5 easy ways to get on top of your business’s transport expenses

Tackle transport costs in your company today with this handy guide to balancing the books.

Managing the costs around transport expenses can be tricky for any business owner.

The good news is there are some straightforward steps you can put in place to reduce overspending. Let's take a look at some of the key ways you can streamline your processes and get on top of your transport costs.

1. Fuel cards

Managing fuel expenses can be a huge challenge. Wrangling with receipts, delayed reimbursement periods and having to chase up a range of individual drivers just isn't efficient.

This is why a fuel card can be an easy and practical solution.

Fuel cards are essentially charge cards for you and your employees, but they're deliberately restricted in the purchases they can make – usually costs like fuel and vehicle repair expenses.

There are a number of different fuel cards on the market, but let's take a look at the Caltex StarCard as an example.

The Caltex StarCard is available in two options, to help you get the card that is right for your business.

• StarCard Open Loop – this card provides the ultimate coverage, allowing access to all Caltex and Puma Energy service stations, as well as being welcome wherever WEX Motorpass cards are accepted. You can use your Open Loop StarCard at 6000+ service stations and industry partners Australia-wide.
• StarCard Closed Loop – this card ensures that your discount eligibility and fees are tightly controlled, with these cards only accepted at Caltex and Puma Energy service stations. With Closed Loop cards, you can avoid paying transaction fees.

Caltex StarCard also includes access to the StarCard Online Service Centre, which allows you to easily manage your account 24/7.

Using a fuel card gives your finances additional transparency and ensures staff needs on the road are met.

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2. Invest in accounting software

In this day and age, it might seem like a no-brainer to mention accounting software.

But you'd be surprised at how many businesses still largely operate on a paper basis.

Even for those who have taken the leap into the digital age, not every business is using fit-for-purpose software.

There is a huge range of accounting software options on the market, but there are some key features to consider before committing to any specific provider.

• User-friendliness
• Reporting capabilities
• Invoicing
• Future financial projections
• Digital security
• Cloud backup

Some accounting software can incorporate CRM capabilities, which can be highly useful for recordkeeping.

3. Reassess your invoicing process

Once you've got the right software in place, it may also be time to look at reassessing your invoicing process.

Cashflow is integral for any business. With the right invoicing processes, you're able to unlock it much more quickly.

It can yield a number of other benefits too. The likelihood of errors – by clients or internally – can be significantly reduced. It can enhance your vendor relationships and lead to you seeing a much quicker ROI overall.

4. Log your assets

When your business is growing, it's common to acquire a whole bunch of new equipment and tools. Keeping track of what goes where can quickly become an afterthought – particularly when you've got a chunk of the workforce out on the road.

But having a clear inventory of your business assets is important. If you don't know exactly what you have on hand, how can you be sure that it's being used effectively?

It has wider implications. Are your vehicles getting the maintenance they need on a regular basis? Are employees using safe equipment?

Asset logging can help identify these issues. It can highlight where future spending should be allocated. When doing a proper stocktake, many businesses discover they've unwittingly overinvested in 1 area of the business.

Likewise, considerable gaps may also become apparent in equipment or supplies, where additional investment is needed.

So having a clear asset log in place can help drastically reduce overspending and free up cash for other business investments.

5. Optimise routing

One of the biggest and most commonly overlooked causes of increased costs is a lack of optimal routing.

If your vehicle routes aren't regularly assessed, you're running the risk of potential problems on a number of different fronts.

• Extra time on the road during peak hours
• Increased driver fatigue and greater potential for accidents
• Delayed deliveries
• Increased fuel expenses
• Additional wear and tear on your vehicles
• Increased vehicle maintenance costs.

It's essential to look at how and when your vehicles are travelling to and from their regular destinations.

While there are always going to be issues that crop up that can't be accounted for – emergency roadworks or accidents, for example – better routing can lead to considerable business savings.

Learn more about Caltex StarCard

Compare other fuel cards here