Fyle’s Gmail Add-on to do your pesky Expense Reports
Let us put it this way. Fyle loves Gmail. We started by building the world’s first chrome extension for reporting expenses from Gmail. Two years later, add-ons have rekindled our love for Gmail. For the uninitiated, add-ons can be used inside Gmail to automate repetitive tasks. From tracking sent emails to updating your CRM, you can find a host of apps in the GSuite Marketplace to make your life easier. While there are multiple add-ons for CRM, invoicing, and task-tracking, we found none for expense reporting. We felt it was our call to deliver something extraordinary, and we were up to the challenge. We are proud to announce that today…
Everything you need to know about managing employee travel expenses
Your sales employees are always on the move. But do you know what slows them down? – Reporting employee travel expenses! As sales folks, they may incur a varied range of expenses. Some everyday business expenses incurred are transportation, dining, accommodation, and other miscellaneous expenses. A study conducted by GBTA states that: “Business travel is estimated to grow to $1.6 trillion in annual spends by the year 2020.” This means that you can no longer take your business expenses and employee travel expenses lightly. But does your business efficiently manage these expenses? In this article, we look into the key elements that constitute employee travel expenses. Additionally, we understand the…
How to create an accountable plan for reimbursing employee travel expenses?
Are your employee travel expenses and other business expenses complaint with the set regulations in your city or country? If you are unsure, unaware, or want to neglect such regulations around employee travel expenses – your business health could be in trouble. Many times, employers pay a lot of attention to specific functions in their business. As a result, they turn a blind eye to other functions such as expense management. Though this may not affect your business now, not staying complaint or failing to monitor employee travel expenses could prove detrimental. In this article, we talk about the various facets to staying complaint when it comes to reimbursing employee…
How to effectively track Per Diems in an expense report form?
Are you a business that provides Per Diem allowances for your traveling employees? Most companies that want to avoid the long route of collating, validating and approving business expenses, opt for Per Diems. In such cases, you might not need an expense report form that contains all the details of your employee travel expenses. But you would still need an expense report form to document and map your Per Diem allowances. In this article, we talk about the mandatory fields that your expense report form or template must-have to adequately document Per Diem allowances at your organization. What are Per Diem allowances? Some businesses provide their employees with daily allowances…
How can businesses track mileage using an expense report form?
Your employees often travel using their vehicles for in-city client meetings. But is there a process that helps to record and adequately reimburse your employees for these spends? Most businesses use an expense report form for mileage tracking to reimburse mileage expenses. A mileage tracker or mileage expense report form works as a log record of all mileage expenses incurred by your employees. These expenses play an important role as they are used for both reimbursement and tax-deduction purposes. Business expenses under mileage reimbursement in an expense report form: Miles traveled to meet business clients: Your sales team needs to move about the city to meet your clients regularly. This…
4 data points your expense reporting form does not capture
Company growth and business expenses go hand in hand. On one end, your business is doing well. Your existing customers love your product/service, and you have been acquiring new customers at a growing rate. On the other hand, your salespeople have been traveling all the time, meeting prospects and closing deals. These business trips entail numerous expenses such as air tickets, accommodation, meals, entertainment, etc. While it is great that you have revenue coming in, it is equally vital that you account for the money that goes out. Most companies set aside a portion of their budget for Travel and Entertainment (T&E) expenses. The finance team has to account for…
How to track expenses on an expense report form?
Creating a custom-made expense report template is a time-consuming task. To help save on time, most businesses opt for a readymade free expense report form or template. These templates are generic and try to accommodate for the general needs of a business. The most commonly used templates are Word, Excel, or Google Sheets. But should you use an expense report form without any customization? Customizing your expense report form can help add a sense of objectivity while gauging and streamlining your expense management. Hence, businesses must not stick to the available templates. Instead, use a template to build upon with fields specific to your business. In this article, we try…
How to review and approve expense reports?
Expense approval seems effortless on the surface. The secret lies in a click of the button. If you are still doing it on paper (which you shouldn’t,) a signature is all it takes. As a finance executive, you are already knee deep in paper-work. You need to prepare the financial statements, handle budget planning, prepare revenue forecast and so on. Among such tasks, usually, expense report reviews are down the priority list. When you are reviewing and approving heaps of expense reports daily, you may overlook a few violations here and there. We understand it is not intentional. Although the mistakes in expense reports doesn’t seem like a big deal…
Expense report template: Why businesses shouldn’t use them!
Are you a business that uses an expense report template to manage your business expenses? The desktop era gave rise to the use of templates to manage almost all our daily activities. Be it for tax purposes, managing personal expenses, or even our meals. There was and still is an Excel sheet for everything. And, thus began the era of the expense report template. Using expense report templates to manage business expenses has been a long-dreaded excuse for cutting costs. As per a study conducted by Levvel LLC, it shows that 62% of the employees still use manual entry and routing of expense reports. Does your business use such a…
How to Create an Expense Report in Under 5 Minutes
Expense reports. We know, everybody hates expense reports! Creating and submitting an expense report is undoubtedly the most dreadful experience for any employee who needs to claim a business expense reimbursement. Let’s take the example of Mischelle, a senior sales associate who often needs to travel far and wide to close business deals. Some of the everyday expenses incurred by Mischelle are personal travel, stay, and food bills. Mischelle also needs to wine and dine with her clients for sales meetings. This means truckloads of receipts by the end of her business trip. This also translates to hours of productive time wasted in managing business expenses and getting reimbursements on…
What is a T&E expense report and why is it important?
T&E expense is an inevitable part of any growing business. The percentage-use varies based on the company size. Nevertheless, companies have to still allocate a part of their budget for T&E. A recent report by JP Morgan’s report sheds light on Corporate T&E spend benchmarks. According to the report, Fortune 500s spend close to one-third of their T&E spend on travel, which is more than how many media to large enterprises would spend. Though non-travel spends are much lesser in Fortune 500s, they take up close to 17% of the T&E budget in mid-sized to large business. What this essentially means is, no matter the size of your company, T&E…
