[Funding announcement] Welcome Steadview Capital! đź‘Ź
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…
A guide to defining air travel policy for your employees
Did you know corporate travel spending is expected to hit $1.7 trillion by 2022? It is now more critical than ever for businesses to have a capable T&E software to control travel spends. With the growing number of employees that travel on business, companies must have a clear air travel policy in hand. An air travel policy helps trim and eliminate out-of-policy and fraudulent expenses around business travel. In this article, we look at how to create an effective air travel policy from ideation to implementation. Additionally, we list down some of the best practices around seamlessly adopting and enforcing these policies within your organization. What does an air travel…
How to manage employee expenses from a central expense management dashboard?
Imagine just how much time, effort, and money your business could save if it just had a simple centralized expense management dashboard to track, monitor, and report activities to you? An expense management dashboard can provide you and your finance team with that convenience. It can collate and analyze key metrics to provide you with clear and comprehensive information. An expense management dashboard also provides a central location to monitor and analyze information collected from multiple sources. In this article, we discuss why a business should have a central dashboard for its expense management and the numerous benefits it brings along. Let’s get started! Why do businesses need a centralized…
Employee expense management ideas for startups
90% of startups fail! Yes, 90%. The primary reason behind this is self-destruction rather than competition. You may have a great idea that could change the world. But you can easily slip into the significant percentage of startup failure. This is if you are not strategic about managing your costs and expenses from day one. Allocating and tracking employee business-related expenses will only get more complex with growth. Your business needs to have a strategic approach in place to tackle whatever challenges it brings forth. It can be a daunting task to add up all the expenses and make future projections with little financial history to go about. But that…
How to create employee expense reports in Quickbooks Online with Fyle?
Expense reporting is loathed across the globe by employees. Manually entering all receipt information into Excel-based report sheets is time-consuming and demoralizing. Yet it is prevalent today. But times are changing, as advances in technology have given rise to SaaS solutions to help curb the issue of expense accounting and management. These are known as TEM or travel and expense management software. TEMs are changing the way businesses and individuals deal with expense reporting by redefining and enhancing the entire process. For accountants and employees, creating and approving expense reports and reimbursing employees is a hassle when using Excel sheets. To help fix this, Quickbooks can be integrated into Fyle…
How expense management software helps real estate agents?
Whether you work independently or work with an agency, keeping track of all your business costs and operational expenditure is tricky. Manually keeping track of every single expense is annoying, especially when dealing with many clients and traveling all over the place. Additionally, expense reporting becomes doubly important when it’s tax season. Otherwise, you may end up with a huge financial mess. The new advent in expense tracking and reporting has opened other ways for real estate agents. Expense management software has solved many of the issues faced by various individuals and businesses alike. However, TEMs are seen as solutions to only large companies and are not known by real…
Can web-based expense management reduce reimbursement time?
Employee expenses are in a bind when the time comes to get reimbursed. Sometimes they make a mistake, and that delays the rest of the process. Sometimes an inefficient expense reporting process itself can cause problems. There is cause to believe that both sides of the reimbursement mayhem can be improved. But where do you begin? One of the critical signs that a business’s expense management system truly works is seeing how fast an expense takes to get reimbursed. That gets us back to the process, so can companies benefit from making a change in that aspect? Let’s find out. What is web-based expense management? Expense management or Travel and…
Does your ERP expense management do more harm than good?
A research conducted by Aberdeen Group revealed that when an ERP was integrated with a suitable T&E expense management software, there was “33% decrease in cost related to expense-processing, a 34% increase in the rate of compliance of travel policies, and 35% faster reimbursement.” Are you receiving the same result? Or has your ERP system slowed down your operational activities? Here, we will look at ERP expense management and the role it plays within your business. Additionally, we will look at some indications that suggest it’s time for your company to consider changing your ERP system. ERP and its role A streamlined approach is an integral part of achieving your…
How to create a reliable expense management process for travel managers?
During a business trip, your traveling employees need to lug around not just their luggage but also their receipts for business expenses. If they happen to lose out on these receipts, they may end up losing out on their personal money. This can disrupt employee motivation resulting in them avoiding business travel. To help ease out these problems, most businesses take the help of travel managers. Travel managers help streamline business travel for your employees. They help with hotels, flights, and sometimes even local travel while on a business trip. A travel manager needs to consider numerous aspects of expense management for global business travelers. This makes the process complicated.…
10 things to consider before shortlisting expense management vendors
If you are searching for an expense management solution, the chances are high that you are creating a list of vendors to evaluate. You probably went through multiple solutions and attended product demos for a number of them. But were you able to quantitatively and qualitatively gauge the software of your choice? In this article, we outline 10 points to keep in mind while you are creating your list. Company size Your choice of expense management software will vary depending on the specific needs of your company. One of the requirements is whether the software can accommodate the needs of all your employees. The company size parameter becomes quite essential…
How does expense management software help with taxes?
Business taxes are often considered the tricky part for a finance team. You can have questions about various laws and rules, which can lead to confusion. Is this payment taxable? Can we claim a deduction? During the tax season, you can hear such questions, if you happen to pass by your friendly accountant’s desk. To add to this list, we have employee reimbursements, often overlooked in most companies. Improper management of T&E expenses can lead to poor employee experience and a loss of money for your company. In this article, we discuss the tax rules and regulations around employee expense reimbursements. We also explore the importance of expense management software…
