[Funding announcement] Welcome Steadview Capital! 👏
It gives me immense pleasure and pride to state that we’ve closed additional funding from US-based investor, Steadview Capital. Setting a new standard in expense management loved by today’s ever-evolving generation is no small feat and Steadview’s contribution with long term investments aligned with our vision just right. With Steadview on board, our total raised investment stands at $10.6M, of which we raised $9M in the past 5 months alone, starting with our Series A led by Tiger Global. 2019 so far has been amazing for us. We began the year with a nimble team of 25 and are now 75+ strong! (and growing). We’re indebted to our strong culture…
How to use cost centers for IT expense management with Fyle?
Every organization has departments that control and optimize the business processes in various ways to indirectly improve profitability. These departments cost money to function but do not directly create profit. They generate value to the business by costing money to operate, that’s what gives them the name: Cost center. Cost centers should not be confused with profit centers. Profit centers are departments or functions that directly generate profit for the business. Some examples of cost centers are human resources and accounting departments. These two, in particular, deal with keeping company expenses in line or below the budget. Cost centers are an integral part of a growing business, as many of…
Why do corporate expense management systems fail?
Even though digitization has eased business functions, businesses still face problems when it comes to handling their expense management. This leads to the simple question of why corporate expense management systems keep failing? Expense management involves numerous stakeholders working in sync to get the work done. There are too many moving parts when it comes to streamlining the entire process of expense management. Additionally, idly waiting to see what ROI you have on your current system is inadvisable. To help you through your expense reporting journey, we have compiled an article that covers everything you need to know about corporate expense management systems. Further, we include the pain points that…
How to use Fyle as a credit card management system?
Does your finance team have a trusted credit card management system to manage all employee corporate credit card expenses effectively? Corporate credit card usage is on the rise due to its ease of use. With these cards, employees no longer need to worry about using their own money for business expenses. But with these cards, it becomes all the more critical to effectively track, monitor, and stay on top of things. If ignored, it can rack up extra chores for the entire team. Even worse, it could severely affect your company’s bottom-line due to prolonged financial leaks. But how does one go about picking the right credit card management system…
A comprehensive guide to choosing an online booking tool
Online booking tools have evolved to the point where they are highly intuitive solutions that are easy to understand and come with user-friendly interfaces. However, these kinds of software have gone a step further in the last ten years. You can now find travel booking software being able to integrate directly with a business. This becomes a huge boon for travel managers, as they now have a comprehensive solution to address an age-old issue i.e., travel booking. A recent survey revealed that 39% of companies still used online travel sites while 12% use travel agencies/agents. Online booking tools are an emerging trend among businesses. Choosing to opt for an online…
Policy considerations for mileage reimbursement
Does your business provide reimbursement for employees who use their vehicles for business? If yes, have you been able to achieve seamless mileage reimbursement at your organization? According to a recent report from HubSpot, “38% of companies manually check each expense and match it to the travel policy.” But what’s more alarming is that 22% of companies rely on the employees to adhere to the policy guidelines, rather than enforcing it on the spot. In this article, we take you through the nuances of mileage reimbursement and why it’s good to reimburse employees. Additionally, we look at what expenses are useful to consider when making your mileage policy. What does…
Guidelines to create an effective international travel policy for employees
Are you looking to draft a robust and cohesive international travel policy for your employees? A company’s travel and expense policy work as a guidebook for both the company and the employees. A typical company travel policy will include how reimbursement works, limits on expenses, costs covered by companies, etc. In some companies, policies are made mandatory to follow, whereas in others it is more flexible. However, there’s no denying that effective international travel policies help not only to control employee expenses but also account for employee well-being. Policies allow employers to have some degree of control over employee experience and safety. In this article, we will talk about why…
Guidelines to create an effective candidate travel reimbursement policy
First impressions are everything – especially when it comes to attracting new talent! Today, candidates are ready to travel just for the job interview, but a hitch in your reimbursement process can create doubts. One wrong move and it can create the impression that your company isn’t serious about scale. On the other hand, if you can provide your candidates with an excellent hiring experience, it can be an added advantage. Providing candidates with a seamless hiring experience go beyond just promising them for reimbursements. Your company should also be able to offer a modern and prompt reimbursement process to help build your case. Your business can achieve this with…
How to set up an expense approval policy with Fyle?
Expense policies play a vital role in helping businesses identify and prevent various types of illicit expenses. To effectively enforce these policies, most companies are now opting for automated expense management softwares. The usage of these automated solutions has proven to accurately approve expense reports and increase compliance. Additionally, creating expense approval policies is easy with Fyle. Fyle has real-time policy compliance that makes the entire process streamlined and accessible. This means you can approve all expenses when they occur rather than taking action later. Additionally, policy violation alerts are sent to employees in real-time. This makes the entire process a matter of just a few clicks. Watch how it…
Fyle helps you in using google maps to track mileage
Do your finance teams face challenges with tracking, validating and approving mileage logs? In a business, if an employee uses his/her personal vehicle to run business errands, the employee has to be compensated. Mileage tracking is important for the employee for reclaiming reimbursement as well as for tax-deduction purposes. The reimbursement expenses include gas price, insurance, registration fees, repairs, tire change, etc. The employee has to make sure to include all records of the trip in a logbook or a spreadsheet. The mileage log has to include details like date, start and end destination, purpose, miles, etc. We know the process can take up additional time, but can it account…
How to log mileage in under a minute with Fyle?
Do your employees still use pen and paper or spreadsheets to log mileage expenses? Employees who use their personal vehicle for business purposes, have to report their mileage expenses. He/she has to calculate the distance traveled to track all the costs associated with a specific business trip. This can include fuel, repairs, servicing, insurance, etc. The process of mileage reporting can quickly become a burden for employees if they need to manually sit and fill out expense reports to log in their mileage expenses. For an enterprise having multiple mobile employees, it can become increasingly difficult for the finance team. Mileage expense reports can become difficult to process and reimburse…
