How To Handle Gas Expenses In A Corporation
So, you want to learn how to handle gas expenses in a corporation? You’ll definitely have to find out how many cars, trucks, or commercial vehicles you have in your corporation. Gas expenses will fluctuate from time to time, so keep that in mind as you try to handle your corporate gas expenses.
- Set-up a meeting with your Chief Financial Officer (CFO) to help you handle gas expenses in your corporation. Inform the CFO that you are trying to reduce the gas expenses in the corporation. Ask the CFO to obtain the corporate gas expense report from the accounting department for the past year. Use this gas expense report to make adjustments to reduce your corporate gas expenses.
- Talk to the CFO and review the report with him to handle gas expenses in your corporation. Count every single vehicle that the corporation has and then find out with the CFO how much the corporation spent on each vehicle last year for gas. Work with the CFO and his staff to eliminate vehicles with the highest gas expenses and set a goal to reduce gas expenses by at least 10% for the next year. Study the Internal Revenue Service rules with the CFO to see what gas expenses are deductible or your corporation.
- Instruct the CFO and the vehicle maintenance department director to come up with a plan to help handle gas expenses in your corporation. Implement a program for drivers to conserve gas by driving at lower speeds and reward drivers for doing so. Test the idea of using Hybrid vehicles in your corporation to control gas expenses. Ask drivers not to idle their vehicles for more that three minutes.
- Contact oil companies to help you handle gas expenses in your corporation. Call the Chief Executive (CEO) of several oil companies and tell them how much your corporation spent on gas within the past year. Ask each CEO what his company can do to help you reduce your corporate gas expenses by 10% for the next year. Do business with the CEO that is committed to helping you reduce your corporate gas expenses by 10% and get that information writing.