Other than managing maintenance and drivers as a fleet manager, managing budgets are also a part of a fleet manager’s job. As with every successful business, keeping track of expenses and lowering costs is the key to running a sustainable and profitable business. A fleet budget oversees every expense related to a fleet, from fuel costs to maintenance costs, nothing is overlooked in a budget.
Fleet costs can also be called costs of ownership. It’s all costs that come with owning a fleet. And this is important for fleet managers to keep in mind as overlooking may lead to overspending and cut into profits. When calculating these costs, it’s important to keep interest rates and taxes in mind as these can pile up on large purchases. Marking and keeping track of return value of your trucks are important if you decide to sell your assets as well as all the maintenance costs associated with the fleet. These miscellaneous costs may add up and will become deadly if overlooked.
Using telematics such as ELDs can help with organizing data and looking at what constitutes higher costs. This makes it easier for fleet managers to pinpoint the root of the problem. Fleet managers can optimize fleet operations and create an impact on finances.
For example, some common things that fleet managers can look at to lower costs are:
» Idling and fuel economy
» Reduce risky driver behavior for lower insurance costs
» Creating maintenance schedules
» Keeping track of vehicle value from purchase to disposal
Fleethunt’s fleet management software tracks important information and shows trends in different parameters that will help fleet managers adjust strategies to reduce unnecessary costs. For example, high fuel consumption can be reduced from better fleet utilization. Learn more about saving money with telematics in this article here.
Fleet managers can set up a fleet budget with just a few simple steps and some help with fleet management software.
Telematics are crucial when budgeting for a fleet. For a budget to be successful and accurate, it’s important to have as much information as possible to make informed decisions. Fleet management software takes data in and analyzes it to form graphs and trends that fleet managers can use as a reference. For example, Fleethunt fleet management software provides information on idling times, fuel economy, driver behavior and more to help fleet managers create programs targeting different problems. It’s important to budget out the costs of the fleet if you don’t want your account books in red.