The paperwork involved in fleet management is extensive. Vehicle inspections, driver monitoring and mileage logs can also be handled by your fleet, as this type of work will bring you more benefits than any report from a regulatory agency.
A mileage tracking system saves you money and time. You can either pay fleet drivers a fuel card or reimburse them for their mileage. The mileage tracking system will monitor your employees' dashboard to help you manage the fleet more efficiently. With perks such as GPS-enabled systems, there are many ways to keep track of the miles your employees drive.
In this blog, we will discuss the importance of mileage expense tracking, its positive and negative impact on your fleet operations, and how it can have an effect on your budget.
What is Mileage Expense Tracking?
Mileage expense tracking is the practice of recording every kilometer driven for business. Mileage is money spent on trips for deliveries, maintenance and more. Mileage expense tracking is a way to keep track of all of the money spent on miles driven in your fleet. You can use this information for tax,
How Can Mileage Logs Improve Fleet Operations Management?
7 benefits of mileage expense tracking include saving operational costs, estimating vehicle expenses through complete data, and saving hours each day that were once spent organizing receipts.
- Route Optimization
- Compliance
- Fraud Prevention
- Tax Management:
- Financial Reporting
- Driver Management
- Time Optimisation
What are the Consequences of Incorrect Mileage Tracking?
For businesses of commercial fleet drivers, a lack of software management systems causes employees to fail and for the business.
Here are some consequences of incorrect mileage expense tracking:
- In some cases, employees are required to pay for fuel and then be reimbursed by the employer. However, if you track mileage incorrectly, over or under-reimputing can happen because employers are unable to differentiate between the two different types of mileage.
- Legally, you should be honest about your actual mileage. Inefficient practices can cost a business more than originally anticipated.
- When an employee incorrectly records his or her business kilometres, they will not receive any reimbursement even though it was something to which they were legally entitled.
How can Secure Fleet Manager’s Expense Tracker Help Fleet Owners?
Secure Fleet Manager allows you to monitor the total cost of ownership for a fleet of vehicles, by monitoring compliance and maintenance data, allowing a company to make better informed decisions about vehicle utilization and replaced policy.
Secure Fleet Manager’s expense tracker can help fleet owners by:
- Secure Fleet Manager has various documents and expense tracking, including recurring charges.
- Review your budget and work to create new efficiencies.
- You can explore your most pressing inquiries on the costs of vehicles and their groupings, to arrive at a decision.
- You can track the true cost of your car, such that you can make adjustments for market conditions and changes to your car. By tracking cost, this ensures that you're always running at a profit and gaining back the initial investment.
FAQ
What Information Does a Mileage Report Include?
A Mileage Report tracks the number of kilometers that your fleet vehicle has traveled for business purposes.
Should You Calculate Fleet Mileage Manually?
With the size of your fleet, you need to figure out whether or not it is worth keeping a manual mileage log. For a smaller company, calculating for yourself might be worth the trouble, but for a larger company, doing so would be extremely time-consuming.
How To Track Fleet Mileage?
Every car should have a logbook to keep track of the distance driven. Managers can store a notebook inside each glove compartment or create an electronic record such as an excel spreadsheet with a designated tab for each vehicle.