4 Lessons Learned: Expenses

Why Ensure there is Mileage Tracking on all Vehicles

Businesses in the transport sector are noted to encourage mileage tracking in their fleet due to a number of reasons. Mileage tracking is noted to help businesses in cost saving, the number of miles that are undertaken by a vehicle can be calculated with the number of liters used of petrol to get the cost of fuel within a specific route. Thus companies are regarded as better financial managers by being capable to check on the amount of fuel that is used within certain number of miles and the cash issued for the transport. Car theft is a very common feature especially on vehicles that are known to undergo long travels, but the company which have installed tracking are always aware where the vehicles are and in the event of a car theft they are alerted and help is availed very fast.

Better management of the fleet means better customer management, the customers are able to get their goods upon using the company tracks on time and the amount spend on the fuel can be accounted for by the drivers. Studies have indicated a company that is able to impress the customers is noted to make higher profits as opposed to the company where customers are constantly seeking for better services. Companies who encourage vehicles to have their mileages tracked means the company is able to know the kind of vehicles that is owns, thus before the company vehicles all hit the mileage limit to be considered to be in excellent conditions, the company is able to make plans on how to acquire other vehicles in time. By exploring the mileage entry, a company is able to determine when to service the vehicles and ensure they are in perfect condition for work.

It is important to explain many companies that are conducting mileage tracking in their vehicles are noted to be given insurance discounts by the insurance companies which is a good deal for many of the companies, the discounts are offered as a way to encourage fleet management. It is important to highlight, the insurance discounts that are given by the insurance companies allows the business to make significant savings allowing it invest the money into other businesses. Truck drivers who file mileage records regularly are noted to keep track of the expense deduction which helps him or her in auditing. Finally, it is critical to highlight, mileage tracking allows reimbursements to be made easily, also the drivers are paid on time and compensated based on their works as the mileage reports are availed to ensure they have prove of the distance covered and extra compensation made if the mileages are higher as opposed to the recommended limit.

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