In the end, doesn’t it always come down to the money? Once that truth is accepted, follow-up questions regarding where the money is going, how it is being used, and are the proper controls and oversight in place become crucial to success, especially in fleet management. How does lifecycle cost analysis help quantify the decision-making process for determining when a piece of equipment needs replacing? How can fleet managers use benchmarking principles to ensure their fleet operates at its optimum?
Just published, NAFA’s Financial Management Guide examines these questions and more, as this latest, valuable guide provides a solid review of accounting theory and methods, cost recovery structures and fund structures, vehicle acquisition financing and reimbursement programs, personal use, and budgeting.
“At the heart of almost every enterprise is a need to know where and how expenditures are flowing,” said NAFA Chief Executive Officer Phillip Russo, CAE. “The people who succeed are those who have a firm grasp of what their costs are and are continually making sure those costs fall comfortably within budgeted expenses. That’s not always an easy task to accomplish, but NAFA’s Financial Management Guide is a tremendous resource for making this aspect of fleet work for fleet professionals.”
With 178 pages and four useful annexes, the new Financial Management Guide will provide a basic understanding of financial management to help fleet managers perform essential job duties.
Topics addressed include:
• Typical costs of fleet operations
• Organizational characteristics that might lead to the adoption of specific cost recovery options
• Company vehicle acquisition options and various financing alternatives that should be considered in order to select the most advantageous funding method for your organization
• Tax implications for personal use, both in the US and in Canada
Annexes feature lease, IRS, and Revenue Canada definitions, as well as an easy-to-understand accounting primer that builds upon basic accounting facts.
“NAFA’s Financial Management Guide is the effort of hundreds of volunteer hours from a team of fleet management experts and veteran fleet professionals. It will provide clarity for fleet professionals in an aspect of fleet management that is very complex,” Russo said. “Knowing the financial side of your work is a ‘must’ and having a resource like NAFA’s Financial Management Guide puts that collective knowledge right at any fleet professional’s fingertips.”
To find out more about NAFA’s Financial Management Guide, visit the NAFA Store at: http://www.nafa.org/finanmgt
