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fleet expense management

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How to optimize fleet expense management in logistics for greater efficiency?

Understanding fleet expense management in logistics Logistics owners, fleet managers and truck owner-operators struggle with fleet expense management owing to inflation, inefficient processes and lack of real-time information. In TomTom’s recent global study on the biggest challenges that fleet decision-makers face, 49% of fleet managers say that at least one of their team members spend 1.5 to 2 hours on quoting and invoicing, 42% on identifying and dispatching the best worker for the job, 43% on expense management and 40% on keeping customers informed. From the study it is evident that expense management is a time-consuming process.  What are the common expenses involved in fleet management? The costs involved in logistics can range from fuel, toll payments, maintenance, insurance and other similar or unexpected expenses. According to a study conducted by SaveLifeFoundation, the largest share of the expense was spent on fuel or diesel. It accounts for little less than two-third (61%) of the total expenses. Toll fees and inter-state entry fees at checkpoints contribute around 14.9% to the expenses and  about 2.8% of total expenditure was paid as bribes to various authorities during the trip. Therefore, fleet expense management becomes a tedious process unless it has a solution to streamline finances and cut down unnecessary costs.  5 ways to manage fleet operating costs and save money The lack of real-time visibility and increasing costs involved in logistics can be addressed by implementing digital solutions. According to a recent report from PwC’s Strategy & consultancy, “Digitisation and automation of processes and delivery vehicles will reduce logistics costs for standardized transport by 47% by 2030”. Digitisation and Fintech solutions provide an effective method to manage fleet operating costs.  Discover how Axlerate helps to reduce costs involved in logistics? Axlerate is a unified digital logistics management platform that helps to streamline logistics operations and fleet expense management. It provides multiple products including AxleTags, AxleCards, AxleFinance, AxleDrive, AxlePay, AxleDirectory and AxleMarketplace that helps to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services. Let’s Wrap Up! The task of having to manage fleet operating costs is complicated because of rapidly increasing expenses, outdated processes and lack of real-time visibility. Fleet expense management involves streamlining expenses related to tolls, fuel, parking, maintenance, insurance and more. However, adopting digital and fintech solutions like fleet cards, online transport directory, GPS devices, payment gateway and a unified logistics management platform like Axlerate will be an ideal solution to optimize fleet expense management in logistics for greater efficiency. 

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Why do you need a fleet expense management card for payments?

What you need to know about fleet expense management cards? Fleet expense management cards provide a comprehensive solution to manage and keep track of all fleet related expenses ranging from vehicle repairs and parking fees, to food and lodging expenses for truck drivers along their journey to deliver shipments. Fleet cards for truck drivers resemble a debit or credit card and can be used to make digital payments or withdraw cash from an ATM to manage fleet operating costs.  Why do you need fleet expense management cards for payments? In a complex industry as Logistics, the need to manage fleet operating costs is a major concern as most payments are made off premises while on the road at multiple stops by multiple truck drivers for various needs. Moreover, when truck drivers run out of the funds allotted to them, they pay from their own pockets and expect reimbursements which becomes difficult to handle when paper receipts are either lost or manipulated. Therefore, issuing fleet cards for truck drivers is the ideal solution to unify all fleet related expenses in a single card and keep track of purchase history.  How to choose the right card to manage fleet operating costs? Most fleet expense management cards provide the option to set spend limits, send real-time notifications and generate monthly reports on purchases using the fleet card. Choose a card that offers real-time visibility, customisable controls and fraud prevention. The benefits of using fleet expense management cards from Axlerate Let’s Wrap Up! Fleet expense management cards resemble a debit or credit card used to unify all fleet-related payments like parking, repairs, food and lodging for truck drivers. Fleet cards for truck drivers help to manage fleet operating costs with cashless payments, spend control and fraud prevention. Fleet expense management cards from Axlerate provide customized controls, fund request options and the ability to lock or block cards when needed. Axlerate is a unified platform for Logistics and transport management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.

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Fleet Cards for truck drivers: The Smart Way to Manage Expenses in Logistics

What is a fleet card and how does it work? A fleet card is a better version of debit or credit cards with regard to logistics payments. Fleet cards enable logistics owners and truck drivers to unify costs involved in logistics and make payments with a single card.  Fleet cards for truck drivers display the vehicle or driver’s name and a unique ID, company name and other necessary details. The admins can load money on the card via digital payment options and can also request a credit. Transaction limits can be set for every card and payment requires authentication. Notifications and alerts are sent via SMS or email for every purchase and detailed reports can be accessed through a dashboard. Why are fleet cards the ideal solution for logistics owners? Regardless of the size of your fleet, managing fleet operating costs is a struggle for logistics owners and drivers due to lack of cash for emergencies, fraudulent activities and multiple reimbursements. This is why fleet cards for truck drivers could be the game-changer.  According to a study, 50% of companies believe that technological advancements have a strong impact on the supply chain, logistics, and transportation operations (Forbes, 2018). Powered by technology and owing to its many benefits, fleet expense management cards are the ideal solution for logistics companies to unify and manage expenses. How fleet cards for truck drivers can help to streamline and manage expenses? Fleet management is a tedious process as it involves a ton of paperwork and movement of vehicles off premises. Fleet cards will be the ideal solution for unifying costs involved in logistics for every trip including tolls, parking, repairs, lodging and more. Let’s take a look at how fleet cards could be the smart choice to manage your expenses on the move! How to choose the best fleet cards for truck drivers? Fleet cards for truck drivers may or may not be restricted to a particular brand, product, service or location. It is important to consider your fleet size, needs and challenges to choose the right fleet expense management cards. Let’s Wrap Up! Fleet cards for truck drivers help to unify operating costs involved in logistics with a single card while on the road. You can cover all expenses including parking, repairs, food and lodging. It simplifies billing, gives you control over spending and also provides secure transactions without the fear of theft or misuse. All you have to do is choose the best fleet expense management card by paying attention to the coverage, hidden fees and controls. Manage and monitor your fleet expenses on the move! Axlerate is a unified platform for Logistics and transport management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.

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