Make Managing the Holidays Simple with Fleet Payment Solutions

Fleet Payment Solutions simplify a hectic holiday season

If the financial forecast is accurate, transportation and logistics companies across the country should not expect to slow down over the holiday season. In fact, business will probably speed up and become more hectic as December accelerates into the new year. It never fails that the holidays seem to condense timelines, while year-end taxes seem to magnify an already bloated workload. However, there is a reason to be optimistic as we look toward technology to ease our workload. Innovative software solutions can provide simplification and efficiencies to help with payroll, expenses, budget reconciliation and yes, even taxes, through OTR payments. Technology, like fleet payment solutions, is helping to unlock the value of payments by delivering meaningful data and information to help the trucking industry make decisions faster and smarter this holiday season.

Fleet Cards leading the way for efficient fuel management

Many of us may be weary of change, if not resistant to it, but change through innovation can mean positive change for the company as well as the individual. Automated tools and virtual account management can make fleet payments more accurate and timely. These digital solutions are not only good for the bottom line, they also mean faster payments and reduced error — employee payroll is consistent and reliable. EFS provides powerful fleet card solutions like the SmartFunds card that can help to streamline the process by providing employees and contractors immediate access to funds.

Often times the easiest answer in simplifying business during the holidays is through detailed planning and organization.

Making a list and checking it twice has real meaning in the trucking industry.

Organization is the key to success, and it includes more than just paperwork and lists. There is a digital solution available for all manners of organization including the following:

1. Time: As a driver, organizing and managing time is critical with “time”referring to every minute you are working — not just the time you spend behind the wheel. Internal or external communications is also time spent working; drivers must track every email and phone call. Researching for loads or defining routes are also tasks that should be tracked for time. Even time spent sitting in a truck stop reviewing expenses is time meant to track. Fleet managers require an accurate report as well, which is why many in the industry rely on digital management software to help with time management along with a variety of other functions.
2. Records: Maintaining regulations and compliance is one of the most important parts of the job as a driver or fleet manager. Fortunately, electronic logging devices, or ELD, help with that effort. Accurate vehicle maintenance records must also be kept up to date to ensure the safety of the truck as well as the safety of the driver. Oil changes, break pad checks and winter tire preparation should never be taken for granted. Organizing this maintenance could, in fact, be life saving.
3. Expenses: Finances can be one of the most difficult things for independent drivers and freight brokers to master but with the help of technology and companies like EFS, this responsibility can be made simple and efficient. Fuel management is generally the responsibility of the fleet manager but fleet cards that make their process more streamlined and transparent also make the individual user experience easier and more productive. Flexible fleet card solutions are offered to fit any fleet size, based on specific fleet needs. Smaller fleets can take advantage of fleet cards that offer solutions where tight budgets and schedules make every minute count. Most of these cards are accepted nationally at thousands of locations. They can offer savings on fuel, and some even offer savings on lodging, food, tires, equipment and maintenance. Another priority for fleet management is managing fuel. These cards help to respond to the dynamics of a mobile operation by organizing all expenses put toward fuel.
4. Taxes: Electronic Payments have changed the way we do business and that includes the IRS. Tracking and managing taxes can be one of the most stressful responsibilities in business especially if you are a contractor or freelancer. But that is changing as well. Robust and compliant OTR Payments can alleviate some of that stress by allowing drivers and managers alike to make digital payments in one of several ways.

• Electronic Check/ACH Debit
• Credit/Debit Cards
• ACH Credit

Mobile Solutions put fleet payments in the palm of your hand

Lastly, when we think of efficiencies and simplification, many of us turn to our smartphones. Statistics show the total number of mobile phone users worldwide from 2014 to 2020 have grown steadily to reach over 2 billion users. For 2019 the number of smartphone users is forecast to reach almost 3 billion. In the United States, that number is expected to reach almost 2.5 million by 2019.

64% of American adults now own a smartphone of some kind.

Suffice to say, with 10% of those users declining the option to have broadband at home, smartphones and tablets are being used for digital organization and productivity more than ever.

Fleet managers and independent drivers are streamlining their communications and their lives with the use of mobile devices every day. In fact, statistics have already proven that more users will access apps and the internet through smartphones and tablet more often than they do from desktops and notebooks. This is particularly true for the trucking industry where those users are paid to be moving.

So, while our time this holiday season seems condensed and the work seems to be mounting, we can rest a little bit easier knowing that our lives will be made simpler and more efficient through the use of technology. Not only can these robust systems tell us where we are going and help us to manage our time, they can also help us to manage our money by simplifying complex fleet payments, providing fleet card solutions and helping to manage taxes through OTR payments. Most importantly, these tools and systems can save us hours on the road in a season where time spent with family can be much more valuable than money.

Resources:

http://www.truckingoffice.com/2013/how-to-run-a-successful-trucking-company-part-4-simplify-your-system

https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/

http://www.pewinternet.org/2015/04/01/us-smartphone-use-in-2015/

bgr.com/2016/11/02/internet-usage-desktop-vs-mobile/