Expense Management: Cornerstone to Optimize your Fleet Operations
Expense Management is the cornerstone of a successful fleet management plan, which requires insight of statistics in black and white to optimize your operations, stick to budgets and save money, and to precisely track of where you’re spending more than you realize. It’s a multifaceted process which needs an organized methodology for processing all expense reports and approvals, which entails more than just keeping track of employee-initiated costs. Expense management is a matter which can actually impact your chances of success and deserves the full attention.
Insights into the hidden fleet costs can be identified by using the digital trails left by drivers. Eagle-I expense management solution can provides the insights which can depict the escalating costs depending on the size of the fleet and annual trips made. It allows you to add cost incurred on each asset, in terms of
1. Maintenance (Oil change, tire replacement, engine check etc.),
2. Renewals (Vehicle insurance and registration, driver’s iqama, license and other official documents)
Monitor and identify under-utilized and over utilized fleet assets to save costs and reduce risk. On the dashboard graphical overview of expenditures and performance of an asset or a group of assets are visible allowing you to analyze your assets which have become liability on the company and need to be retired from the fleet. A whole year budget can be designed by using Service/Renewal module along with Analytics Dashboard, where each branch performance can be compared with expenditures. Just like performance comparison in analytics dashboard, a comparison of expenditure is available between assets, and between branches.
An expense management process ensures that every expense claim is accounted for and reimbursed as quickly as possible while keeping tabs on all activities to prevent fraud and promote compliance integration of an expense management solution not only boosts visibility, but also gives you full control over every aspect of your organization’s expense management process. These preventive strategies may sound hard to deploy but deferring preventive strategies could lead to a lot more pain and expenses down the road.
To find the right tools to make streamlined and efficient expense management possible, contact us today!