You probably go to great lengths to prevent the occurrence of employee theft as an entrepreneur. However, it is never an easy task to accomplish especially when you need to hire drivers. Some of them may indulge in such nefarious activities whenever they refuel the vehicles you own. They generally come up with flimsy excuses to cover their misdeeds. Supervising such purchases can also be both time-consuming and daunting affair. No human being can be at 2 places at the same time. On the other, you can’t afford to overlook such expenses. It only increases your operating costs and reduces your profit margins. Fortunately, prominent experts say you can tackle the situation by opting to use a fuel card facility.
Is it possible to prevent employee theft by introducing a business fuel card system?
Such industry professionals explain most entrepreneurs operating transport businesses usually face a precautious situation. They find it very difficult to detect whether or not one of the drivers are indulging in fuel theft. Apparently, this type of misconduct is not easy to notice as pilferage of cash. This is the reason why it is even harder to prove. Many of these owners are generally reluctant to conduct a thorough investigation to identify the culprit. It only creates a hostile working environment. In the process, such proprietors lose the trust and confidence of their faithful staff members. This is something they want to avoid at all costs.
These specialists state that these entrepreneurs need to remember that prevention is always better than cure. This is why they encourage them to apply for and use a suitable business fuel card facility. They also point out the following 2 important reasons for taking this course of action:
- Ability to avail online information about fuel purchases
To prevent the occurrence of thefts, entrepreneurs need to have real-time information. The use of fuel cards, allow them to review, monitor and scrutinize the transactions their drivers make. This allows them to detect any unauthorized purchases such employees make while discharging their duties. They can then use this data to confront culprit and take necessary action. This helps to reduce the incidences of frauds taking place in their organizations.
- Monitoring the quantum of fuel their drivers use
Most service providers offering business fuel cards to the public introduce certain unique facilities. Many of their cards contain what these vendors call ‘level III data.’ It allows entrepreneurs to full details of the purchases their drivers make. The first 2 levels point out the date and time of such transactions.
On the other hand, level III provides additional data relevant to such businessmen. This includes the vehicle registration, identity of the person driving it and quantity of fuel he uses. It also calculates the per unit and total cost of such consumption.
The above 2 important reasons prove a business fuel card facility is indispensable for entrepreneurs. It can help them to discourage their drivers from indulging in nefarious acts like fuel theft. In the process, it enables them to minimize costs resulting from such frauds. This can have a positive effect on their bottom-line profits.