles. This will let you see if your fleet is smaller than it needs to be.
So, review your fleet, find out if it’s the right size, and take the necessary steps to correct this if it’s too big or too small.
Save on expensive vehicles repairs with regular services:
Vehicles are money pits. They need to be fueled, insured, and taxed. But the biggest expense is often repairs and maintenance. You can mitigate the cost of this by making sure your motorcycles, cars, and trucks are serviced regularly.
While it might seem counterproductive to recommend spending cash to save money, services spot problems before they become major issues.
The benefit of this is that investing a small amount in regular repairs could save you a lot in the grand scheme of things. The other upside is that you can plan for these costs, making it easier for you to streamline your accounts.
Many vehicles come with a recommendation for service requirements, so it’s advisable to get your motorcycles, cars, and trucks looked at in these timescales. A top tip is to take them to a specialist mechanic, one who knows your specific vehicles.
For example, LRShops is a site that helps you to find a Land Rover repair specialist. You can search LRShop by entering your zip code or city, state, so you can find the engineer that’s closest to you.
So, check the service recommendations for your automobiles, find a specialist mechanic, then book your vehicles in for a regular service to save money in the long run.
Recommended reading: How AI Fleet Management Will Reshape The Future Of Fleet Transportation
Using fuel cards, selecting the best ownership model, making sure your fleet is the right size, and getting regular services for your vehicles will save your business money and streamline your company fleets.
So, decide which order to implement them and then start making savings and driving up efficiencies.