WATERFORD, Wis.--(BUSINESS WIRE)--Runzheimer, a leading business vehicle technology and solutions provider, announced today that it has launched a revolutionary new fuel expense solution called EquoTM Fuel. This is a fair and accurate mileage-based alternative to traditional fuel cards. The new solution harnesses Runzheimer’s extensive data assets and uses local fuel prices, combined with fleet vehicle miles per gallon (MPG) information, to calculate a geographically accurate cents-per-mile reimbursement rate for fuel expenses.
“By connecting this new solution to actual business miles, our clients will be able to reimburse their employees for the fuel actually used for business – without the administrative hassle of dealing with fuel cards,” said Donna Koppensteiner, Senior Vice President of Business Development and Marketing at Runzheimer.
Runzheimer’s mobile app, Equo, automatically captures miles driven and tags trips as “business” or “personal” based on the employee’s work schedule. The recorded business mileage is then reimbursed based on fuel costs per mile, while taking into consideration the category of fleet vehicle driven, local fuel costs, and whether the employee drives in city traffic, rural areas, or mountainous roads. Rates are updated daily to provide pinpoint accuracy of fuel fluctuations.
The use of Equo Fuel will allow organizations to realize cost savings of 20 percent, while eliminating the administrative costs associated with issuing new cards for new hires and replacing lost cards.
Meanwhile, the benefits to the driver include:
- Simplifying end of-year tax calculations for personal use
- Fully automating the mileage logging process, enabling employees to focus on their work priorities as opposed to administrative tasks
Runzheimer’s Equo solutions continue to be at the forefront of business vehicle intelligence for companies of all sizes by providing fair and accurate reimbursements for mobile employees. The added intelligence of Equo Fuel allows organizations to provide a better fuel expense reimbursement process, while continuing to control costs.
Learn more about Runzheimer and Equo at https://www.runzheimer.com/equo.
Runzheimer is the recognized leader in business vehicle technology and solutions mileage management, providing actionable insight into field workforce productivity. We are dedicated to offering innovative solutions that increase agility, reduce costs and improve satisfaction through fair, accurate and defensible™ vehicle reimbursement programs. Our technology produces data analytics that enable organizations to manage mobile workers through a streamlined process that eliminates excessive overhead costs. It is our mission to offer mobile technology and solutions that connect people, companies and their vehicles to drive superior productivity and valuable business intelligence.