How to Detect and Prevent Expense Report Fraud
Other than people cribbing about how damned expense reports are, you might have recently seen expense reports making the headlines. From the $35M expense report for Mueller investigation to the Scott Pruitt Scandal, the news is that expense reports have been home to a lot of frauds. What you read in the news though is nothing compared to the actual scale of expense fraud. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, expense reimbursement frauds account for 21 percent of fraud in small businesses (those with less than 100 employees), and 11 percent in large businesses (those with 100 or more employees.) Data aggregated from…
Travel and Expense Management with Fyle – Trip Reports
Modern expense management isn’t just about recording expenses and automating expense approval workflows anymore. The needs for expense management are broadening at every organization, depending on their growth stage. From advances, trips, financial control, or even automated policy enforcement, every organization now demands a more wholesome approach to managing expenses. With such dynamics, it’s crucial that businesses are backed by a software that caters to these expense management needs in a centralized manner. At Fyle, we understand these needs and the role they play in the growth of your business. Hence, expense management with Fyle isn’t merely about automation. It is about covering futuristic prerequisites of all growing businesses, like…
Expense management for Nonprofits
Did you know that more than 13% of all fraud cases reported happened in nonprofits? Many of these frauds occur in the reimbursement process. Expense management for non-profits can be a daunting task for both accountants and employees. On the one hand, employees find themselves in a dilemma over spending decisions. On the other hand, accountants struggle to track and account for expenses in the books. As a result, project managers, in turn, find controlling their expenses challenging. With complexity in management, negligence follows. Employees often end up submitting claims without appropriate bills. Accountants overlook expenses which violate expense policies or approve fraudulent claims. Additionally, project managers may overshoot their…
Paperless reimbursements – Does your software truly make receipts digital?
Originally announced in 2015, Making Tax Digital aims to digitize the UK’s taxation system through the use of digital records and online filing through compatible software. As the deadline for the same comes closer, most businesses are still unsure about what needs to be done and how. The UK was not the first one to do this. Poland recently announced the abolition of VAT returns from the beginning of 2019. Trends and forecasts from multiple sources suggest going digital for tax and accounting purposes now seems inevitable. A significant component of this is making sure all your business expense receipts and reimbursement proofs are available and auditable digitally. While businesses…
Manage Company Spends with Fyle’s Analytics
Employee reimbursement is the second largest expense for companies. This makes it crucial for CFOs, finance heads, finance controllers and financial leaders to have adequate control for optimization. As of today, expense management within organizations comprises of two major components – workflow automation and auditing for compliance. At Fyle, we understand how both – workflow automation and auditing for compliance – are interdependent to ensure the smooth functioning of finance departments. So far at Fyle, we’ve cracked the code when it comes to automating workflows without any manual intervention. This has helped bring about a strong culture shift within companies. Expense reporting amongst employees has turned real-time, thanks to Fyle’s…
Improve Financial Productivity with Fyle’s Audit Trail
Did you know, companies all over the world spend close to half a million dollars and 3,000 hours correcting expense reports? Auditing your expenses is no easy feat. You have to go through countless spreadsheet columns, match them with corresponding receipts, validate expense entries and reconcile them with card transactions. The traditional means to expense management is tiresome, error-prone, and not to forget, severely time-consuming. At Fyle, we respect your time, and aim to improve your financial productivity. Our Audit trail feature keeps you informed of every transaction that happens in your organization, helping you maintain a spotless Audit Trail, which will eventually help your business grow. With Fyle, you…
An Expense Management Software to Manage a Global Employee Base
With digitalization and globalization, we have seen a rise in cross-country associations and dependencies. Blurring geographical boundaries, organizations now seem to function as a single unit. Though most aspects seem simple, there are yet a few challenges businesses face while dealing with a global employee base – Expense Management and an Expense Tracking Software that allows for a seamless and streamlined process.
Best Practices to manage Corporate Credit Cards
Indispensable. That is what corporate cards are becoming in the business world. In fact, according to a report by the Wall Street Journal, an increasing number of companies are adopting corporate card programs for their business. And the reasons are multifold. To mention a few here; Finance folks can manage the cash flow better, since cash advances would become a thing of past. It Improves the business credit of the company, which, in turn, will help your business grow. Employers can enjoy the incentives (rewards, cashbacks, miles, etc.) that come along with credit card usage. Employees wouldn’t have to wait for their reimbursement. Just swipe the card, and they…
Draft expense reports for people always on the move
“What I need is a way to keep adding expenses to a report which I want to submit at the end of a business trip. I don’t want to create expenses and later waste time fitting each expense to the right report.”~ Kevin Who is Kevin? Kevin is one of our German users, who travels for business more than ten days in a month. He often has multiple meetings for different projects on a single trip. The expenses incurred by him in a single day often spread across projects. Kevin’s pains Kevin prefers to stay organized and reports expenses for various projects separately. Up until now, Kevin would wait till…
Protected: Fyle’s Gmail add-on to do your expense reports
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