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Navigating employee expenses can be a daunting task for business owners, especially those managing fleets of vehicles. In a recent episode of The Site Shed podcast, host Matt Jones spoke with Daniel Simon, founder and CEO of Coast, an innovative expense management platform tailored for businesses operating vehicle fleets. Daniel shared insights into how Coast addresses common challenges associated with traditional fleet cards and offers modern solutions for better control and visibility over field expenses.
The Need for Modern Fleet Management
Fleet management has long relied on traditional fleet cards to control and track expenses. These cards, however, are built on outdated technology, leading to inflexibility, poor user experience, and unreliable data. Daniel highlighted how Coast aims to revolutionize this space by providing a next-generation fleet card integrated with an advanced expense management platform. This modern solution offers specialized control, security, visibility, and reporting capabilities that traditional cards lack.
Addressing Misuse and Fraud
One of the primary concerns with traditional fleet cards is the potential for misuse and fraud. Daniel explained that employees might use the company card for personal expenses, such as filling up a family car or purchasing items not related to their job. Coast tackles these issues by incorporating real-time GPS location tracking and dynamic policy controls. For instance, if an employee tries to use the card at a location far from the assigned vehicle, the transaction can be flagged or declined.
Coast’s platform allows business owners to set detailed policies, limiting the amount and type of purchases employees can make. These policies can be customized based on the employee, vehicle, or a combination of both, ensuring precise control over expenses.
Enhanced Reporting and Real-Time Controls
Traditional fleet cards often suffer from unreliable data due to manual inputs like odometer readings, which can be easily falsified. Coast addresses this by integrating directly with vehicle telematics, providing accurate and real-time data without relying on manual entries. This integration ensures that management receives reliable data, enabling better oversight and decision-making.
Moreover, Coast’s mobile app or SMS-based workflow allows employees to authenticate their transactions and request exceptions in real time. This feature adds a layer of flexibility and control, ensuring that legitimate business needs are met without compromising security.
Expanding Beyond Fuel Expenses
While traditional fleet cards are primarily designed for fuel purchases, Coast’s platform extends to cover a wide range of expenses. Businesses can use Coast for parking, tolls, car washes, parts and maintenance, and even hardware and supplies. This comprehensive approach eliminates the need for multiple expense programs, simplifying management and reducing the risk of fraud.
Coast’s integration with the Visa network ensures that the card is accepted at virtually all merchants, providing convenience and flexibility for field employees. Businesses can set specific policies for different categories of expenses, enhancing control and visibility across all spending areas.
The Value of Rewards and Efficiency
Although some businesses may appreciate rewards, Daniel pointed out that Coast’s primary value lies in control and efficiency. Coast offers a base reward of 2 cents per gallon on fuel purchases, with additional discounts available through partnerships with major fuel brands. For non-fuel expenses, Coast provides 1% cashback, incentivizing broader use of the platform.
Beyond rewards, Coast’s platform significantly reduces the time spent on expense reconciliation and oversight. Customers have reported saving up to 16 hours per month, allowing them to focus on growing their business rather than managing expenses.
Key Takeaways
- Modern Fleet Management: Coast provides a next-generation fleet card integrated with advanced expense management software, addressing the limitations of traditional fleet cards.
- Real-Time Controls: Real-time GPS tracking and dynamic policy controls prevent misuse and fraud, ensuring legitimate business expenses.
- Comprehensive Coverage: Coast extends beyond fuel expenses, covering a wide range of field expenses and eliminating the need for multiple programs.
- Accurate Reporting: Integration with vehicle telematics provides reliable and real-time data, enhancing oversight and decision-making.
- Efficiency and Rewards: Coast offers rewards and significantly reduces time spent on expense management, allowing businesses to focus on growth.
Conclusion
Coast is transforming the landscape of fleet management with its innovative expense management platform. By addressing the shortcomings of traditional fleet cards and offering real-time controls, comprehensive coverage, and accurate reporting, Coast provides business owners with the tools they need to manage expenses efficiently and effectively. As Daniel Simon emphasized, the focus is on creating a system that fosters trust and collaboration between management and employees, ultimately driving business success.
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Resources:
- Visit Coast website at https://coastpay.com/
- Keep in touch with Daniel at [email protected]
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