[Funding announcement] Welcome Steadview Capital! 👏
It gives me immense pleasure and pride to state that we’ve closed additional funding from US-based investor, Steadview Capital. Setting a new standard in expense management loved by today’s ever-evolving generation is no small feat and Steadview’s contribution with long term investments aligned with our vision just right. With Steadview on board, our total raised investment stands at $10.6M, of which we raised $9M in the past 5 months alone, starting with our Series A led by Tiger Global. 2019 so far has been amazing for us. We began the year with a nimble team of 25 and are now 75+ strong! (and growing). We’re indebted to our strong culture…
Your guide to 2020 IRS mileage rate
Does your business reimburse employees for mileage? If so, did you know the IRS revises the standard mileage rate each year? After a significant increase in the mileage rate for the use of a personal vehicle for business purposes in 2019, this year the rate has slightly decreased. Below, we have compiled the latest information on the mileage rate published by the IRS (Internal Revenue Service). Let’s dive in! The new standard mileage rate for 2020 There have been some significant changes in the mileage rate this year. These changes will be applicable, starting from January 1st, 2020. The new IRS standard mileage rate can be used by taxpayers to…
Is Car Allowance Taxable Under IRS Rules?
Most companies, reimburse employees for miles traveled or get a flat-rate car allowance. Whether or not your car allowance is taxable is essential not only for you to know but also for your employer to have rules and regulations on. Does your company provide reimbursements for your mileage and vehicular wear and tear? Some employers go so far as to leave it up to the employees to address if they want their car allowance to be taxed on their W2 tax form. Hence, it is essential to know as an employer and employee, what you can and can’t do. To help you, we have crafted a short blog with everything…
The ultimate guide on how to hire a CFO
Effectively managing a company’s finance is one of the most critical aspects of sustainable business growth. Without a solid financial foundation, your company could crumble from the inside out. This could also prove detrimental to the health of your business. Hence, you must understand the nuances of who to hire a CFO to make the right choice for your business. A Chief Financial Officer (CFO) is responsible for managing all financial actions of a company. This includes planning, cash flow management, and identifying a company’s financial strengths and weaknesses. They also play a critical role in risk detection and aversion. If you are in the process of hiring a CFO…
IRS guidelines for California mileage reimbursement
People take over 1.3 million business trips every single day and as many as 448 million per year. That’s a lot of miles and ground covered. Whether employees are traveling by car, plane, or train, they deserve reimbursement. Travel takes a toll on the body and people’s personal vehicles. But exactly how much reimbursement are employees entitled to? This article will cover the rules, regulations, and laws surrounding California mileage reimbursement to help both you and your employees. What constitutes work-related mileage? One question, both employees and business owners often have are – what types of travel are eligible for mileage reimbursement. To help you we have listed some of…
Business travel guidelines for seamless expense reporting
With multiple employees traveling to multiple places to carry out business, keeping track of expense claims can get challenging. Hence to simplify the process, companies provide their employees with business travel guidelines that help them keep their business expenses in check. But does the onus of following these policies to the dot fall only on the employees? Are they to read lengthy guidelines with complex jargon to get reimbursed for their own money? Tight deadlines, defined targets, and KPIs keep your employees on the run. As a result, they may either tend to forget or might ignore reading through the guidelines altogether. But can we blame them for that? Hence,…
Things to consider while designing an expense approval workflow
It’s not uncommon to see a business having a set expense approval process in place to make sure everything is as per the guidelines. Businesses sometimes resort to tools like ERPs and accounting softwares to help ease out the process. But these solutions are function-specific and do not help in the overall expense management process. Hence it’s become critical for businesses to have an effective expense approval workflow in place for approvals as they constitute a large part of the expense management process as a whole. But where does one start when it comes to designing an expense approval workflow? In this article, we discuss the nuances of an expense…
Global expense management for multiple business units
With globalization, it’s not uncommon to see an organization operating with several business units or offices across the country or even globally. With this growth spurt, it is vital to handle expenses effectivity to maintain the financial health of an organization. For this, organizations may end up using an ERP or enterprise resource planning software. These solutions help with business processes, accounting, budgeting, and more. However, they are difficult to customize according to business needs. They may also lack features that allow for more advanced options and decision making. ERPs do not come with features like expense tracking or digital audit trails. Further, they do not eliminate manual expense reporting…
A guide to expense management in NetSuite
Are you a finance executive or a business owner looking to scale the growth of your organization? In that case, you have likely come across NetSuite while on the search for accounting software to suit your business needs. Netsuite is an Enterprise Resource Planning (ERP) software that provides companies with a reliable accounting solution. Along with their accounting software, they also offer customer relationship management, human resource management, payroll management, and other such offerings to help run a business. Below, we discuss the benefits of using Netsuite as an ERP software for managing expenses Also, we will see the added advantage of integrating ERP with an expense management software. Let’s…
Mobile-based receipt data extraction is the new standard in expense reporting
Are you looking to replace your traditional expense reporting methods with a modern one that can meet your business needs? Receipts and expense reports help businesses evaluate if they are utilizing their company’s finances appropriately. Especially when you have a growing number of employees making business-related expenses, this becomes all the more crucial. But if your business is still using the traditional method for expense reporting, it can prove to be a challenge. The entire ordeal can take up a considerable amount of your finance team’s productive hours as well as your employees. Consequences of using the traditional means of expense reporting: Employees can put off reporting expenses on time…
How to use cost centers for IT expense management with Fyle?
Every organization has departments that control and optimize the business processes in various ways to indirectly improve profitability. These departments cost money to function but do not directly create profit. They generate value to the business by costing money to operate, that’s what gives them the name: Cost center. Cost centers should not be confused with profit centers. Profit centers are departments or functions that directly generate profit for the business. Some examples of cost centers are human resources and accounting departments. These two, in particular, deal with keeping company expenses in line or below the budget. Cost centers are an integral part of a growing business, as many of…
