It cannot be stressed enough how important it is for companies in the trucking industry to manage their fleet expenses. These expenses have to be managed effectively and in real-time. Each truck dispatch has to be carefully and efficiently tracked, whether it is an outgoing or incoming operation.
Without complete and detailed tracking of expenses, it will be impossible to create an accurate Profit and Loss (P&L) statement at the end of each month. This is an area where technology can truly provide a service for the trucking industry. Advancements in technology have created tools and apps that improve the processes of tracking fleet expenses and managing a company’s fleet of trucks.
There are fleet managers who are working on reducing the costs of trucking. There are a lot of companies that are developing various software whose purpose is to track the costs and help its users to find the cheapest ones without much effort.
With the advancements in technology, there are many software and apps for smartphones that can provide the user with the ability to follow the data about his trucking history along with the easier search of data. In this article, we are going to present to you some of the best ways to digitally manage your flight expenses.
An App for Tracking Fleet Finances
Fleet management tracks several different aspects of fleet activity. These aspects include tracking the travel paths of truck drivers, controlling where fleet money is spent, tracking costs acquired by drivers while operating, and controlling how fleet money is used.
The majority of these kinds of fleet management actions can be tracked and controlled through a fleet-wide card. Companies such as EFS/WEX issue apps and cards that can optimize this fund and fleet management process. These tools and resources can assist companies with reporting operational expenses, controlling funds and tracking fuel use and servicing.
WEX Fuel Audit Tool
The Fuel Audit and Reconciliation control can help you with taking control of your expenses for the fleet. This is an online tool whose purpose is to analyze your expenses and to give you reports of various data like the performance of drivers and more.
The company’s audit tool, known as the “WEX Fuel Audit tool,” allows a company to control and manage fleet expenses through a better understanding of fuel expenditures. According to efsllc.com, this auditing tool improves the visibility and transparency that fleet managers need to gain a better handle on a company’s fuel expenses, recognized as the trucking industry’s second-highest variable expense.
With the use of the WEX Fuel Audit Tool, a trucking company can save time and more efficiently resolve fuel spending concerns with up-to-date financial analysis and reporting. The auditing app can help truck drivers improve their performance with Key Performance Indicators (KPIs) reporting and tracking. It can even provide optimization tools and has a mobile fuel price discovery feature.
WEX Fuel Audit Tool has a lot of features such as KPI tracking, Driver compliance reporting, Individual transaction verification, Competitive analysis and benchmarking, Full purchase reporting, Mobile fuel price discovery, Discount reconciliation, and much more. Also, this software is web-based and you can optimize it for your needs.
EFS SmartFunds and EFS CardControl
Numerous financial functions are combined with the EFS SmartFunds card. It integrates declining balances and limits transactions into the network of EFS truck stops, all on this card. With the SmartFunds card, you can manage driver pay, contractor dealings or company purchases with the same card.
This fleet card provides you with a means of optimizing financial, administrative processes. This is done by giving your contractors and employees instant access to their settlement-related funds without a need for checks. Drivers can download an app that works with the SmartFunds card, allowing them to perform various functions even while they are mobile.
The EFS CardControl app allows its users to manage the EFS SmartFunds account, register checks, find fuel locations and prices based on specific locations, find fuel prices and spots based on their current routes, get recent transaction information and real-time card balances.
Electronic Fleet Expense Reporting and WEX Fleet Card
This service allows drivers and fleet managers to simplify travel-related expenses through electronic reporting. This system automates workflow processes, provides real-time transaction details, and gives access to spend data analytics. Working with the fleet expense reporting technology, the WEX fleet card provides automatic accounting, a wide range of acceptance at fuel stations around the U.S., purchase alerts and detailed custom reports.
Just as most of the other industries, technology affects the trucking industry a lot, and in a good way. There are many different types of software that can help you to track all of the important data that you need to optimize and follow your expenses.
The EFS card represents an advanced way to control of many sectors in your company. With this card, you are able to follow all of your expenses, and the fact that many gas stations and services have an agreement with this company makes it even more useful. You can save a lot of money annually just by controlling the consumption of oil in your trucks.
The WEX as a reporting fleet expense management can help you to control the costs with the automated process without any risk with the transactions that are instant. Also, you have an insight into all of the data about your spending history.