Fillip's fully transparent digital fuel card with receipt capture can save bookkeepers a significant amount of time and effort. The exact time saved can vary based on several factors, including the number of transactions, the efficiency of the accounting system, and the complexity of the bookkeeping process. Here are just some of the ways Fillip can save time for bookkeepers:
- Reduced Data Entry: With Fillip's digital fuel cards that capture receipt images, much of the data entry work is automated. Bookkeepers no longer need to manually enter details from paper receipts into accounting systems, which can be time-consuming and error-prone.
- Faster Reconciliation: The transparency and accuracy of digital receipts and Fillip's reports make the reconciliation process quicker, digital, and more straightforward. Bookkeepers can easily match transactions with receipts, reducing the time spent on reconciling fuel expenses make the reconciliation process quicker and more straightforward. Bookkeepers can easily match transactions with receipts, reducing the time spent on reconciling fuel expenses.
- Simplified Auditing: In the event of an audit or financial review, having digital images of receipts readily available can save a significant amount of time, as auditors can quickly verify expenses without requesting physical receipts.
- Real-time Reporting: Digital fuel card systems often provide real-time reporting and analytics. This allows bookkeepers to access up-to-date expense information without waiting for paper receipts to be collected and submitted.
- Streamlined Documentation: Digital receipt images are typically organized and stored electronically, making it easier to search for and retrieve specific receipts when needed. This saves time compared to manually sorting and filing paper receipts.
- Cost Analysis: Fillip also offers cost analysis and insights, on a per driver basis, helping bookkeepers and financial managers better understand fuel expenses and identify cost-saving opportunities.
Depending on the size of the organization and the complexity of its fuel expense management, the time savings could range from several hours per week to potentially days or more per month. This, in turn, can lead to increased efficiency and reduced administrative costs for the organization.
- Small Business or Individual User: For a small business or an individual user with moderate fuel expenses, a fully transparent digital fuel card with receipt images could save around 2 to 5 hours per month. This estimate includes time saved on data entry, reconciliation, and documentation.
- Medium-Sized Business: In the case of a medium-sized business with a larger volume of fuel transactions, the time savings can be more substantial. Bookkeepers may save approximately 5 to 10 hours per month.
- Large Commercial Fleet: For a large commercial fleet with many drivers and frequent fueling, the time saved by bookkeepers could be in the range of 10 to 20 hours or more per month. The larger the fleet, the more significant the time savings.
Some organizations may experience even more substantial time savings, especially if they previously had a highly manual and time-intensive process for managing fuel expenses. It's time to dramatically reduce your manual data entry, simplify reconciliation, and get faster access to accurate expense data will reduce painful processes and simplify fuel expenses for you and your business.
One of our fleets from Intelcom has experienced up to 2 hours per day of pain dealing with fuel expenses. It's your turn.