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What Is The Best Way To Control Employee Expenses?

What Is The Best Way To Control Employee Expenses?

What Is The Best Way To Control Employee Expenses?

Posted by Juliette Riddle

Uploaded 38 days ago

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What Is The Best Way To Control Employee Expenses? 

It is always a challenge to hand over company credit cards to employees. You want to ensure they are using it for authorized purchases only, such as fuel, and not taking advantage of you. How do you trust your employees to spend your money wisely and not use it for personal items? While most field employees will only have access for spending at the pump, it can still be tempting for them to use it for snacks and drinks. 

What Is The Best Way To Control Expenses At The Pump?

One of the best ways to ensure your team is using your credit cards for fuel only is by using fleet specific credit cards, such as WEX Fuel Cards can offer.

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WEX provides a wide variety of fleet cards that can be controlled by you. Accepted by more than 95 percent of U.S. fuel stations and at 45,000 service locations, your team will be able to conveniently fill up in your service areas. WEX gives you expert reporting and analytics making it easy to track fuel spend, identify anomalies, and even help to conserve fuel consumption by looking for trends in excess fuel use. You can also place rules on fleet cards, such as entering odometer readings and employee id numbers. This will ensure that your team is not using their card for items other than fuel. Fleet cards are ideal for all types of service industries, whether they are small operations or companies with a larger fleet to track.

What If I Don’t Have A Fleet Card?

For larger companies, using a system and card that tracks and provides reporting is ideal. However, you can still track employee spending without a third-party system, it just takes more time.

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Many companies use various fuel cards and make it a policy that employees must turn in receipts. Receipts should match up with the transaction and list only fuel. While this is more time consuming, for smaller companies it can be tracked by your accounting team by matching up receipts. This allows you to identify employees who are not following policies and address violations individually. You can also implement a software system, such as Microsoft Yammer. This is an internal company networking system that can connect you with your team in real time for several needs, including fuel tracking. You can require employees to take images of their gas at the pump, upload them in real time so you always know what is happening in the field. This helps you to monitor in real time, eliminate the need for your team to drive into the office to turn in receipts and easily allows accounting to check receipts daily.

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Final Thoughts

Every little expense adds up and can drain your bottom line. It is important to keep employees honest; while they may feel a bag of chips or red bull won’t be noticed, the best way to prevent unauthorized purchases is by eliminating temptation. If you choose to utilize something like WEX, or another fleet management system, you can ensure you always have complete control. If you stick with a regular fuel card, make sure there is a policy in place that holds employees accountable and allows you to track receipts and fuel spend. 

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