Guest Posts

Tips and Tools to Improve Financial and Employee Performance in 2022

June 30, 2022
|
8 minutes
Min Read

In the 21st century, competing in the business sector is challenging unless you know the right ways and techniques to utilize your resources to make proper financial and business decisions. 

On the one hand, employee engagement and satisfaction is the most significant way to improve the financial aspects of any company. When employees have directly engaged, the productivity and financial condition of the company automatically increase. 

On the other hand, financial performance is a broad terminology that describes any company's overall fiscal health. It is your financial performance by which your company will attract potential investors. With productive employees, you can achieve the required financial goals to help your company scale new heights.  

While this might have been easy when employees worked in an office that allowed for easier communication, things changed with the onset of COVID. With distributed and hybrid teams, businesses now have to realign to the new ways of running a business and maintaining employee and financial productivity. But how do companies start with identifying and improving these aspects? 

This blog is a quick read on how businesses can improve their financial and employee productivity and find easy ways to adopt tools and software to enable and empower their teams in 2022. So, let's get started!

The correlation between financial and employee performance

Your employees are the human capital of your organization. Thus, it is essential to properly utilize these resources to generate the best possible outcomes for your business. Your team of employees is the most valuable resource for your business. Employee performance has a significant impact on a company's ability to achieve objectives and goals. Therefore, productive employees are essential to the finacial growth of a company. The financial aspect for any company is a dynamic and constantly changing environment. It is the job of the managers and employees to make sure that the company stays ahead of the curve. Employee productivity is a major factor in determining the financial performance of any company. This can be measured by looking at different metrics such as employee engagement, customer satisfaction, and retention.

Employee productivity brings operating efficiency, solvency, and profitability. It also ultimately improves the financial performance of your company. Also, due to the rising importance of human capital as a key strategic asset in value generation, firms are integrating their entire strategy with employee performance efficiency. As a result, employee performance is one of the essential factors in improving a company's financial performance, particularly in terms of profitability. 

Why should businesses improve employee performance in 2022?

Improving employee performance requires deliberate effort and dedication to understand and assist employees in achieving their maximum potential at work. Almost always, happy and motivated employees translate into productive and assertive individuals who are ready to go the extra mile to get things done.

A good start would be to genuinely understand what's working and what needs improvements in their everyday tasks. These could be both operational and non-operational aspects of their professional lives that could both motivate or hinder them in achieving set goals. 

When you have a list of things spread across departments, you can look into possible solutions to help your employees perform better at their jobs. It could be something as simple as a list of automation tools you're business can pick to eliminate errors, miscommunication, and hiccups. 

SUGGESTED READS: Best workflow automation software for small businesses in 2022

Why should businesses improve financial performance in 2022?

Investors make financial investments on whether to purchase or sell a company's shares and bonds based on financial data. But, as discussed, the healthy financials of a company heavily depend on the inner functionings of the company. 

However, not just investors use financial information to establish a company's credibility rather managers, analysts, stakeholders who study financial data, lenders all of them use it. They could make estimates of potential earnings and growth of company by analyzing the financial performance . Financial success persuades investors to increase their investments and enables horizontal and vertical integration.

Thus, if companies are looking to grow financially sound, it would become imperative to ensure all aspects of the company run like well-oiled machines towards a common goal - business growth and revenue.

5 tips to improve employee and financial performance in 2022

  • Get resource and budget projections right 

The available resources and budgets determine the duration, dependencies, and success rate of a project. Thus, stakeholders must have the right and updated information around resource cost rate, quality cost, reserve analysis, and more. 

Benefits of accurate resource and budget projections:

  • Lets you get a clearer picture of the project.
  • Enables better speculations around potential roadblocks to the project. 
  • Helps you take preemptive measures to ensure maximum success.
  • Map tasks with priorities 

When we multitask without setting priorities, we will probably miss out on essential things while concentrating on something that might really not be as important. Prioritization of tasks and subtasks helps you create a list of things to get done to close a project. In addition, the associated "priority" or "importance score" you determine can guide stakeholders on what to complete first or later. 

An easy start could be using productivity apps to handle this for you and your teams. These productivity tools streamline the entire process and help you save on time and resources. 

  • Encourage employees to adopt tools and software 

Technology makes it easier for productive work to happen whether remote or otherwise. It ensures that there’s seamless collaboration, and that everything is documented which brings a layer of transparency to all existing processes.

Additionally, these tools also ensure that every discrepancy brought about through manual processes – data entry errors, miscalculations, broken workflows, repeated back and forths, etc., are resolved. It enables admins and other high-level stakeholders to have more control over your organization’s core processes, thereby, enabling them to constantly find ways that can improve performance. 

  • Enhance collaboration among team members 

A healthy work environment encourages employee collaboration. Each team member has a unique set of qualities, and their teamwork strengthens them. After all, it is common knowledge that two minds are superior to one. 

Collaboration encourages team members to share ideas and work together to accomplish a common goal. A good start for this would be to, depending on the project, conduct daily, weekly, or monthly stand-ups.  This ensures every team member has context and focuses only on the objective. Also, try using collaborative tools to help bridge the gap. These tools simplify processes and provide a platform for all stakeholders to collaborate and get things done.

  • Automate your expense management process 

An expense manage software enables your accounting teams to seamlessly collaborate with the rest of the organization by giving them centralized control over your business expense data. Employees can easily submit and track their receipts from applications they use on a daily basis like Teams, Slack, G-Suite, etc. 

The real-time policy engines in this software automate compliance. This means that your accountants/finance teams no longer need to verify every submitted report manually, only complaint reports can be submitted which helps save time and money for your finance teams. 

Tools to improve financial and employee performance in 2022

1. Fyle

Fyle is an expense management software that takes care of all the tedious monitoring and reporting while giving you complete control over organization-wide business expenses. Its OCR and robust data extraction capabilities make expense reporting easy for employees. 

Additionally, Fyle comes with a real-time policy engine that seamlessly enforces compliance by automating pre-submission checks. This ensures that only compliant expenses are submitted thereby keeping expense fraud, data entry errors, and out-of-policy expenses at bay in your company. 

Now, Fyle has started to offer real-time spend management for Small Business corporate cards with Visa. This makes Fyle the first spend management platform to offer real-time card transaction feeds for Visa. Any SMB or mid-market company can now gain access to a superior software experience without having to change their existing card providers. 

A picture of Fyle's homepage talking about real-time spend management

2. Zavvy

Zavvy is an employee enablement platform where you can efficiently onboard, train, and develop your employees be it remote or in-office. Higher officials can now plan a training program for any person with ease and automate it. 

This means you wouldn’t have to sit all day and check in with your team to remind them but Zavvy will nudge them in the right direction to continue learning. By running engaging training programs on auto-pilot, you create a cycle of learning and development in your organization that creates upskilled and confident employees in the long run.

A picure showing Zavvy's homepage, an employee enablement platform.

3. Apploye

Apploye provides a long list of features to manage your in-house or remote employees. The features include time tracking with screenshots, task management, client and invoice, payroll for employees, timesheet, reporting, and GPS tracking for mobile employees. 

This software is straightforward to use with an excellent user interface. It also helps employees keep track by allowing screenshot monitoring and real-time tracking. As a result, Apploye is a good software to consider if you want to keep a tab on employee performance and management.

A picture that shows Apploye's dashboard

4. Document 360

Every business needs a centralized knowledge base for employees and clients to access authorized information quickly. Document360 is a knowledge management platform for creating and publishing self-service knowledge bases and help centers. This software is ideal for businesses looking for an effective knowledge management software.

Document360 solutions also include:

  • Real-time creation, management, and publication of information
  • Online library for clients with troubleshooting instructions and assistance articles
  • Private hosting with third parties integrations and platform API
A picture that shows Document 360's homepage

5. ClickUp

ClickUp is a cloud-based all-in-one project management software that’s built to handle all kinds of projects and improve team collaboration. Teams of all sizes from various industries choose ClickUp as it boosts transparency among team members and offers numerous features.

Some features that enable remote teams to stay connected are instant messaging, collaborative editing for Google Docs, multiple owners for each task, and many more. By letting you add comments to each individual task and assign it to a particular team or member, it ensures all communication blockers are taken care of as you progress through the project.

A photo showing clickup's homepage

6. Slack

For most folks, Slack is another word for office communication. And it’s true, Slack is a simple no-nonsense tool that exists to boost team productivity and collaboration.

Slack’s workspaces let you organize company-wide communication through different channels. It lets you connect with your employees flexibly as and when needed while also letting you integrate with other tools and services you use every day which helps you do more work inside Slack. 

A picture of Slack's homepage

Conclusion

While employee performance is closely related to your organization’s operating efficiency, financial health is crucial in determining its longevity and profitability. This becomes a necessity as we progress through uncertain economic trends during these post-pandemic and remote work times. 

Product update

Why we decided to redesign the Fyle-QBO integration

May 31, 2022
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6
Min Read

The Fyle-QuickBooks Online Integration is one of the most popular integrations among Fyle users. This self-serve, bi-directional integration ensures quick setup, automated mappings, and an easy way to push expense data into QBO. Finance admins can export employee expenses from Fyle to QBO as a Bill, Expense, Check, or Journal Entry, with the required data coded. Additionally, the integration also enables an admin to import data that can be used while creating expenses, such as Chart of Accounts, Class, Projects, Departments, and Vendors from QBO to Fyle.

Overall, the integration reduces the time and effort spent in manually coding the correct data in QBO and helps Finance teams close books on time.

Why did we decide to redesign the Fyle-QBO integration?

In June 2020, when Fyle ventured into the US market, there was a strong need for integrations with Accounting systems such as QuickBooks Online; to automatically export expenses to the accounting system with the right information coded.

To support this, Fyle built an integration with QBO in record time (a month). This enabled the business use case of exporting reimbursable and corporate card expenses to QBO and importing Charts of Accounts, Projects, etc., to Fyle.

We onboarded several customers and accounting partners to Fyle, who used the integration to make accounting easier for clients.

How the Fyle-QBO integration is used

The Fyle-QBO integration successfully serves hundreds of Fyle customers and has exported 10,000+ expense reports to QBO. Over the last two years, we have received and solved a number of accounting use cases from our customers. We've added new features, such as:

  1. The ability to customize the description of the QBO transaction
  2. Importing QBO Tax codes and Vendors to Fyle
  3. Exporting expenses with a date stamp of the new accounting period when the previous accounting period is closed
  4. Allowing admins to create a custom expense field from the integration and map it to a QBO dimension such as Class, Department, etc.
  5. Mapping corporate cards in Fyle to specific card accounts in QBO to code expenses to the right credit card account

Redesigning the integration

At the same time, we have also received feedback that the app’s navigation is complicated, and the integration UI requires a certain learning curve in order to complete setup, before it can be used. Some feedback that we have received includes:

  • Navigating across multiple tabs and sections while setting up the integration.
  • Lack of help nudges or examples while setting up the integration. This would come in handy, especially if users are self-configuring the integration.
  • Multiple steps to export expenses to QBO. Users must first import the data from Fyle and then export it from the integration.
  • In the case of failed exports, error resolution was difficult. Users had to navigate to different screens to understand and fix errors. For example, if the error was because of a missing Food category mapping, users could not complete this action right from the error page. Instead, they had to navigate to the ‘Category Mappings’ page to fix it.

Keeping these pain points in mind, we embarked on a journey to redesign the Fyle-QBO integration to offer an intuitive and refreshingly easy experience.

What is different in the Fyle-QBO integration 2.0?

This reimagined version of the Fyle-Quickbooks Online integration will allow customers to easily set up the integration, effortlessly export expenses from Fyle, and resolve any errors in the blink of an eye.

Simplified Onboarding

1. The Fyle-QBO integration 2.0 is easier to setup

In the previous integration version, ever step in the onboarding redirected the user to a different page (see below), breaking the flow of the process.

In the QBO integration 2.0, the onboarding happens in a guided manner, where the user can configure the steps in a single screen. They're always aware of exactly what step they’re on, and how many steps are pending before the setup is complete.

https://downloads.intercomcdn.com/i/o/520258011/7b1a90e0bfe035c94c7ccf67/onboarding.png

The new onboarding contains info messages, examples, and previews wherever necessary, in order to assist the user to make decisions at every stage.

https://downloads.intercomcdn.com/i/o/520259632/91407c28b7c2bd5ab454c0ac/Screenshot+2022-05-27+at+5.19.23+PM.png

2. Intuitive navigation to configure mappings

Earlier, data pertaining to related configurations was captured in different sections of the integration, which meant users had to navigate to multiple tabs.

For example, while setting up how expenses had to be exported from Fyle, the export type was set up in the ‘Configurations’ section, the bank account to which the expense is to be posted was set up in ‘General Mappings’, and finally, the date and the expense grouping were set up in the ‘Import & Export’ section as shown below:

Image showing 'Export Type' configuration in previous QBO integration version
Image showing 'Bank Account' configuration in previous QBO integration version

Now, in the new integration, all related activities are clubbed into one single onboarding step, which can be performed together, instead of being redirected to multiple tabs. For example, while choosing the expense export type, the admin can also set the date that should reflect on the export, the bank account to which this should be posted, and the state from which these expenses have to be pulled in from Fyle.

https://downloads.intercomcdn.com/i/o/520261086/649824aa0d195568d300ce2a/Screenshot+2022-05-27+at+5.22.31+PM.png

Generally, in the new design, we’ve ensured all the export-related features are configured in the ‘Export Settings’, all import-related features are enabled in the ‘Import Settings’, and all additional optional configurations that allow admins to customize and automate their business workflow can be completed in ‘Advanced Settings’ as shown below:

Image showing 'Export Settings' in the new Fyle-QBO Integration
Image showing 'Import Settings' in the new Fyle-QBO integration
Image showing 'Advanced Settings' in the new integration

Exporting and Error Resolution

1. Admins no longer have to manually import the data from Fyle to export to QBO.

Earlier, users had to manually import expense data from Fyle, and then export it to QBO.

Image showing multiple import and export steps in the old Fyle-QBO integration

In the new integration, users can export data with a single click. The new version will automatically pull in expenses that have reached ‘Payment Processing’ or ‘Paid’ state in real-time, ready to be exported to QBO.

Upon successful export, admins can quickly view the status of the export, and whether all the expenses have been exported to QBO, right in the dashboard.

2. Errors are visible in the dashboard, and users can quickly resolve them

If the exports have failed due to mapping errors (for ex, missing category), the error reason is visible in the dashboard as shown in the image below:

Admin can quickly resolve the errors by mapping the missing values directly from the dashboard.

Image showing real-time resolution of export mapping errors, without being redirected

A reference list of all failed expenses along with their Fyle link is also provided for the admin in the dashboard.

Compared to this, in the old integration, users had to navigate through multiple screens in order to successfully resolve errors, as shown below

First, users had to come to the ‘Expense Groups’ tab from the ‘Import and Export’ section to view all the failed expenses.

They then had to click on each expense to look at the error due to which the export failed. For example, in this instance, the expense failed to export due to a missing Food category mapping.

Users then had to navigate to the Category mapping section to fix the error, and map the Food category in Fyle to a corresponding category in QBO.

This long process is now shortened with easier error identification and quick fixes from within the dashboard, where the users don’t have to navigate different sections.

3. Export Logs that help admins keep track

Last but not the least, In the new integration, a log of all successful exports is available in a single place. This enables admins to search by unique IDs and filter by different timelines. The export logs give the admin the reference links of these expenses in Fyle and QBO for easier access and further analysis.

With all the new updates, the Fyle-QBO integration 2.0 will help admins export expenses automatically, with the required data in a timely manner, so accounting becomes accurate, and easy.

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. 

SUGGESTED READ: 

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. 

SUGGESTED READ: 

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.

SUGGESTED READ:

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.

SUGGESTED READ:

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

Challenges in corporate credit card reconciliation process

March 3, 2020
|
5
Min Read

If you’re a growing business, the move towards getting a corporate credit card becomes a necessity. This small plastic card gives businesses higher power and convenience in managing business expenses and more. 

While all of this makes the corporate card seem like a boon, it also has a downside to it. If managing business expenses is a challenge for your business, chances are you also face challenges in your corporate credit card reconciliation process. These processes, if not handled efficiently, can cause financial leaks. This can prove detrimental to the health and growth of your business. 

Below, we will discuss:

  • The importance of Corporate Credit Card Reconciliation
  • How to effectively reconcile Corporate Credit Card expenses
  • Reconciliation challenges finance and accounting team face 
  • Efficient  and easy ways to overcome these challenges

SUGGESTED READ:

How to select a Corporate Credit Card program for your business

Why is the Corporate 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 charges for their expenses. The expense details are then manually matched to the company’s internal finance record to look for any discrepancies. 

This process ensures:

  • The money leaving the account is equal to the amount spent in one fiscal period
  • No fraudulent activities 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. 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.

Pro tip:

Paper expense report forms, Excel sheets, and receipt scanners are the different ways that companies use to store the details of their business expenses.

Step 2: Matching expenses to transactions

With the receipts in hand, finance teams can now match credit card statements to reported business expenses.  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 error

There are always chances of error, either with or without intention. These errors can be corrected if you notify your bank at the earliest. Ensure timely action by reporting any unauthorized activities or fraudulent behavior.

Some examples of commonly occurring errors with card reconciliations are:

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

SUGGESTED READ:

How to manage receipts effortlessly (For the modern employees)

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. This process is not only inefficient but also forces employees to put in long hours of manual labor. This, in the end, only 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 methods of reconciliation include a high-involvement of employees but do little to remove human-prone errors. 

In case an employee uses the card for personal expenses, there needs to be a way to flag violations accurately. 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 there are no errors made by the vendors or credit card issuers. 

  • Curbing an increase in the volume of transactions 

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

Along with multiple card programs for various employees, departments, and categories, all the data needs to be pulled and managed under one tab. 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 conducted 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 transactions that are already matching rather than with entry-related problems.

The traditional approach to credit card reconciliation offers no quick and coherent method to find policy violations. Employees have to painstakingly go through every transaction to make sure expenses are following the company's travel and expense policies. This further adds to the delay.

Whenever an employee uses the company's credit card for personal expenses or overspends, there is no 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 to multiple duplicate expenses.

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 huge 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, irrespective of all the time and effort they put in, 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 gives the ability to 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 also drastically reduce.

  • 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 having to verify and approve large quantities of transactions manually.

Additionally, an expense management software helps:

  1. View and store all transaction details under one centralized dashboard.
  2. Record all and any changes in the form of a digital audit trail
  3. Enable employers and finance teams to gain a cursory view of all expenses
  4. Identify and rectify any errors before they are processed.
  5. Streamline the entire process and also facilitate faster reimbursements. 
  6. 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 makes sure the expense policies and guidelines set by the company are in alignment with every expense report claim submitted by an employee.

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

  1. Notify all stakeholders of a flagged expense. 
  2. Run automatic policy-checks to reduce the chances of fraudulent activities, duplicate claims, and overspending by employees.
  3. 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 can quickly help identify and rectify errors. It also ensures the company stays ahead with its audit and tax filing. Lastly, it works as an active catalyst in increasing employee compliance.

The credit card reconciliation process consists of several phases and processes. These processes need to be followed to the dot to avoid any execution errors. Having a clear view of roles and responsibilities helps teams to stay prepared. 

Additionally, all stakeholders are well-aware of the process, rules, and consequences of not following them. This ensures transparency across the company. 

In conclusion 

The corporate credit card reconciliation process is a crucial task for understanding the financial standing of a company. It is also a necessary process to check if your employees are indulging in any fraudulent behavior. Lastly, it helps identify and solve credit card errors and settle disputes with banks and vendors, if necessary. 

Manual, paper-based methods can become a complicated procedure involving government policies and your employee’s time and money as well. But this is a tedious and time-consuming process that can be eased by the use of technology.

Do you want to upgrade the way your business  reconciles credit card spends? Fyle comes equipped with features like automated reminders, duplicate detection, and card transaction reversals to make the reconciliation process seamless.

Schedule a demo today to make expense management easier, faster, and accurate for all the stakeholders!

Reconcile-Corporate-Credit-Card


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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