As we approach the end of 2015, there are a few things your fleet should do to be sure you’re closing the calendar year securely and that you’re well prepared for stability and success in the new year. A small amount of effort now can yield massive benefits in the new year, including better security, lower risk of fraud and financial waste, more reliable records, tax compliance, and solid strategic planning.

How to do a Precise Year-End Fleet Management Clean Up

12.8.15

2016 CalenderAs we approach the end of 2015, there are a few things your fleet should do to be sure you’re closing the calendar year securely and that you’re well prepared for stability and success in the new year. A small amount of effort now can yield massive benefits in the new year, including better security, lower risk of fraud and financial waste, more reliable records, tax compliance, and solid strategic planning.

We have highlighted the three most important steps to aid in your 2015 fleet management review, and to help you prepare for 2016.

End of Year Clean Up Task List

Step One: Clean up your accounts

  • Review any sub-accounts and clean up any redundancies or inefficiencies.
  • Identify and address any accounting red flags within your fleet management financials. Make sure it is accurate and ready to satisfy tax requirements.
  • Review automated accounts payable transactions. Make sure they are set to generate the greatest possible time and cost efficiencies.
  • Review corporate and employee expense and payments accounts. Make sure all commercial, payroll, prepaid and incentive cards are associated with active IDs. 

Step Two: Add or close fuel cards to respond to fleet changes

  • Make sure only those cards and IDs associated with current drivers are active. Close inactive cards. Destroy and/or change the PINs of cards assigned to employees who are no longer with the company.
  • If a vehicle is transferred, sold, or retired, lock the cards.
  • Replace any cards due to damaged or worn magnetic stripes, and be sure to collect and destroy the problem cards.
  • Add new and spare cards as needed, making sure each is set and recorded accurately.

Step Three: Review and amend settings

  • Based on data gathered within Fleet Advance over the course of the year, assess whether current limits and controls still meet the needs of your fleet, which may have changed. Affirm that the settings are sufficient to protect the organization from unnecessary spending and fraud risk. Amend any that are not meeting your needs.
  • Review driver scores, and compare year-over-year fleet performance to identify gaps, set new goals, and build a strategy for improvements in the next year.
  • Reassess controls for transaction types, day/time and amount limits, and settings for necessary supplies and services to keep your drivers on the road.

Comdata is dedicated to helping top companies across multiple industries streamline payment processes, save money and generate additional revenue through advanced, technology-driven fleet management solutions. We know that every year, you’re doing more – often with less. With a few simple steps and the right Comdata solutions in place, your fleet can one year and start another with confidence.