Industrial and Environmental Services Company Saves $2 Million+ with CarData FAVR Program
Money Matters, But There's More to This Story
AMHERST, N.Y., Aug. 14, 2019 /PRNewswire/ -- When you are a company with thousands of employees logging over 28,000,000 miles in a CarData FAVR program, it's easy to be transfixed by the results: $2 million+ annual savings compared to the benchmark IRS cents per mile, refined policies that financially benefit both employees and the company, and cost control enabled by leveraging technology.
But what about the people who live with the day-to-day administration? How does CarData impact their lives?
Save Time, Ensure Consistent Policies & Reduce Risk
For the Benefits Specialist overseeing administration of the VRP for a national industrial and environmental services enterprise, one advantage of partnering with CarData meant not having her team work through 750 driver status changes in one year. The Company's HR team, in the past, was manually processing driver adds/deletions and compiling reports for managers. It was their responsibility to field questions about program details and resolve driver issues. They also had to explain inequities in VRP eligibility policies to employees that, over time, had become "loose" and inconsistent.
"CarData makes my life easy and work seamless," the Benefits Specialist says. "Our Client Service Associate takes the lead on insurance compliance, automates driver mileage entries, and gets mangers what they need for review and approval. If there's an issue that needs to be escalated, she quickly connects with me to work through it."
Moving administration to CarData also helped get rid of unnecessary effort and hidden risk. Six hundred drivers had been receiving reimbursement via paper check; CarData's electronic funds transfer system eliminated that time-consuming process. Some managers were approving arbitrary additions to reimbursements. While their intentions were good, it created inequity among employees. CarData helped "level the playing field" and restored compliance.
The Moral? Time is Money, So Spend Yours Wisely
A fixed and variable rate (FAVR) is inherently fair, providing reimbursement based on vehicle business use, with adjustments made for regional cost of living expenses such as fuel prices and insurance rates. In addition to eliminating inequity, CarData works directly with the accounts team to coordinate driver payments after managers have reviewed each month's report from the Client Service Associate. "It's a fair program for our employees and obviously economically advantageous for the company," notes the Benefits Specialist. "Since we started with CarData, there are no problems."
About CarData Consultants CarData provides precision vehicle reimbursement programs for the mobile workforce. CarData services save money, reduce risk, and remove administration. CarData programs are compliant with the IRS and the CRA procedures.
MEDIA Contact: Megan Dean
Marketing & Sales Specialist | CarData Consultants Inc.
Direct: 303-434-3307 | FAX: 929-235-7525
[email protected]
www.cardataconsultants.com
SOURCE CarData Consultants
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