Start the new FY right: how fuel card rewards can help offset business expenses

With a new financial year kicking off, we show you some tips to help make offsetting expenses easier for your fleet business.

1. Leverage your toolset to cut down overheads

The start of a new financial year means taking a close look at your expenses. For some businesses, that may mean needing to look at where overheads can be reduced.

One of the best ways to look at cutting down overheads is in your existing business toolset.

An example is credit and charge cards. Are you earning points and rewards for your everyday expenses? If so, are you using them to help offset business expenses?

For example, Shell Card and American Express currently have an offer in place that allows new American Express Card Members to earn 350,000 Membership Rewards Bonus Points.

You'll need to apply for an American Express Platinum Business Card by 18 August 2023 and the Shell Card (using the code AMEXSHELL). Then spend a minimum of $8,000 with your Shell Card and pay off your account with the American Express Platinum Business Card within 3 months of your approval date.

After this, you'll be able to receive the 350,000 Membership Rewards Bonus Points. You can use your points to cover almost anything you've bought on your Card. As soon as the eligible transaction reflects on your statement, you can use your points to cover charges³.

The American Express Platinum Business Card will also enable you to earn Membership Rewards Bonus Points for everyday purchases. With a Shell Card, you'll also be eligible to receive discounts on fuel in certain locations.

After all, if you need to spend money to make money, why not get rewarded for it?

Leveraging offers like these can lead to considerable savings over the course of the financial year.

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2. Use fuel cards to cut down admin time

A big problem that tends to face fleet businesses is keeping track of fuel expenses.

After all, receipts can easily go missing and people can be forgetful. It can also be tricky to sort out personal transactions from business ones if people are using their personal cards.

This is where a fuel card can come in handy.

To point to one example, the Shell Card allows drivers to make purchases at more than 1,300 locations around Australia. For drivers, these cards mean there is no more need to worry about claiming funds back from accounting. For you, there's much easier bookkeeping.

Transactions (and by extension, fuel consumption) can be tracked to individual cards, with data compiled in the Shell Portal program. You're able to get an overview of your fuel spending at a glance.

With the right fuel card, you can significantly streamline the reconciliation process.

3. Digital document management

Paper records definitely have their place, but there's no question that they can take up a huge amount of space and also be a nightmare to sort through.

This can become a real problem when tax time eventually rolls around.

Getting your hands on the right document in a timely fashion is essential. But if you've got boxes and boxes of ill-sorted receipts, that's not going to happen!

If you haven't already implemented digital document storage, now is the time. There is a huge range of suppliers on the market, who can offer services such as digitisation, cloud storage and cybersecurity solutions.

This way, you'll be able to easily consolidate your records, file them as relevant and access them whenever you need them.

4. Outline clear processes for expense claims

As a business owner, staff education is a critical part of your role. After all, staff don't know what they don't know!

Drivers (and other staff who are on the road) should have expectations around expense reports and lodging receipts clearly communicated to them.

Ideally, this would be a one-and-done affair, probably during onboarding. But as new staff join and procedures change in line with legislation, it's important to make sure everyone's on the same page.

With the end of the financial year creeping up quickly, it might be best to run a refresher for your team ASAP. This way, you can be sure that everyone's using the appropriate processes.

5. Set clear deadlines for staff reporting

A bit of a rush at the end of the financial year is almost inevitable. But by setting clear deadlines for your team now – at the beginning of the new financial year – you can avoid a last-minute panic with staff reporting.

By providing your team with clear deadlines – and regular reminders over the course of the next 12 months – you can close out reports on time so it's one less thing to think about.

6. Get expert input from professionals

Running your own business doesn't have to equate to doing it all yourself.

Too many owners fall into this trap, and end up wasting huge amounts of time (and by extension, money) on tasks that could have been handled in a fraction of the time by an expert.

Working with professionals such as accountants from the early days of your business can significantly streamline the process.

If you're unsure about where to get started on your own this financial year, or just feel like you need additional support, make sure you reach out to the right people.

Learn more about the Shell Card and the American Express Platinum Business Card

• Extra info about Shell Card and American Express

  Shell Card AMEX offer terms and conditions ("Offer")

  • Information on how to participate in this Offer forms part of these Terms and Conditions. Participation in this Offer is deemed acceptance of these Terms and Conditions. All dates and times stipulated in these Terms and Conditions are AEST or AEDT.
  • Applications for this Offer must be received by August 18, 2023 ("Closing Date"). We reserve the right to withdraw or vary this Offer prior to this date (and prior to Applications for the Offer being accepted).
  • Participation in the Offer is only open to Eligible Businesses and in relation to Eligible Purchases.
  • An eligible business is an Australian business that holds a valid ACN/ABN that submits a Shell Card account application before the Closing Date ("Eligible Business").
  • To participate in the Offer, an Eligible Business must quote the promotional code "AMEXSHELL" at the time of applying for the Shell Card account.
  • 350,000 Membership Rewards points will only be awarded if Eligible Businesses spend $8,000 on Shell Fuel on their Shell Card within three months of approval date and meet American Express spend criteria here.
  • Only one (1) Shell Card account is permitted per Eligible Business for the purposes of participation in this Offer. Each Eligible Business may have multiple representatives who each receive a Shell Card on behalf of the Eligible Business.
  • The Offer entitles Eligible Businesses to a discount of six (6) cents per litre off the pump price of all fuels excluding LPG and AdBlue at all Shell Branded and affiliate retail sites. All discounts are expressed on a GST inclusive basis.
  • No monthly card fees or transaction fees for six (6) months. After this time the monthly card fee will be $2.50 per Card.
  • No further discounts will apply for the duration of this Offer.
  • We may in our discretion apply a post Offer discount, based on factors which may include your volumes purchased over the period of the Offer. The more volume purchased the larger your post Offer discount could be.
  • Available payment terms for Shell Card accounts are Y07W (Weekly invoicing, with payment due the 7th day following the invoice date), Y14F (Twice monthly invoicing, with payment due the 14th day following the invoice date) and Y07M (Monthly invoicing, with payment due on the 7th day of the following month) only. The payment terms offered to each individual applicant will be at the discretion of us. Payment must be via direct debit from either a bank account or credit card. Mastercard, Visa and American Express accepted. Surcharge of 0.8%+ gst.
  • This Offer applies only to new Shell Card accounts.
  • All Shell Card account applications are subject to normal credit approval and other account opening criteria.
  • All Shell Card accounts (and Shell Card use generally) is subject to the Shell Card Terms and Conditions of Use. Refer to https://www.vivaenergy.com.au/business/shell-card/everyday-value for the current fees and charges.
  • Without limiting the above Terms & Conditions, this Offer is not a legal offer capable of acceptance, but rather an invitation to treat.
  • Viva Energy Australia Pty Ltd ABN 46 004 60 459 Level 16, 720 Bourke Street, Docklands, Victoria, 3008.

  American Express

  American Express approval criteria applies. Subject to Terms and Conditions. Fees and charges apply. All information is correct as at July 7 2023 and is subject to change. This offer is only available to those who reside in Australia. Cards are offered, issued and administered by American Express Australia Limited (ABN 92 108 952 085). ®Registered Trademark of American Express Company.

  1. 350,000 Membership Rewards® Bonus Points: Offer only available to new American Express and Shell Card Members who apply by 18 August 2023, are approved and spend $8,000 with Shell Card and pay their account with their new American Express® Platinum Business Card in the first three (3) months from the Card approval date. Eligible purchases do not include Card fees and charges, for example annual fees, interest, late payment, cash advances, balance transfers, traveller's cheques and foreign currency conversion. Card Members who currently hold or who have previously held any other Card product issued by American Express Australia Limited in the preceding 18-month period are ineligible for this offer. 350,000 Membership Rewards Bonus Points will be awarded 8-10 weeks after the spend criteria has been met. Subject to the Terms and Conditions of the Membership Rewards Program available at americanexpress.com/en-au/rewards/membership-rewards/terms. The American Express® Platinum Business Card has an annual fee of $1750. This advertised offer is not applicable or valid in conjunction with any other advertised or promotional offer.

  2. Earn 2.25 points for every $1 spent on all spend except government where you will earn 1 point for every $1 spent. Earn rates are subject to the Membership Rewards Terms and Conditions available at americanexpress.com/en-au/rewards/membership-rewards/terms. Spend categories are based on our Merchant classification. Merchants classified as "government" include the Australian Taxation Office, the Australian Postal Corporation, federal/state and local government bodies. Industry specific earn rate may apply when you use a payment account, payment aggregator, services of a third party or online retailers that sell goods for another merchant. For example a payment made to Local Government bodies processed through payment aggregator may earn rates at the government earn rate. There may be tax implications associated with participation in the Membership Rewards program. You are advised to check with your accountant or tax adviser for further information.

  3. Cover Charges with Points. For each successful transaction with cover charges with points, points will be debited from your Membership Rewards account and a credit placed on your Card. A minimum of 1,000 Membership Rewards points is required to cover any eligible transaction with points. Account cannot be in credit when using cover charges with points. A credit will appear on your statement identified as "Membership Rewards Credit". Points will be debited immediately and the credit will take up to 2-4 business days. to appear online. Credits processed after the Card account's statement closing date will appear in the following statement. You are still responsible for payment of the amount due on your Card account by the due date. Any charges covered by points is not redeemable for cash via Credit balance refund. View full terms and conditions here.