When on-time deliveries can make or break a business, managing transportation costs is a critical task. Enter the Fuel Adjustment Factor (FAF) - a game-changer in simplifying invoicing to meet fluctuating fuel prices, while ensuring the wheels keep turning smoothly for businesses with fleets. Let's dive into the world of vWork's FAF feature and discover how it can fuel efficiency in your operations.
First - what is FAF?
At its core, the Fuel Adjustment Factor - or FAF - is a percentage-based surcharge on transportation line items. You might have heard it by different names - Variable Fuel Factor, Diesel Surcharge, or others - but in vWork, we try to keep it simple with FAF.
As the volatility of fuel prices continues the demand for FAF has also increased. In response, vWork has made it even easier for companies to apply FAF to invoicing at a company wide or individual customer level - so you can adjust the rates or turn it on (and off) as needed.
Five reasons why you will benefit from vWork’s FAF Feature
- Simplifying invoicing processes
Imagine a world where adjusting base transportation rates manually is a thing of the past. With FAF in vWork, it is as easy as checking a box, giving you the power to add or remove FAF for selected line items with unmatched simplicity.
- Adapting to fuel cost variations
Fuel costs are as unpredictable as the road ahead. FAF in vWork becomes your reliable co-pilot, helping you navigate through rapidly changing fuel costs without negative impact. Customizable FAF rates provide the flexibility needed to respond promptly to fuel price fluctuations, ensuring your business stays on the right financial track.
- Personalized service for your customers
With vWork's FAF feature, you can tailor FAF rates for selected customers, delivering a personalized service that sets you apart. Want to exempt certain customers from FAF charges? No problem; assign them a 0% FAF rate and keep their invoices clear of surcharges.
- Streamlining billing processes
Automatic application of FAF to time and distance line items ensures you never miss adding it to invoices after a job is completed. You still get to check the invoice before it sends but you have the assurance of knowing the right FAF rate for that customer is automatically applied when the job is completed.
- Consistent FAF application to price book line-items
Say goodbye to manual FAF application. Make selected price book line items FAF-enabled, and witness the magic as FAF is consistently added to every applicable invoice. This not only saves time for your team but also improves accuracy, ensuring that nothing slips through the cracks.
You can see that FAF in vWork is far from a one-size-fits-all solution. It's customizable and flexible, easily adapting to your customer’s specific requirements. You have complete control over FAF rates and the line items it applies to, streamlining your invoicing process while maintaining the flexibility needed for your unique situations.
And if you think it’s easy to use - setting up FAF is a breeze with a step-by-step guide that walks you through setting default FAF rate percentages and assigning customized rates to specific customers.
It is as much about fueling the efficiency of your business as it is about managing fuel surcharges. If you would like to see how vWork might work for your business - please reach out as we would love to be able to show you the difference we can make.