Guest Posts

3 Things To Know About Employee Financial Wellness

November 21, 2022
|
7
Min Read

One way employers can ensure that their employees deliver their optimal performance is through workplace wellness programs. Your employees' health is easy to overlook, but the statistics don't lie: healthy employees are simply more productive, have better morale, and are generally more engaged with their workplace. 

However, “health” goes beyond your employees’ physical and emotional well-being. Nowadays, it is holistic wellness that employers must strive for. 

If you’ve heard of the term “financial wellness” being thrown around by companies, HR managers, and business leaders, know that there’s a good reason for this. Finances remain the leading stressor among employees. Financial instability can negatively impact your employees’ general well-being, and these worries, doubts, and anxieties spill over into their professional lives. 

Financial wellness is more than just teaching employees to budget or organizing workshops to help them improve their financial habits. 

What Is Employee Financial Wellness? 

Financial wellness, sometimes referred to as "financial well-being," is a person’s overall financial health and the absence of stress related to personal money matters. It’s usually the outcome of effective expense management.

The critical components of financial wellness include the following: 

  • Control. We all have to make financial decisions every single day. Financial well-being includes the knowledge that you gave those choices some thought and consideration.
  • Planning. Having a goal in mind encourages us to save money. Being comfortable with our finances requires taking action to prepare for the future.
  • Security. Unexpected things happen all the time. Unfortunately, the majority of those unforeseen events have a financial impact. Having money set aside to get you through times of uncertainty—a job loss or a medical emergency, for example—creates a sense of stability and peace of mind.
  • Freedom. In addition to providing for our basic needs, money should support our daily personal goals. We should be able to make choices that allow us to enjoy life. 

The Data on Employee Financial Wellness 

Before we get into why employee financial wellness is essential, let's look at some statistics that show us the current outlook of employees toward their finances and why employers should pay attention:

  • 50% of employees admit that their finances are the most significant source of stress.
  • One of the reasons why employees become unproductive, disengaged, or distracted is because they’re thinking about their finances for an average of 13 hours a month.
  • 30% of employees report being preoccupied with personal finances while at work. 
  • A 34% increase in tardiness and absenteeism is attributed to financial stress. Additionally, compared to their less-stressed colleagues, employees who are worried about money miss nearly twice as many work days each year.
  • Financial stress costs companies more than $2,400 per employee per year.

Why Employee Financial Wellness Matters 

As you may have seen from the statistics above, financial stress will creep into your employees’ workdays. It’s true that, in a perfect world, your employees shouldn’t let their problems affect their work. However, it’s impossible to completely cut off your employees from certain aspects of their personal lives, especially their financial wellness. 

Neglecting this might negatively affect your business in the long run. Here’s how: 

1. Increased Productivity 

Employees cannot work at their best when their focus is divided between work and financial difficulties. However, your employees' financial stability also has numerous other effects on their productivity outside of distractions at work. 

For instance, some employees might need a second job, which would cause them to work less efficiently at their primary job. 

You also have to remember that certain medical conditions may be exacerbated by financial instability. This will further harm your employees' productivity. 

2. Reduced Healthcare Costs 

Financial stress accumulates over time and eventually affects your employees' physical health. It will weaken their immune system and even contribute to a range of conditions, such as: 

  • Elevated blood pressure 
  • Fatigue 
  • Insomnia 
  • Anxiety
  • Depression 
  • Respiratory issues 

These and other illnesses can affect your employees’ productivity, but the consequences for your company go beyond that. 

The truth is that you have an obligation to your employees’ health. But, unfortunately, you’ll pay more for health insurance to help them manage these conditions. Sadly, if the underlying problem of financial stress doesn’t get better, they might need ongoing medical care.

3. Better Employee Retention 

76% of employees experiencing financial difficulties are more willing to consider another company if it offers better pay and benefits.

Every company's operations depend heavily on talented workers. But unfortunately, it's getting harder and harder to attract and hire qualified job candidates. As a result, companies even had to spend around $92 billion on hiring and training between 2020 and 2021, making acquiring and onboarding new staff expensive.

What Can Employers Do To Help? 

This is where financial wellness programs come in. These programs are created to improve your employees’ financial situations, but they go beyond the standard economic benefits, such as retirement planning.

Every company should have a financial wellness program with the goal of helping employees create a more positive connection with their finances. With proper programs in place, you and your employees may enjoy the benefits listed below. 

Benefits of Financial Wellness Programs For Employees 

What’s great about financial wellness programs is that 88% of employees use them. Aside from learning how to manage their finances better, your employees will also: 

1. Experience Reduced Mental Stress 

Financial programs focusing on credit card debt, student loans, and retirement planning can help alleviate the tension and anxiety associated with managing them. Additionally, these initiatives lower employee stress levels and improve their general health by giving employees the resources they need to take charge of their finances.

2. Enjoy Increased Time Off Availability 

Programs for financial wellness provide a range of complementary resources to assist employees during the workday. For example, employees who participate in financial wellness programs experience fewer money-related health issues through mental health counseling, financial education seminars, career coaching, or assistance and benefit programs.

Less stressed workers can use their vacation time for rest rather than spending the day in a doctor's office.

3. Find Ways To Lessen The Impact of Catastrophic Financial Events 

A thorough wellness program offers employees a wide range of protections. In addition, employees can face more challenging circumstances with the help of programs like employer-sponsored life insurance and umbrella coverage. 

In the same way, knowledge about financial planning and savings can help your employees prepare for problems that may occur and lessen their financial impact.

Benefits of Financial Wellness Programs For Employers 

Not only will your employees benefit from comprehensive and tailor-made financial wellness programs! You’re sure to reap some rewards as well. 

1. Improved Workforce Productivity 

Programs like employer-paid student loans, benefit funds, and financial coaching can all help current employees feel more at ease. When you can minimize these distractions, productivity rises, and your business thrives.

2. Increased Employee Satisfaction 

Giving your employees access to financial programs makes them more prepared for unexpected financial emergencies. Without this worry looming, they will likely be engaged at work.

3. Better Employee Retention

If your employees see that they will receive a helping hand with their finances, they are more inclined to stay with your company. This boosts retention and enhances the culture of your business.

In terms of benefits, these are only the tip of the iceberg. Other advantages you may experience with a financial wellness program include the following:

  • Reduced absenteeism 
  • Stronger employee recruitment 
  • Higher 401(k) contributions 
  • Increased savings 

What Financial Wellness Programs Can Employers Offer? 

For your financial wellness programs to be effective, they must be comprehensive and tailored to the needs and interests of your employees. Some programs you can offer include: 

1. Financial Wellness Tools 

There are a lot of software programs out there that promise to help your employees with their financial situations. These solutions can offer everything from the individualized coaching and on-demand financial advice to targeted training and e-learning to increase the financial literacy of your staff.

2. Dedicated Partnerships 

Another option is to collaborate with a business specializing in employee financial planning. You may, for instance, choose a partnership that provides your employees with services and expertise to help them manage their money better. 

3. Perks 

As unbelievable as it may sound, some businesses provide financial assistance to their employees. This can range from helping someone pay off their student loan debt to providing fertility support or donating toward adoption. You can even start small with free parking spaces and the occasional free lunch. 

If you have the budget, this is an option to look into. 

You can also try the following: 

  • Life and disability insurance 
  • Emergency savings funds 
  • Company credit cards 
  • Student loan counselling 
  • Employee retirement plans

Ensuring Employee Financial Wellness To Achieve Business Success

Financial wellness programs are a win-win for everyone. You'll see a high return on investment in the long run due to increased productivity, performance, engagement, and retention. On the other hand, your employees will feel happier, more secure, and more prepared for whatever life throws at them. 

So, if it’s business success you’re after, make sure you’re taking care of your employees’ overall health! 

Product update

Reconcile card transactions, track expenses and approve reports from the new Fyle app for Slack

July 22, 2022
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3
Min Read

One of the major challenges in expense management is to ensure that your employees track and submit their expenses on time. The new Fyle app for Slack is built to enable your employees and Finance team to manage expenses without leaving the platform. You can track expenses, reconcile credit card spend in real-time, be notified of the status of your reports, and approve reports on the go.

You can install the Fyle app from the Slack App Directory and click on the "Add to Slack" button. Then, allow Fyle to access the Slack workspace. You can start submitting expenses quickly by simply calling a slash command (/expense-form) or visiting the Fyle app.

Creating expenses

One of the ways employees can create an expense with the Fyle Slack App is by uploading the e-receipt into the Fyle Slack app. Fyle will scan the receipt, extract the details, and auto-fills the expense form without any manual intervention.

Another way of creating expenses is by using the expense form. You can call the expense form by typing “/expense-form”. The expense form captures the following details - Currency, Amount, Purpose, Merchant, Date of Spend, Category, Project, and whether the expense is Reimbursable. Once submitted, these expenses can be tracked on the Web app or Mobile app, added to a report, edited, or deleted.

They can also submit receipts to the expense by clicking on the "Attach Receipt" button and uploading the receipts to the same thread.

Match receipts to card spend automatically

Fyle's new integration with Visa brings real-time card feeds to any Visa-powered credit card (soon expanding to other payment networks). So when an employee makes a payment with their credit card, they are instantly notified of the spend on Slack. 

All they have to do is attach an image of the receipt, and Fyle will match it automatically. This leads to transactions being reconciled on time with only a few clicks.

Later, you can go to your Fyle account to review the expense and submit it in an expense report.

Real-time status updates

Employees are informed of any change in status with their expense report. Fyle sends a notification whenever their expense reports are submitted, approved, sent back, or processed for payment. This eliminates a lot of back and forth between the employees and the Finance team, while ensuring transparency.

Easy expense report review and approval

With this integration, reviewing and approving reports becomes easy too! When an employee submits an expense report, Fyle instantly notifies their approver. The approvers can choose to either review the report right from Slack or do it in Fyle. In Slack, they can take a quick glance at all the details like the amount, date of spend, purpose and if the receipt is attached.

Once the approver is done reviewing the report, they can approve or send it back without leaving Slack.

Fyle works where your employees work, so they don't have to spend time learning how to use Fyle to manage expenses. If you'd like to see Fyle in action, please feel free to schedule a demo with us and learn why it's time for you to switch.

SEE ALL IN PRODUCT UPDATES  

Travel Expense Management

Travel expense management

Your ultimate 2022 guide to travel and expense management software

February 17, 2022
|
7
Min Read

Let's start with this. Corporate travel is not like it is portrayed in the movies. Many corporate travelers who regularly travel for work know there is much more to it than just packing their bags and jetting off. 

From start to end, the entire corporate travel management process can be a tiring and time-consuming ordeal for everyone involved. How? Let's break it down.

  • Pre-trip, the employee has to submit travel details to the travel managers and Finance teams. They then have to plan everything from flight bookings to accommodations to cab rentals using the information provided. 
  • On-trip, the employee has to track all work-related expenses they make to get reimbursed. This is an added task besides working towards making the business trip successful. 
  • Post-trip, the traveling employee has to collate all their expenses and submit them to the Finance department for review. The Finance team then has to go through each expense for T&E policy compliance. After this, the employee's expense report is either sent back for clarification or moved into payment processing.

Imagine doing all the above tasks with a manual system! If your business goes about these processes with traditional means, it will result in wasted time and effort and open doors for errors and potential fraud. This could be detrimental to the financial health of your business.

This is where a travel and expense management software comes into play. The software eliminates all the undue stress and headache that comes with your T&E process and automates and streamlines the entire process from pre-trip to post-trip reimbursements while ensuring visibility and transparency throughout.

Are you interested to learn more about how a T&E software can benefit your organization and employees? If yes, this is the ultimate 2022 guide to helping you pick the best travel and expense software that fits your business needs. Let's get started!

What is a travel and expense management software?

A travel and expense management software is designed to automate, simplify and streamline travel and expense management for businesses of all sizes. In addition, most travel and expense management software are device-agnostic, which means traveling employees can access the software using any device and keep track of their expenses. Thus, it is safe to say the software is built to do the heavy lifting for both your Finance teams and employees, freeing up time for them to go about other important tasks.

The software can also:

Using the software, Finance teams can also have complete visibility and control over all business expenses across departments, cost centers, and more. As a result, they can also identify cost-saving opportunities and optimize costs wherever necessary.

Should your business invest in a travel and expense management software?

The travel and expense management process requires numerous stakeholders to work in sync to get the job done. As a result, there are many moving parts when it comes to streamlining the entire process. 

Below, we have compiled a list of pain points that businesses with a broken T&E process face. If you relate to any of the challenges below, maybe it's time for your organization to consider switching to a travel and expense software.  

1. Your Finance team usually face delays in reimbursing employees 

Reimbursement delays can occur due to several reasons. It can be due to:

  • Employees delay their expense report submissions: When employees are on a business trip, they can incur business expenses every day of the trip. And given that expense reporting tasks can be tedious and time-consuming, they might decide to submit all their expenses after returning to the office. But even after they return, they have to juggle existing work and find time to submit these bills. This causes delays in the reimbursement cycle right from the start of the process. 
  • Approvers take too long to take action on the reports: Delays can also occur when managers/approvers forget to review the expense reports or take too long. In this case, the Finance team has to keep reminding the approvers to review the expense reports before the deadline. 
  • Inefficient approval workflows that fail both the employees and approvers: A broken expense approval workflow confuses all stakeholders. For example, it can lead to employees submitting their expense reports to the wrong person. This causes unnecessary back and forths between employees, approvers, and the Finance team. Plus, even when employees submit their expense reports, they have no visibility around the reimbursement status. This not only causes frustration but also affects employee morale and productivity.
  • Lack of proper documentation:  With manual processes, tight deadlines, multiple back and forths, and overall stress and confusion around expense management, employees and Finance teams may lose track of what is essential. This may lead to inaccurate and incomplete records, missing receipts and documentation around business expenses, manual data entries, and more. This can further lead to financial leaks and problems with the IRS if not addressed immediately. 

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2. Several factors obstruct your T&E processes 

An over-reliance on people to be actively engaged with their expense reporting and management duties can cause a choke-hold in the process. When companies use offline tools for things like approvals, the entire process is at a standstill because they need the manager's approval, and he/she might be unavailable to take action immediately.

Let's say a travel manager needs to book a flight for an employee. And his current travel booking method or tool has no connection to the company accounts. He now has to go through multiple tools, software, and possibly agents before he finally completes the task. At the same time, he has to keep going back and forth between the approvers and the travelers so that everything is under the company guidelines.

This decentralization is another cause for creating a bottleneck in travel booking. The dependencies on these outdated approval processes can cause substantial damage to your cash flow and also your employee's morale.

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3. Your Finance team still relies on outdated methods

If you're still incorporating spreadsheet and Excel-based reporting in your expense workflows, it can pose a threat to your financial health in the long run. Additionally, relying on outdated methods means: 

  1. The tasks are tedious, prone to errors, and inefficient.
  2. Maintaining, managing, and tracking physical paper receipts and expense reports are a hassle.
  3. Expense reporting is more prone to easy manipulation, errors, and fraud.
  4. It provides no insight into spending to the Finance team and management.
  5. Audits are a pain as Finance teams have to go back and forth between their accounting software and distributed reports.

4. Travel and expense policies are hard to understand

Having unclear T&E policies can impact business spending later on. Here's how.

  1. Employees may get discouraged from taking business trips or making business expenses from their pocket since they have no idea which expenses are reimbursable, the expenses' limit, and the procedure to get their reimbursement. 
  2. Employees may be claiming expenses that are out of the company's T&E policy. This can happen if there's no actual process for approval-based expense reporting
  3. Managers generally may not have enough time or don't pay much attention to the approval requests. This makes them spend less time reviewing the submissions, resulting in an inflated rate of approved expense claims.
  4. When policies are undefined, it is difficult to enforce them. Simply writing out a 20-page policy that employees usually don't read entirely isn't solving anything. This makes it even worse when employees feel that they are not being trusted to make business expenses. 

5. You and your Finance team get little to no insight into expense metrics

One of the biggest challenges organizations face is figuring out what their company is spending on and missing out on.

Simple spreadsheets don't provide enough, as they are singular data points that have difficulty showing their connection with everything else. An organization needs a solution where an individual can view how all types of expenses interact and affect each other. This is one of the critical areas an automated expense management software can help.

An automated T&E software comes equipped with features that help track all expenses and allows users to view detailed reports and the status of expense reports in the reimbursement cycle. With all the expense data coming under one travel and expense management dashboard, Finance teams can view spending trends and patterns based on real-time insights. As a result, they can make informed decisions and develop a solid financial plan by leveraging their company expense data.

Top features and benefits of a travel and expense management software

corporate travel and expense management with Fyle


With a travel and expense management software like Fyle, corporate travel can be as simple as the image shown above. Fyle covers all your travel requirements, from pre-trip arrangements to employee expense reimbursements. 

Some of the common features and benefits of an ideal travel and expense management software are:

Ability to integrate with other software for easier bookings

Fyle integration with your corporate travel booking software

Corporate travel booking can become tedious if your Finance team has to go back and forth with your employees and travel managers. This is because, even after making the bookings, Finance teams still have to manually collect and consolidate the details into their system. 

But with an T&E management software that offers integration with a corporate travel booking platform, Finance teams can have tighter control and visibility into the travel expenses. They can also reduce the unnecessary back and forth and eliminate manual data entry work. 

Additionally, with expense management automation, employees need to simply fill in the necessary details and make travel bookings before a trip. The reimbursable expenses get automatically created in the travel and expense software, and they can simply send the trip report for review. Finance teams can also review and approve trip reports right from their T&E software. With all the travel-related details under one platform, Finance teams can easily access, view, and draw valuable insights from the reconciled travel expense data. 

Track receipts and expenses for timely report submissions

Receipt and expense tracking features in an expense reporting software

While on a business trip, the last thing your employees should be worried about is missing receipts or losing track of their expenses. Having a device-agnostic travel expense management software can help traveling employees track their expenses right from their mobile phones

Additionally, a travel expense software like Fyle offers multiple ways to track employee expenses and receipts. 

  • For paper receipts: Employees can simply click a picture of the receipt. Fyle automatically scans and extracts all the expense data and auto-fills the expense reports. 
  • For digital receipts: Employees can create an expense report using the Gmail or Outlook add-ons right from their mailbox. They can also submit their expenses from everyday apps like Slack. 
  • The expense tracking feature can also help employees track all their expenses, including their mileage and per diem spend while eliminating data entry errors and saving time.

Robust policy check engine for 100% compliant T&E reports

Robust policy check engine in an expense report software

Duplicate claims, data entry errors, and missing receipts are just a few policy violations that can pass unnoticed if your Finance teams are not thorough with their reviews. But checking for T&E policy violations on all employee expense reports can not only be tedious but also consume a lot of valuable working hours. 

But thanks to the real-time policy check feature available in a T&E software, Finance teams can have tighter control over their expense limits, rules, and guidelines. They can also configure the software as per their T&E policy to guarantee no policy violations get by. This ensures any errors or anomalies in an expense report are corrected before the employee even submits it.

Get accurate data analytics from expense reports

Accurate data analytics from expense reports with a T&E software

Your employee travel expense reports hold a lot of information to help your Finance teams gain better insight into your company’s business travel spending and trends. But if you are managing your travel data manually or using an age-old solution, it can be a painful task to compile and make sense of all the data. 

A travel and expense management software not only helps store all your employee travel bookings and expenses under one platform but also helps Finance teams make better data-backed business decisions. Using the data analytics feature available on Fyle, Finance teams can toggle and see information like their top spenders, spend by project/department, top category spend, and more. This ensures they always stay on top of all things business expenses.

Next day ACH payments for faster employee reimbursements

Next day ACH payment feature with Fyle

Using a T&E management software, your Finance team can ensure speedy payments to employees and close the reimbursement cycle on time. Fyle comes equipped with the next-day ACH feature that can streamline your reimbursement process and help you track the statuses of each payment in real-time. Plus, with Fyle’s single click reimbursement feature, your Finance team can make payments to employees in bulk saving time and increasing productivity in the process. 

How to choose the right travel and expense management software for your business

If you search for the term "travel and expense management software, " several TEM software will probably pop up on your search browser. However, if you're looking to invest in the tool, you probably want something to help you scale and streamline the process seamlessly.  

The ideal expense software should be flexible and have configurable features, with plans and packages tailored according to your company size and needs. Thus, while choosing the tool, you'd ideally want to stick with a software that you and your employees can use for the long term. An easy way to start is by considering the current challenges your employees and teams face and how the tool can solve them.

No matter why you're looking to switch to a T&E management software, the right software is the one that can match all your needs.

Check out how Fyle fares against some of the popular travel and expense management software

Source: G2 

How much does a travel and expense management software cost?

The potential travel management software shouldn't make you break your bank. The best options are those reasonably priced tools that still offer features necessary for you to simplify your T&E management process. 

At Fyle, we make sure we charge only for users who create at least one expense report in a month. We call them active users.  

Like most software subscription tools, our travel and expense management software has three different service tiers that you can choose from to meet your requirements. 

  • Standard plan
  • Business plan
  • Enterprise plan

You can choose to pay for the plans either monthly or annually. 

  • Standard plan: Fyle pricing starts at $4.99 per active user/ month billed annually. Under the plan, you can access features like unlimited receipt scanning and expense tracking, personal card management, QBO self-serve integration, and more. This plan is ideal for startups and small businesses with 1-25 employees or less than 30 expense reports per month. 
  • Business plan: The Business plan offers all the benefits listed under the Standard plan plus other features like corporate card reconciliation, ACH payments, integrations with any accounting, travel, HRMS, and payroll software, in-app live chat support, plus a lot more. The plan starts at $8.99 per active user/ month billed annually and is perfect for fast-growing businesses with 25-200 employees or more than 50 expense reports per month.
  • Enterprise plan: Finally, under the Enterprise plan, you get what you'd expect from the Standard and Business plans and other advanced features like IP whitelisting of admin accounts, a dedicated account manager, and more. The pricing can be customized based on the volume and usage and is best suited for global enterprises with 200+ employees or more than 250 expense reports per month. 

You can choose the subscription package based on your budget, expected usage, and active users.

Your next step to adopting a travel and expense management software

Our travel and expense management software is built to simplify business travel bookings and expense management. At Fyle, we understand the pain points of T&E and aim to create a tool that’s user-friendly, intuitive, and can be accessed from anywhere, anytime, and by using any device. Our Fyle app is available as a web app and is also available for Android and iOS devices.

We also come with a best-in-class customer support team that is available 24/7 with a turnaround time of less than 4 hours to help your team with any changes, travel emergencies, and questions you may have. With Fyle, stay rest assured that your travel manager, employees, and Finance teams always stay on track. 

Check out what our customers have to say about us here. Additionally, if you’re interested to see our product in action, feel free to schedule a demo with us!

Fyle travel and expense management software


Travel expense management

Ultimate guide to streamline your corporate travel and expense management

November 30, 2021
|
5
Min Read

Are you paying attention to your corporate travel and expense management

You should. Because according to GBTA (Global Business Travel Association), annual corporate travel spending will reach $1.4 trillion by 2024. 

If you are struggling with your travel and expense management due to your manual setup, it’s time to take a step towards digitization. This is because if you leave your expense management woes unattended, it can significantly impact the growth and scale of your business in the long run. 

This article highlights some of the top corporate T&E challenges and how businesses can embrace corporate T&E software to make expense management less frustrating.

Top corporate travel and expense management challenges and their solution 

Challenge no.1: Tracking and managing receipts

travel- expense-reporting

As a necessary means of staying compliant, businesses should always ensure employees submit their expense reports with corresponding receipts. This is because expense receipts serve as proof of spending and are crucial during audits. Receipts may either be paper receipts or e-receipts, and a single expense report can often come with multiple receipts. In these cases, the onus of collating, verifying, and documenting these receipts and reports would fall entirely on the Finance teams.

While some businesses believe using expense report templates may solve the problem, the truth may vary. With templates, employees are to manually enter expense details and attach photocopies of receipts as proof of spending. This may result in receipts all over the place and in varying formats. 

To add to the confusion, these templatized expense reports make it easy for missing, incorrect, and exaggerated entries to slip by. In these cases, Finance teams are to manually identify and address issues with multiple employees over multiple expenses. Further, all clarifications and justifications for these business expenses go unrecorded as they happen over emails, calls, or word of mouth. This translates to zero clarity and a highly ineffective means of managing business expenses and receipts.

How can a travel and expense management software help manage receipts?

  • Business travel and expense software comes with unlimited cloud storage that can store all your employees' trip reports and expense receipts in one place.
  • You and your Finance team can access the trip reports for review or reference from anywhere, using any device and at any time.
  • The T&E software eliminates the frustration behind paper receipts as employees no longer need to hold on to them to file later. They can simply use an expense reporting app to take a picture, and the software will automatically extract all the crucial information to the trip report form and store it in the system.
  • Employees can submit expenses through everyday apps like text message, Gmail, Outlook, and more. The software will collate all information under one platform no matter how your employees submit their expense reports.
  • Before your traveling employees submit their trip reports and expense receipts, the software can also run an automated audit check, so no errors or potential fraud pass through. 

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Challenge no.2 : Frustration with unclear travel and expense policies

corporate travel and expense policies

Is your travel and expense policy clear and comprehensive? Is it easy to understand and document every step of your travel reimbursement process in detail? If not, then the chances are that it may be contributing to employee expense reporting frustration and poor reimbursement turnaround time.

Unclear T&E guidelines can lead to policy violations, out-of-policy expense claims, and finance teams spending more time going back and forth with confused and frustrated employees. This translates into productive time wasted over something that could have been curbed from the beginning.

Your travel and expense policies work as your one source of truth when it comes to employee reimbursements. Unfortunately, most companies pay no heed to their policies, and as a result, so do their employees. This results in out-of-policy expenses and other policy violations, which cause unnecessary financial leaks in the system.

How can a travel and expense management software help enforce policies?

  • Businesses can pre-set policies based on designation, business goals, nature of business expenses, and other such parameters.
  • Once you’ve set up your approval workflow and integrated your T&E policies into the software, it automates your entire expense management process.
  • With the policy set-up, you can spot expenses incurred on alcohol bills, holidays or weekends, and any other expenses outside your T&E policy guidelines.
  • This feature simplifies the entire expense approval workflow and increases employee compliance and productivity.

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Challenge no.3: Reviewing and approving expense reports takes too much time 

review and approve expense reports

Expense management tasks can be frustrating for both employees and Finance teams. For example, employees need to keep a tab of their travel expenses and correctly enter all the information into an expense report template to be reimbursed on time. 

After employees submit their T&E reports, Finance teams need to collate all the trip reports from managers and manually identify claims that are not supported by your travel and expense guidelines. Then, in case of a policy violation, the Finance team needs to send back the travel report to the employee in whole or in part for necessary changes or clarification.

This can translate into a costly and time-consuming process. Additionally, due to stringent timelines, they may not thoroughly verify the submitted expense reports and may end up missing claims that might be fraudulent in nature. This behavior over prolonged periods can prove detrimental to the financial health of your business.

How can a travel and expense management software help review and approve expense reports?

  1. Modern expense software comes with OCR technology that scans receipts, extracts crucial data, and auto-fills a digital expense report in just a few clicks. This cuts down manual data entry tasks for traveling employees and also eliminates human-prone errors.
  2. The robust policy engine also comes with real-time policy checks to ensure no policy violations slip by.
  3. If the software detects any out-of-policy expenses, the software flags the errors and notifies the employee immediately to make corrections. In case of a serious violation, the approver gets informed as well.
  4. The software also provides a detailed digital audit trail that documents all activities related to an expense report. This comes in particularly handy during quick reviews, approvals, and audits.

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Challenge no.4 : Lack of visibility into spending patterns and trends

Spend visibility with travel and expense software

Insight into expense trends occurs when Finance teams have historical and real-time data in hand. But, businesses who use traditional expense management means gain little to no insight as they have no data to refer back to. As a result, you can end up making ill-informed business decisions. 

Expense analytics and real-time insight into expense data play an important role in cost optimizations and preventing financial leaks in the system. But, this can happen only when businesses have the numbers to speak for them. 

How can a travel and expense management software help with spend insight?

  1. Since all travel expense data, such as flight bookings, accommodations, transportation costs, and more, are stored under one platform, Finance teams don't need to gather expense data from discrete sources.
  2. Finance teams can identify frequent spenders, top policy violators, and other recurring or abnormal patterns and address them.
  3. With real-time insight into the business's financial health, Finance teams can tweak and improve the organization's travel and expense policies to drive compliance.

SUGGESTED READ: 

Challenge no.5 : Delay in closing the reimbursements cycle on-time

expense reimbursement process

Delayed reimbursements in a manual travel and expense management setup can be due to a number of reasons. It can be because of:

  1. Employees dread the time-consuming and tedious expense reporting and tracking tasks and keep it for the last minute. This can lead to late expense report submissions from the beginning. 
  2. Working on their expense report at the eleventh hour can also cause multiple manual data errors, incorrect expense entries, missing receipts, and ignoring policy guidelines while filling in the expense report form. This may result in numerous back and forths between the approver and employee before it reaches the Finance team for a final audit. 
  3. Furthermore, since Finance teams receive all the expense reports in bulk just before the deadline, fraudulent expense claims can pass unnoticed.

How can a travel and expense management software improve reimbursement cycles?

  • The expense reporting app makes it really easy for business travelers to keep track of their expense receipts and submit their expense reports on the go from anywhere, ensuring they never miss a deadline.
  • With features like data extraction and receipt scanning, an expense software drastically reduces errors in an expense report. 
  • The real-time policy check engine also flags any out-of-policy expenses, duplicate bills, and policy violations when an employee uploads their receipts. This helps curb delays right at the source of expense creation. 

SUGGESTED READ: 

Streamline your corporate travel and expense management process today

The business world is continuously evolving to become highly receptive to the needs of employees. While the choice to automate your travel and expense management software may benefit you as a business, it also is a boon for your employees. Addressing employee challenges has a direct impact on employee morale and productivity. Thus, also impacting the overall financial productivity of your business. 

All this and more without your Finance team slogging it out.

Do you want to hop onto the bandwagon of digital change? Fyle does more than just expense reporting. Schedule a demo today to witness how Fyle helps you put an end to your expense management woes.

T&E software


Travel expense management

4 reasons why businesses should switch to a travel expense software

July 24, 2020
|
4
Min Read

Only people who have dealt with a travel expense report know business travel doesn’t always mean business class flights and fancy restaurants. 

Employees, managers, travel managers, and Finance teams juggle with multiple things to ensure business trip expenses are within the specified budget and comply with the travel and expense policy laid out by the company.

A travel expense software makes management of per diems, trip budgets, mileage, and trip expense reports easy for all the stakeholders involved. In this article, we list the top reasons why businesses should switch to a travel expense software to manage business travel expenses.

What is a travel expense software?

A travel expense software helps employees and managers streamline and automate all business travel-related expenses like cash advances, hotels, flight bookings, per diems, and employee travel reimbursements. 

A modern travel expense software also helps Finance teams gain real-time visibility and complete control over business expenses. Read on to understand how your business can benefit from a travel expense software.

Why should your business use a travel expense software?

Business travel is not all fun. It requires stakeholders to do a host of research and work even before the business trip. 

  • The travel managers or employees first need to find all the travel booking options that fall under the set guidelines for their category. 
  • If the employee selects the travel booking options, the employee would need to get it approved by their manager or travel manager. 
  • On approval, the employee is all set to go on the business trip. He/she would meet and dine with multiple people to close deals or to sustain and maintain business relationships. 
  • Employees would need to save all expense receipts during these visits to avail of employee expense reimbursements
  • If the employee either loses the expense receipts or forgets to report the expenses for the set deadline, the employee would stand to lose out on their money on business expenses. 

Additionally, there is a high chance of non-compliance or even deliberate expense report fraud in case:

  • Your expense policy does not lay out the framework of expense reporting properly
  • There are sudden changes in the business trip itinerary

This is where a travel expense software can help. 

SUGGESTED READ: How to detect and prevent expense report fraud

Features of an ideal travel expense software and how they help

Travel expense management is a complicated process for employees, managers, and finance teams alike. It involves hours of either manual entry and compilation of expense receipts and expense reports or manual verification and approval of submitted business expenses.

A travel expense software helps cut costs, save time, and provide valuable insight into expense data that can be used to further streamline your organization’s corporate travel management. Let’s dive deeper.

Feature: Pre-spend approvals

Problem: Travel expenses occur even before the trip does. Therefore, employees are issued cash advances for travel and accommodation bookings. 

Travel bookings are generally either done by the traveler (employee) or the travel manager. In either case, your employees, manager/approver, and travel manager must understand  your travel and expense policy, preferred vendors, and budget allocations. Additionally, the travel booking preferences and booking confirmation back-and-forths, all happen during billable hours.  

Solution: A travel expense software automates this process and allows the employee to directly raise trip requests and submit a list of preferred vendors to the travel manager. This can then be forwarded to travel vendors for booking. 

Once the details are in place, the vendor sends the trip request back to the approver/traveler for confirmation. Travel bookings can be confirmed immediately on approval. 

Fyle offers 360-degree trip reports that bring all business expenses incurred for a particular business trip/project under one single trip report. 

SUGGESTED READ: How to use Fyle as a travel approval software

Feature: Employee expense reporting

Problem: Traditionally, traveling employees save receipts for all business expenses so they can fyle for travel reimbursement post-trip. 

Safekeeping of receipts, ensuring expense policy compliance, and submitting the expense report on time is much unproductive work for your globe-trotting employees. This can be especially hard in case of sudden changes in the itinerary.

Solution: A travel expense software makes it easy for employees to track, scan, and save business expense receipts - from wherever and whenever. 

Once the trip is finished, your employees can submit their travel expense reports with just a click. The ease that an expense reporting software brings to traveling employees saves them a lot of frustration, time, and hours. 

Fyle allows employees to send business expenses to expense reports from within everyday apps like G-Suite, Outlook, WhatsApp, text message, slack, and many more. 

 SUGGESTED READ: Five ways to make expense reporting easier for employees

Feature: Expense policy compliance

Problem: One can not always be expected to remember the nuances of their company’s corporate travel and expense policy

Employees can sometimes forget what expenses qualify as business expenses or spending limits, and managers or Finance teams may sometimes miss fraudulent or out-of-policy expenses. This puts the organization and the traveler at risk with the tax authorities.

Solution: A travel expense software comes with a robust policy engine that detects and prevents any non-compliant expenses from even being claimed. 

In cases where the employee submits an expense despite automatic flagging, the expense is sent to a reviewer to validate the expense. This prevents any fraudulent expenses from being fyled.

Fyle’s policy engine automates and enforces policies on anything your organization might need. It also maintains a digital audit trail that helps track actions taken on every single expense.

SUGGESTED READ: Check expense report frauds with Fyle

Feature: Employee travel reimbursement

Problem: Finance teams are tasked with manually verifying receipts with expense claims, ensuring expense policy compliance, and processing travel reimbursements. 

In cases of non-compliant expenses, the report is sent back to the traveler for rectification or justification. Finance teams also have to check and weed out out-of-policy expenses, or fraudulent expense claims. This time-consuming task ultimately results in delayed travel reimbursement, which takes a hit on employee morale.

Solution: A travel expense software ensures real-time policy compliance by raising flags for any non-compliant expenses or expense reports at the source of expense creation itself. This allows travelers to rectify errors without the Finance team having to chase them. This saves a lot of time and effort for all the stakeholders involved in the process.

Also, when it comes to travel booking research or employee travel reimbursements a travel expense software automates the entire process of travel expense reporting while ensuring real-time expense policy compliance and audit readiness.

Further, a T&E software allows approvers to initiate multiple transactions to different employee bank accounts from the centralized expense management dashboard.

Fyle’s travel reimbursement features allow approvers and Finance teams to track the transaction status of any expense reimbursement right from the dashboard.  This allows for an overall view of all business expenses that can help Finance teams gain sight of the larger picture.

SUGGESTED READ: Balancing expense policy compliance and happy employees

Benefits of using Fyle as your travel expense software

Here’s a list of excellent reasons why you should consider Fyle as your travel and expense management software:

  • Direct integration with your existing ERP/HRMS/accounting software
  • Integration of corporate credit cards and automatic reconciliations
  • Effortless travel and hotel bookings for business trips 
  • Google Maps integration for accurate mileage tracking
  • Flagging of non-compliant expense receipts at the point of expense creation
  • Pre-compliance for trip requests to ensure continuous compliance
  • Real-time visibility into all trip statuses and trip expenses
  • Reduced turnaround time for employee travel reimbursements
  • A unified, searchable and unlimited business expense receipt storage
  • Industry-best practice security and privacy measures

Fyle’s innovative and employee-friendly expense reporting features make travel and expense management a breeze! In the words of the folks at IDC,

“Fyle is intelligent, employee-centric, scalable, and delivers significant value to growing businesses without any impact on user experience and quality of support.”

Ready to upgrade your T&E management? Schedule a demo with us today!



Effortless expense management for all business spends. Earned time, saved costs, improved productivity, happy employees - achieve it all with a single software.

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Corporate Card Reconciliation

Corporate card reconciliation

A Complete Guide to Credit Card Reconciliation in 2022

March 3, 2020
|
5
Min Read

Post COVID-19, businesses have seen a massive surge in credit card transactions for incoming and outgoing payments. While this made the payment process easier, it also meant a looming nightmare for finance teams at the end of every month – reconciling credit card expenses.  

But where do business owners and finance teams start regarding business credit card management?

This blog discusses everything you need to know about credit card reconciliation, how it works, and why it’s crucial for businesses in 2022. We’ll also address some challenges accounting and finance teams face with reconciliation, after which we’ll give you the easiest way to solve your reconciliation woes. Let’s dive in! 

What is credit card reconciliation? 

Credit card reconciliation is the process by which accountants ensure that the transactions in a business’s credit card statement match its general ledger. For accurate and efficient financial reporting, companies need to know that these transactions took place and that the expenses on both sides are correct and valid.

If done manually, accountants sit and compare an organization’s credit card statement against its general ledger. If every payment on both sides matches, they can determine that the ledger was recorded correctly and can close books for the month.

However, if there are discrepancies, the responsibility of clarifying these values would fall on the financial controller. They need to find out who made the additional payments manually.

The reconciliation process typically occurs at the end of every month, while a more significant financial closing happens towards the end of each quarter or financial year.  

What are the different types of credit card reconciliation?  

As mentioned earlier, a credit card transaction can impact two sections of your business finance: income and expenses. This means companies will have two types of reconciliations:

  1. Credit card statements

This would include all your business expenses – payments your organization makes for goods or services. For example, if your business is habitually issuing cards to its employees, they must be reconciled individually. 

  1. Credit card merchant services

This would include all your incoming payments. Reconciling these transactions takes a little more effort than your outgoing payments, but there are defined ways to make this easier.

In this blog, we’ll only be looking in detail at the business expenses side; that is, transactions made by you or your employees to purchase goods or services for your organization.

Why is the credit card reconciliation process important? 

Making a payment for your credit card statement without a second glance may not be the wisest thing to do. Big financial institutions make mistakes too, and it can end up costing you a lot more than what you should be paying. 

The reconciliation process starts when a business receives statements for its expenses. The expense details are then manually matched with the company's internal finance records and checked for discrepancies. 

This process ensures:

  • The money leaving the account equals the amount spent in one fiscal period
  • No fraudulent activities or manual data entry mistakes get by.
  • The company’s records always stay audit-ready

How to reconcile corporate credit card expenses?

Reconciliation, as we know, involves the process of matching expenses with your internal finance record. But how do you go about the entire process?  

Step 1: Collecting and sorting receipts

Receipts are proof of expenses. It comes in several forms and helps account for money spent. For example, a purchase made using a credit card comes with an invoice given to the customer at the time of sale. These receipts should be collected from all the cardholders and stored for future reference.

Companies ideally use T&E expense reports to collect and store employee receipts. This can be done manually using paper-based excel sheets and reports or by automation-driven tools like an expense management software.

Step 2: Matching expenses to transactions

Finance teams should match credit card statements to reported business expenses with the receipts. Businesses can do this with the help of any preferred system for reconciling. 

Pro tip: Ensure that other than fees and interest charges, there shouldn't be any other unmarked items in the credit card statement.

Step 3: Notifying your bank in case of errors

There are always chances of error, either with or without intention. Thus, your finance teams need to be careful in identifying and notifying the bank authorities in cases of mistakes. In addition, ensure timely action by reporting any unauthorized activities or fraudulent behavior.

Some examples of commonly occurring errors with business credit card reconciliations are:

  • Refund for a canceled purchase 
  • Charged for a failed transaction 
  • Bill payment processed twice, leading to duplicate charges

SUGGESTED READS: 

3 challenges finance teams face with the corporate credit card reconciliation process

Most companies reconcile credit card expenses with paper-based and spreadsheet-driven methods. Unfortunately, this process is inefficient and forces employees to work long hours of manual labor. This also results in more inefficiencies and loopholes in the process. Given below are some challenges that can hinder your finance team's progress:

Ensuring accuracy and efficiency in the entire reconciliation process

For employees, reconciling corporate credit card expenses means entering data without making an error. Even a single missing number or double entry can put the employee's reimbursement on hold. Also, routinely submitting expense reports to get back their own money can affect employee happiness. 

For finance teams, inaccuracy and inefficiencies in the credit card reconciliation process make the company vulnerable to financial exposure. Also, the traditional reconciliation methods include a high involvement of employees but do little to remove human-prone errors. 

Curbing an increase in the volume of transactions 

Corporate credit cards have helped revolutionize the speed and efficiency of business payments. But this also implies a high volume of transactions. Moreover, the ever-growing number of transactions increases the chances of missing human errors, duplicate submissions, and inaccurate information. 

Your accounting team has to sieve through all the transactions and reconcile one-to-one and one-to-many transactions. This can prove to be a costly and cumbersome expense for your company and employees.

Recognizing and correcting policy violations

According to a survey by Ernst & Young, financial departments spent up to 59% of their resources on managing transaction-intensive processes. Of this, 95% of the effort goes into already matching transactions rather than ones with entry-related problems.

The traditional approach to credit card reconciliation offers no quick and coherent method to find policy violations. Instead, employees must painstakingly go through every transaction to ensure expenses follow the company's travel and expense policies. This further adds to the delay. 

Financial leaks because there's no way of flagging personal expenses

Whenever an employee uses the company's credit card for personal expenses or overspends, there is no a way of getting notified unless checked manually. Additionally, a loose policy framework coupled with weak enforcement of T&E policies can misinform employees and cause unauthorized purchases. This also increases the chances of fraud and claims of multiple duplicate expenses. 

For employees who use the card for personal expenses, there must be a way to flag violations accurately. For example, when matching the expenses with the bank statements, the finance team has to identify and address personal expenses. While reconciling, finance teams also have to make sure that no errors by vendors or credit card issuers get by. 

How to address your reconciliation challenges 

The manual corporate credit card reconciliation process is time-consuming, costly, and laborious. Additionally, if not done right, it can pose a massive threat to the financial health of your business. The modern approach to ensure a high benchmark of accuracy and efficiency is by implementing an automated expense management software. 

Opting for an automated solution over a manual system can help your business overcome these challenges:

Save time without manually reconciling card spends

Your team (employees and finance teams) end up wasting a lot of time manually inputting, verifying, and approving business expenses. Sadly, regardless of their time and effort, duplicate and fraudulent entries still slip by. You can negate this by using a software that eliminates manual data entry and manual data verification.

An expense management software can extract transaction details from the receipts virtually. Hence, expenses can be submitted, approved, processed, and reimbursed, all without the need for manually entering details. Therefore, the chances of human error and human bias are also drastically reduced.

Automatic reconciliation of credit card expenses 

With an expense management software, all receipts and bank statements are automatically matched and reconciled within a few clicks. This saves the accounting team from manually verifying and approving large quantities of transactions.

Additionally, an expense management software helps in the following ways:

  • View and store all transaction details under one centralized dashboard.
  • Record all and any changes in the form of a digital audit trail
  • Enable employers and finance teams to gain a cursory view of all expenses
  • Identify and rectify any errors before payment processing.
  • Streamline the entire process and also facilitate faster reimbursements. 
  • Access information using any device from anywhere and at any time.

Increase employee compliance with real-time policy checks

Integration with an automated solution helps ensure that all stakeholders remain compliant at all times. A TEM software ensures the company's expense policies and guidelines are aligned with every expense report claim submitted by an employee.

In the case of a policy violation, an automated expense management software will:

  • Notify all stakeholders of a flagged expense. 
  • Run automatic policy checks to reduce the chances of fraudulent activities, duplicate claims, and employee overspending.

This reduces the time taken to track and resolve any policy violations.

Streamline the entire corporate credit card reconciliation process

Implementing a robust expense management software can save valuable time and quickly help identify and rectify errors. It ensures the company stays ahead with its audit and tax filing. It also works as an active catalyst in increasing employee compliance.

The credit card reconciliation process has several phases and cycles. Finance teams must follow these processes to the dot to avoid execution errors. In addition, having a clear view of roles and responsibilities helps teams to stay prepared. 

Lastly, when all stakeholders know the process, rules, and consequences of not following them, it fosters a work environment of honesty and transparency across the company.

Gain real-time expense management on cards you already have with Fyle 

Do your accountants need to wait till the end of the month for credit card reconciliations? 

Just imagine how much easier their lives would be if these transactions were recorded and matched in real-time.

Pretty sweet, right? That’s precisely what we do at Fyle.

Fyle launched a real-time expense management solution for customers who’re using SMB and corporate cards in the U.S, starting with Visa. This makes us the first spend management platform to offer direct transaction feeds to any Visa-powered credit card users from any bank

What does this mean? Any SMB or mid-market company can now access the benefits of an expense management software without changing their cards.

Businesses can now keep track of card spending as it happens while still having granular level control on any Visa card they use. 

In conclusion 

Don’t you think it’s time to change the way your business manages credit card spend? Why make your accountants wait till the end of the month for reconciliations?

Change how you manage card spend with Fyle’s new Visa RTF.  You gain access to direct transaction feeds which helps you get notified of card spend seconds after you swipe your Visa credit card. Additionally, you can also collect receipts in real-time via text, which reduces your dependency on bank feeds. 

Schedule a demo today to make your credit card reconciliations easier, faster, and more accurate for all stakeholders!

A live demo of how Fyle collects receipts to reconcile card expenses in real-time.
Corporate card reconciliation

How to use Fyle as your credit card management system?

November 19, 2019
|
5
Min Read

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 for their business?

In this article, we talk about how Fyle as an expense management software can help your finance team tackle challenges related to credit card management and more. Let's dive in!

Does your business need an effective credit card management system?

Credit cards as a payment method have their own set of pros, but keeping track of spending can be difficult. Even a simple task can become demanding, taking up time and effort from your finance team and employees. Traditional methods for managing credit cards, bring with them a set of challenges that could pose a threat to the financial productivity of your business. Here’s why:

  • When you have multiple cards assigned to multiple employees, keeping track of usage becomes a challenge. 
  • With hundreds of incoming transaction statements, it’s easy to miss out or make entry errors while reconciling. 
  • When your finance team doesn’t have real-time visibility into the employee’s expenses, it can lead to fraud. 
  • Spotless accounting and staying audit-ready becomes challenging, potentially putting the business at stake with the IRS.

SUGGESTED READ:

Best Practices to manage Corporate Credit Cards

Fyle as a credit card management system

Fyle has several features that can help you ease your corporate credit management woes. Our automated solution makes sure all the monotonous routines around expense reporting and corporate card management are taken care of. This spares extra time for your finance team to do more intuitive work and put their skills to better use. This also increases productivity and boosts the morale of your team as well.

Fyle as your credit card management system can help you achieve multiple goals in a short period. Here’s a look at some of them:

  • With Fyle, you can manage multiple cards and cardholders seamlessly.
  • You can track employee spends to ensure no overspending.
  • You can easily validate and reconcile credit card expenses with direct bank feeds.
  • Accounting and staying audit-ready becomes a breeze with a unified dashboard.

Assign and keep track of all your corporate credit cards

Irrespective of whether you’re a small business with few cardholders or a large enterprise with multiple cardholders, Fyle allows you to manage all your corporate credit cards with ease. Once your organization’s card feed is set-up, you can easily assign your company’s credit cards to your employees. Additionally, your finance team can also track and monitor all assigned and unassigned cards. This provides for a wholesome approach to effectively managing business credit card expenses. 

View and track all your corporate credit card expenses

On assigning cards to users, all the expenses incurred will be directly reflected in your Fyle account. The finance team can then view all the payments made using credit cards. They can also see which of the corresponding expenses are yet to be reported. Additionally, the team can filter and view expenses for desired timelines. Lastly, finance folks can also customize and send timely reminders to employees to match their expenses on time.

Get direct feeds from the bank

When multiple employees are assigned to various credit card providers, tracking all the transactions in their bank feed can be a demanding task. Fyle takes care of this problem by syncing all your corporate credit card details with direct bank feeds. By integrating directly with the bank providers, you can expect to get a clean feed in real-time. Additionally, we provide a reliable data flow of all your corporate card expenses. This ensures complete protection over your company’s bottom-line.

Handle credit card reversals

Sometimes a merchant may unintentionally charge twice for a purchase made through the corporate’s credit card. While it may not be a significant loss, it is necessary to make a note of for accounting purposes - duplicated charges can cause confusion and imbalanced records.

At Fyle, we understand finance teams can easily miss transaction reversals, leading to accounting errors. This is why we created our feature that seamlessly matches every expense to its corresponding transactions. 

Pro-tip:

In cases of extra charges, employees need to support their claim with the help of receipts and relevant expense entries.

Ensure seamless accounting

With a better credit card management system in your hand, you can stay prepared for the tax season as well as for audits. Fyle makes sure that your finance team stays ready without rushing or worrying at the last minute. Our expense management software comes loaded with features that can help your finance team tackle the challenges of accounting. Here are few such instances:

  • Finance teams can configure and send automated reminders to employees to match their expenses on time. 
  • With an automated reconciliation process, the finance team can stay tax-ready as well as exercise their skills in a more meaningful way.
  • Fyle can easily integrate and manage a wide array of corporate credit cards. Whether your employees use Mastercard, VISA, Diner's Club, or American Express, it can be directly integrated with the software.

Choose Fyle to effectively manage your corporate credit card expenses

Choosing to handle your corporate credit cards in the old-fashioned way brings numerous challenges tied to it. You may have cards from multiple card providers to suit your needs, but tracking its usage through disparate systems becomes a whole other problem. When you do not own a centralized software to track all cards, identifying assigned cards can be confusing as well. Additionally, when it comes to staying audit-ready, tasks such as reconciliation can become taxing on your finance team.

At Fyle, we understand the challenges that come with managing corporate credit cards for your business. Thus, we have come up with features that will ease the burden on your finance team. This means automating mundane tasks, easy integration, providing direct bank feeds, and matching expenses accurately. With our features available at your disposal, your finance team’s productivity can be optimized and enhanced to help meet business goals.

Want to know more? Schedule a demo with us today to see how Fyle magic works!

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