How to Promote Financial Transparency in Your Company

April 18, 2024
Min Read

Transparency has shifted from a buzzword to a crucial business method for achieving success. As innovative startups and forward-looking companies have shown, embracing financial transparency goes beyond mere numbers on a balance sheet—it's about nurturing trust and empowerment within your organization.

When companies openly disclose salaries, share performance reports, and integrate transparency into all aspects of their operations, they experience clear positive changes in not only their performance but also the work ethic of their team. Employee morale improves, retention rates increase and financial performance thrives. 

This article will explore strategies for promoting financial transparency in your business. Understanding the details of your company's financial well-being is more than just crunching numbers – it's about building resilience against unforeseen challenges so you can overcome times of financial hardship. 

What is Financial Transparency?

Being transparent about finances in a business involves being open and clear about its financial status. It's like having a window into the company's financial activities through which everyone can see what's happening. This includes details like the company's earnings and expenses, as well as salaries and investments.

When a business practices financial transparency, it shares this information with its employees, stakeholders, and sometimes even the public. It's not just about showcasing the positive aspects, like profits, but also being truthful about any challenges or financial obstacles the company may encounter.

Picture yourself as part of a team working for a company. Through financial transparency, you would be aware of the company's financial health. You would comprehend why certain decisions are made, such as whether you have the funds to bring new hires on board or provide salary increases. 

When combined with other employee retention strategies, like human capital management (HCM), your business can foster a transparent workforce where employees are more likely to trust you and work harder for your company. 

Benefits of Financial Transparency

Source: Sketch Bubble

Financial transparency isn't only about sharing numbers; it brings plenty of benefits to businesses. Here are some key advantages to being open and honest about your business’s finances. 

Increased Trust and Credibility Among Stakeholders

When a company is transparent about its finances, it builds trust with investors, customers, and other stakeholders. By openly sharing information, the company demonstrates honesty and integrity, which enhances its credibility in the eyes of customers.

Enhanced Employee Morale and Engagement

Source: Fit Small Business

Employees feel more valued and engaged when they have insight into the company's financial performance. Knowing how their work contributes to the bottom line creates a sense of ownership and pride in their hard work.

Combining financial transparency with openness in employee contracts can also improve morale. For instance, holding regular meetings that cover salaries, potential promotions, and the details of their contract, such as whether they are exempt vs non-exempt, can help to boost engagement at work. 

Transparency for your employees also helps them to understand the reasons behind certain decisions, leading to better morale and more motivation among team members. 

Streamlined Decision-Making Processes

Free to use image sourced from Unsplash

With access to key financial data, your employees can make better choices about what’s best for the company. Being open and transparent about all your financial information enables leaders in your organization to assess risks and identify opportunities for growth. This results in quicker and better decision-making in the long term. 

Enhanced Accountability and Financial Management

Financial transparency promotes accountability in your business. When your employees have visibility into your company’s financial health, they are more likely to take better ownership of their roles in the business. 

Strengthened Relationships With Investors and Creditors

Investors and creditors value transparency when evaluating your company's financial health and prospects. By providing clear and accurate financial information, your business can build stronger relationships with its investors and creditors and actively prove that it can manage resources responsibly. 

How to Promote Financial Transparency in Your Company

Source: Inc Magazine

You are now aware of why financial transparency is a smart option for your business. Let’s set out how you are going to start being open about your finances with employees and stakeholders. 

Define Your Transparency Goals and Boundaries

Before diving into the realm of financial transparency, you need to set clear goals and boundaries. 

Define what information will be shared and who can access it. Determine the level of transparency that aligns with your company's values and overall objectives. By setting these parameters upfront, you create a roadmap for promoting transparency while safeguarding all your sensitive financial data.

Implement Regular Financial Reporting Schedules

Source: Corporate Finance Institute

Staying consistent with report releases plays a crucial role in improving a business's financial transparency. Establish routine reporting dates to guarantee that you share financial data consistently and on time. 

Whether it's monthly, quarterly, or yearly reports, sticking to a structured schedule helps you take accountability and keeps stakeholders updated on your company's financial status.

Also Read:

Emphasize Ethical Behaviour in Financial Decision-Making

Transparency and ethical conduct are essential when making financial decisions. Consider promoting integrity, truthfulness, and responsibility among staff members who are involved in your financial affairs. 

You should stress the significance of following ethical norms and steering clear of situations that could lead to conflicts of interest. By nurturing an environment that values ethical behavior, you establish a basis for trust and reliability that can help you reach financial transparency.

Adopt Transparent Accounting Tools for Real-Time Data Access

Consider investing in accounting software that provides instant access to data. You might want to opt for a cloud-based platform that allows your stakeholders to view financial data from any location at any time. 

Select tools that offer a clear view of financial transactions, budgets, and performance indicators. Some financial tools, like QuickBooks and Sage, instantly generate financial reports that you can share with your team. 

Provide Training on Financial Literacy to Enhance Understanding

Encouraging financial awareness among staff extends beyond providing basic training; it involves developing comprehensive programs that you customize to meet your employees' requirements and expertise levels. 

Incorporate multiple learning methods, such as interactive workshops, interesting seminars conducted by financial specialists, and easily accessible online courses. You’ll need to address a broad spectrum of subjects, ranging from fundamental principles like budgeting and interpreting financial reports to more advanced topics like risk management and investment tactics. 

Foster Clear and Consistent Communication With Stakeholders

Source: Reintech

To foster clear communication, you must establish trust and nurture important connections with all the people involved in your finances.

Make sure you set up reliable communication channels that cater to your team's needs. This could include regular in-person meetings, sending informative reports via email, or hosting interactive webinars that can be accessed from home. 

It's crucial to ensure that all the information you share is relevant and presented in a way that is easy to understand without using technical jargon or complex language. Encourage open dialogue by seeking feedback, addressing any questions or concerns promptly, and actively listening to the viewpoints of stakeholders. 

Encourage Open Dialogue About Financial Matters

Building a culture that promotes open communication goes beyond just urging employees to express themselves; it’s about creating an atmosphere where different viewpoints are respected and meaningful discussions about financial issues are actively encouraged. 

To encourage more open dialogue, you need to actively establish a feeling of trust and safety where employees feel at ease sharing their thoughts, asking questions, and challenging assumptions without the fear of negative repercussions. To do this, organize regular meetings or gatherings that focus on openly discussing financial matters. This gives employees a platform to share their perspectives and contribute ideas that may help your business in the long term. 

By nurturing open dialogue, you empower your employees to play an active role in shaping the financial future of your company.

Conduct Independent Audits To Verify Financial Statements

Regular audits of your statements are crucial for maintaining your financial accuracy. Rather than doing your audits in-house, you should opt to hire a third party to improve your business’s credibility. Well-established auditing firms will have the expertise necessary to perform a thorough evaluation of all your financial records. These audits need to follow all legal mandates so your stakeholders can be confident that your company’s records are reliable. 

An Example of Financial Transparency: Patagonia

Patagonia, the outdoor apparel company, is a well-known example of financial transparency. Unlike many corporations, Patagonia publishes an annual cooperation report that details its revenue, profits, and how it allocates its funds. This includes:

  • Product cost breakdown: Patagonia breaks down the cost of its products, including materials, labor, and overhead. This allows consumers to understand the true cost of their products and the company's profit margins.
  • Tax contribution: Patagonia discloses its tax contributions, allowing consumers to see how much the company pays in taxes.
  • Environmental and social responsibility contributions: Patagonia is a company known for its environmental and social activism. Its financial report details how much it contributes to these initiatives.some text
    • 1% for the Planet: Patagonia famously donates 1% of its sales to environmental causes. Unfortunately, the exact dollar amount isn't provided in the report. 
    • Worn Wear Program: The report mentions 169,944 pounds of used Patagonia gear were responsibly recycled in 2021 through their Worn Wear program. This demonstrates their commitment to a circular economy but doesn't provide specific financial details. 

Also Read:


Establishing financial transparency within your company is much more than a mere business routine – it’s a strategic necessity that fosters trust and responsibility. Embracing transparency sets the stage for stronger relationships with your stakeholders and empowers your employees to make well-informed decisions that will contribute to the success of your business. 

From setting clear transparency objectives to carrying out audits from a third party, each phase can help you foster honesty and integrity in your company. Consistent communication, educational programs, and open discussions can equip your team to navigate complex financial situations far more confidently. 

As you set out on the path toward financial transparency, keep in mind that it's not solely about highlighting your achievements; it also involves recognizing obstacles and collaborating as a team to find solutions. 

Product update

This Quarter at Fyle: Direct Integration with American Express, MS Dynamics, IRS Mileage, and More

April 12, 2024
Min Read

We’ve kicked off 2024 at Fyle with an action-packed quarter marked by exciting new launches, partnerships, and ongoing enhancements.

Fyle’s Direct Integration with American Express, Virtual Cards

We’re thrilled to announce our integration with American Express, bringing you direct credit card data, automated reconciliation and the ability to issue American Express virtual cards from Fyle.

Direct Feed from American Express

If you have an existing American Express credit card program for your business, you can now use the direct feed feature in Fyle to automatically bring all of your credit card transactions into Fyle, giving you instant visibility into card spends. Employees can text their receipts and any mandatory details like project, cost center, etc. to Fyle. We’ll automatically create, code, and match the expense to the right credit card transactions, making reconciliations a breeze!

American Express Virtual Cards

Additionally, with your existing American Express credit card program, you can now create and issue unlimited virtual cards as an extension of your existing American Express credit line. Issue cards with in-built spend controls and limited for every purpose - travel, vendor payments, software subscriptions, contractors, and more. Your employees can add these virtual cards to their mobile wallets and make payments easily.

Every time users spend, they receive an instant text notification. They can simply reply with a picture of their receipt, and Fyle automatically matches it to the card transaction. Get real-time visibility and control over virtual card payments while retaining the benefits of your American Express credit line and rewards associated with your physical cards. Read more about virtual cards on Fyle here.

Comply with IRS Guidelines: Commute Deduction for Mileage Expenses

IRS guidelines require commute miles (distance traveled between home and work) to be deducted from mileage reimbursements. Fyle’s new automated commuted deduction feature helps you do just this!

Setting up this feature on Fyle is easy. Employees only need to add their Home and Work locations, and Fyle will automatically calculate one-way and two-way commute distances, ensuring precise deductions. You also gain complete visibility into employee activities, tracking applied commute deductions and accessing detailed information on actual and claimed distances. Read more about this feature here.

Admins and Approver can now Split Expenses

Till now, on Fyle, expenses could only be split by the employee while creating the expense, before adding it to an expense report. With this update on Fyle, you can now split your employees’ expenses as their admin or approver. This includes expenses that have already been submitted for approval. This eliminates back and forth, saving your time - you can easily split any expense on behalf of an employee without the need to send it back to them.

Restrictions on Expenses with Pending Transactions

To ensure that only clean data flows into your accounting integration, you can now restrict any corporate card expenses with pending transaction status from being split or submitted. For transactions coming in from the real-time feed, banks may take a while to settle the transactions, sometimes causing a difference in the pending and posted amounts. With this restriction, only expenses with posted (settled) transactions are submitted for approval and subsequently exported to your accounting integration.


Fyle - MS Dynamics 365 Business Central Integration

Another exciting news! Fyle now integrates with MS Dynamics 365 Business Central, becoming the only expense management software offering a pre-built integration with MS Dynamics 365 Business Central.

This two-way integration enables you to seamlessly import your Chart of Accounts as Categories and Vendors as Merchants into Fyle and export Expenses from Fyle as Journal Entries and Purchase Invoices in MS Dynamics 365 Business Central.

This integration can be set up in just a few simple steps within Fyle. You can also set up automatic export of expenses from Fyle to MS Dynamics 365 Business Central, with complete customization of the exported data. Learn more about this new integration here!

Fyle - Sage 300 CRE Integration

Fyle has introduced a two-way integration with Sage 300 CRE, becoming one of the first expense management systems to offer direct integration with an on-premises construction accounting system. This integration enables the direct export of reimbursable and credit card as AP invoices, complete with detailed expense coding using Job, Cost Code, and Category from your Sage 300 CRE account, significantly reducing your manual workload. Learn more about the integration here.

Upgraded Fyle-TravelPerk Integration

Based on valuable customer feedback, we have enhanced the Fyle-TravelPerk integration, offering extensive customization options for how you set up the integration. This includes the ability to configure payment profiles, designate expense creators, determine invoice structure, and map booking types to specific Expense or GL accounts. Once set up, the integration operates seamlessly, streamlining the entire expense management process for all your travel expenses.

Direct Export Support for Netsuite and Sage Intacct

You can now seamlessly export expenses from Fyle directly to accounting systems like Netsuite and Sage Intacct from the Reports page. This feature eliminates the hassle of toggling between tabs, making your workflow more efficient. Following its success with QuickBooks Online, this feature is now available to Netsuite and Sage Intacct customers and will be extended to Xero customers as well in the upcoming quarter.

Stay tuned

There are more exciting updates coming up in the next quarter!

The Fyle-Netsuite integration is going through a massive revamp following the success of the upgraded versions of Fyle’s integrations with QuickBooks Online, Sage Intacct, and Xero. This will reduce the onboarding time, enhance the export experience, and simplify error resolution, making using this integration effortless!

We’re also building a Budgets dashboard- where you will be able to track budgets in real time! As employees add expenses on Fyle, you can actively monitor the utilised and available amounts for all budgets you have created in Fyle. For each budget cycle, the data will help you for reporting and auditing purposes.


Travel Expense Management

Travel expense management

T&E: Your Complete Guide to Policies, Reimbursements, and Management

April 2, 2024
Min Read

Business trips are an exciting part of the professional world. They offer opportunities to connect with clients, explore new markets, and learn from industry experts. 

But let’s be honest, the whole act of filing an “expense report” can leave a bad taste in your mouth after an exciting journey. 

Fear not, this guide will equip you with the knowledge you need to navigate your T&E expenses like a pro!

What Does T&E Mean?

What is T&E? A definition from Fyle

T&E stands for ‘travel and expenses’ and is sometimes also referred to as ‘travel and entertainment.’ It includes all the work-related expenses you incur while traveling for business. Think of it as a budget for everything that fuels your professional adventures. This includes flights, hotels, meals, local transportation, and conference fees. 

What comes under T&E Expenses?

Source: The New York Times

While first-class flights might be reserved for bigwigs (for now), most companies reimburse reasonable expenses that keep you focused on work and not your wallet. Here’s a breakdown of the usual suspects:


Flights, trains, taxis, ride-sharing apps, and even rental cards to make a great impression during that important presentation. The IRS considers the cost of standard mileage, tolls, and parking fees as deductible business travel expenses. 


Hotels, Airbnbs, or any accommodation that you find suitable to keep you well-rested. The IRS allows deductions for reasonable lodging expenses, but remember these are typically limited to the federal per diem rates for the area you're visiting.


Business lunches to discuss strategy, dinner with clients, or even a grab-and-go breakfast at the airport. However, it’s important to note that currently, only 50% of business-related meal expenses are deductible by businesses under IRS Publication 463.


Conference feeds, registration costs, and sometimes business-related phone charges (double-check your company’s policy just to be sure!)

What to Include in a T&E Policy?

A clear T&E policy is like a compass, guiding both employees and employers through the world of business travel expenses. Here’s what it should cover:

Define What Expenses Are Reimbursable

Source: The New Yorker
  • Travel: Specifies types of transportation (flights, trains), any class limitations (economy vs. business), and mileage reimbursement rates. 
  • Lodging: Defines allowable lodging types and sets limits based on location or room types. 
  • Meals: States what meals are reimbursable and any limitations on amount or frequency.
  • Miscellaneous: Lists other reimbursable expenses.

 Approval Process

  • Pre-approval: Specifies situations where pre-approval is mandatory (e.g. when exceeding spending limits).
  • Approval chain: Outlines who approves expense reports based on the amount or type of expenses.

Expense Reporting

  • Deadline: Set clear deadlines for submitting expense reports after a trip. 
  • Receipt requirements: Clearly state the types of receipts required (originals, digital scans) and what information they must contain.
  • Record-keeping: Outlines employee responsibilities for maintaining travel records (itineraries, boarding passes).

Also Read:

Reimbursement Process

  • Timeframe: Specifies the timeframe for employees to expect reimbursement.
  • Non-compliance: Outlines the consequences of non-compliant reports.

Also Read:

What are the benefits of a well-defined T&E policy?

  • Everyone's on the same page: No confusion about what's covered.
  • Reduced frustration: Clear guidelines mean less hassle.
  • Tax compliance: Keeps your company on the right side of the IRS.

T&E: A Balancing Act For Businesses

T&E expenses are a powerful tool for business growth, but managing them effectively is crucial. Here’s why:

Cost Control vs. Growth

  • T&E is a big-budget item. Inefficient management can lead to wasted money. To control costs, a clear T&E policy with spending limits is required.
  • Business trips can also lead to new clients, industry knowledge, and employee development, all driving growth. 

Happy Employees, Happy Business

  • Manual expense reports waste time and cause frustration. 
  • A user-friendly T&E software improves employee morale by implementing clear T&E policies and reducing confusion for faster reimbursements. 

Staying Compliant, Staying Safe

  • Fraudulent expense claims can hurt your bottom line.
  • A secure T&E software can protect sensitive data while implementing strong T&E policies and approval processes to minimize risk.

By striking a balance between cost control, employee satisfaction, and compliance, businesses can leverage T&E to achieve strategic goals and fuel growth.

Common Challenges of Managing T&E

Let’s be real; managing T&E expenses can feel like an episode of your least favorite paper-work-filled reality show. Here are some common struggles that can turn your business trip into a bit of a nightmare:

  • Vanishing receipts: Those tiny bits of paper seem to have a life of their own, disappearing when you need them the most.
  • Manual data entry: Spending hours categorizing expenses can feel like an eternity. 
  • Policy confusion: Unclear guidelines can leave people wondering what exactly you can and can’t claim, leading to frustration and even potential misuse of funds.
  • Slow reimbursements: Waiting weeks (or even months) for reimbursements can seriously dampen your employees' travel enthusiasm. 

Also Read:

Managing Your T&E Expenses with Fyle

Cutting costs is a priority for any business owner, but business travel expenses always seem like a drop in the bucket. Here’s why you should reconsider:

Blind Spots In Your Budget

Most companies still rely on manual expense reporting, leaving room for errors and missed spending. Fyle can offer complete visibility into your T&E spending, ensuring you capture every expense. 

Hidden Cost-Saving Opportunities

Transparency is key. With Fyle’s data, you can identify areas for significant savings, like repeat vendors with high prices or out-of-policy employee spending (which is almost 20% of all T&E expenses!). Use this leverage to negotiate better rates and eliminate wasteful spending. 

Faster Reimbursements, Happier Employees

Even infrequent business travelers must be reimbursed promptly. Fyle streamlines the process, ensuring employees get their money back quickly.

Focus on Growth, Not Paperwork

Imagine a world where business travel isn’t bogged down by paperwork and receipt collection. A world where you can focus on building relationships, exploring new markets, and achieving strategic goals. This is the power of efficient T&E management with Fyle. 

How does Fyle achieve this? Through direct integrations with Visa, Mastercard, and American Express

Employees receive real-time transaction notifications via text message, each time they swipe their business credit card. They can then simply reply with a picture of the receipt for instant reconciliation and expense categorization. 

Fyle streamlines the entire T&E process, freeing you and your team to focus on what truly matters. Sign up for a demo today!

Travel expense management

Your ultimate 2022 guide to travel and expense management software

February 17, 2022
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. 


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.


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
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. For example, with a car rental for work, you have receipts from the rental agency, gas stations, and parking validation - that’s already three different types of receipts for just one corporate travel expense.

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. 


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.


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.


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.


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. 


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

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Corporate Card Reconciliation

Corporate card reconciliation

A Complete Guide to Credit Card Reconciliation

March 3, 2020
Min Read

This post was originally published in 2020, but the content has been updated for 2024.

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 2023. 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 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

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 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 Fyle’s Real-Time Credit Card Feeds Solve Your Reconciliation Challenges Permanently

Do your accountants still rely on broken bank feeds and delayed statement uploads for credit card reconciliations? 

Just imagine how much easier their lives would be if these transactions were recorded and matched in real time. Well, Fyle’s real-time credit card feeds let you do exactly that.

By connecting directly to credit card networks like Mastercard, Visa, and American Express real-time credit card feeds bring credit card transaction data directly to your expense management system as soon as a card is swiped. This means accountants don't have to wait for bank statements to arrive or chase employees for receipts. 

Since the transaction data is available instantly, accountants can track credit card spend, reconcile card expenses, track budgets, and identify unauthorized spend in real-time.  

Ryan Mckenzie Co-Founder & CMO | Tru Earth®

But this is just the beginning; here’s what else you can do with Fyle’s real-time feeds:

Receipt Collection via SMS and Other Everyday Apps

Fyle's integration with credit card networks like Visa and Mastercard allows employees to receive instant SMS notifications of all their credit card transactions. This helps them submit receipts for reimbursement quickly and easily, ensuring accurate and timely expense report submissions.

SMS receipt collection allows accountants to collect receipts instantly, which has reduced the time our customers spend on receipt collection by 48%. This simplifies the process by eliminating the need for employees to scan and upload receipts, reduces back-and-forth communication between accountants and employees, and eliminates the need to send reminders.

Normand Chevrette President & CEO | CME CORP

Automated Credit Card Reconciliation

Depending on your card program, accountants need to wait until the bank makes card data available to manually match transactions. 

But now, Fyle's real-time credit card feeds automatically reconcile transaction data with receipt data as soon as the receipt is uploaded by the user. The credit card reconciliation process, which takes days to finish, can now be completed in less than 2 minutes with Fyle. All this without changing your existing credit cards!

Also Read:

Increase Employee Compliance With Real-Time Policy Checks

Fyle automatically checks expense reports for policy violations as employees create them. Depending on the organization's settings, the following may happen:

  • The expense report will not be submitted.
  • An automatic cap will be placed on the expense.
  • The expense report will be sent for additional approval.

Fyle's duplicate detection and implicit merge feature automatically checks for duplicate expenses. If two submitted expenses are found to be the same, the user is instantly notified and given the option to merge the two expenses. This helps to ensure that expenses are not duplicated, which can help to prevent fraud and improve compliance.

In Conclusion 

In today’s world, information is at your fingertips. But when it comes to your business credit card transactions, you’re stuck in the dark. You have to wait days or even weeks to get visibility into where your employees are spending money.

That’s where Fyle comes in.  We let you see it all in real-time, from anywhere in the world and it’s changing the way businesses manage and reconcile their credit card expenses. With Fyle, you get real-time insights into your credit card spend so you can make informed decisions about your finances.

Want to see how Fyle can help you? Schedule a demo today!

Corporate card reconciliation

How to use Fyle as your credit card management system?

November 19, 2019
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.


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. 


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!


Expense Policy

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