Whether your company has one vehicle on the road or dozens of vehicles, smart management can save you money. Familiarity with tax laws, simple maintenance steps and high-tech solutions can reduce the costs of operating your fleet and keep it safer.
One of the best ways to save money is to spend some time with a financial professional. Deductions can make a major difference in the cost of operating company vehicles, particularly in the first year of ownership. For example, under current tax law:
Whether you buy or lease, keep good records of the business miles you drive for tax purposes.
Beyond tax savings, simple maintenance can keep your costs down and your safety record up. Here are a few tips:
Don't forget those subtle, easily overlooked costs. Getting lost or caught in traffic jams can waste substantial gas and time for those who spend many hours on the road. When you buy new cars, consider a Global Positioning System. It can be worth the monthly service charge. These systems, such as OnStar, are built into a number of vehicles.
If your cars don't have GPS, a bevy of services have sprung up that can be helpful. For employers that want to keep a close eye on their staff members in company cars and trucks, there are tracking devices that allow complete surveillance. These services also assist in finding stolen vehicles. For example, some systems track by satellite, letting you know exactly where vehicles are and allowing you to check their speed.
If a car or truck exceeds a pre-set limit, the system automatically honks the horn and flashes the parking lights, to signal the driver to slow down. If you want the driver to stay put, you can disable the starter. You can also track the vehicle from the Internet and set a perimeter of up to 30 miles. If the perimeter is broken, the company calls, e-mails or texts to alert you. The unit also notifies vehicle owners if the car has been in a collision.
Keep in mind: A company vehicle program that combines tax savings, maintenance, safety and efficiency can reduce liability and save your firm a bundle.
Get in touch today and find out how we can help you meet your objectives.