• expense-management-dashboard

    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…

  • expense-management-startup

    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…

  • ERP-expense management-fyle

    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…

  • manage-receipts-with-fyle

    How to manage receipts to ensure your team is always audit-ready?

    Receipts are probably one of the most critical components of your expense management process. So how does your organization manage all the receipts? Do you face a problem with storing and tracking of receipts? Does receipt management cause a hindrance for your finance and accounting teams? Whether you want to clarify an error in your employee expense report or reclaim VAT, receipts are necessary to do so. Receipts play a vital role in your corporate card reconciliation process too. It can be used to match records and transaction statements correctly. It can also help to identify if there is any difference between internal finance records and bank statements.  Receipts help…

  • Big-data- expense-management-process

    How can big data strengthen your expense management process?

    Did you know,  “There is an 8% rise in revenue and a 10% reduction in costs when an organization incorporates big data into their processes.” This was reported recently by the Business Application Research Centre. Due to such positive financial results, most companies are actively looking to invest and explore big data. Data has become limitless in today’s digital age. If harnessed properly, it can give clear insights into patterns that can be used by companies to make decisions. Hence, it can further streamline processes and enhance business profitability. So how can we utilize expense management big data? Can it make a difference in time and cost? How can it…

  • ensure-security-expense-management-software

    How to ensure security and data breach don’t affect your expense management software?

    According to the annual “Cost of a data breach”  report by IBM and Ponemon Institute,  “In the United States, data breach costs a company an average of $8.19 million, an increase from $7.91 million in 2018. The costs are also more than twice the global average.” The report also states that the effect is felt for years, even after the initial cyber attack. A clear example is the case of Equifax. Even though the cyber attack happened on Equifax two years ago, the company is still feeling the repercussions of the attack. So what are the measures you’ve taken to reduce your chances of being attacked by cybercriminals? Is your…

  • non-profits-expense-reimbursement

    Non-profit expense reimbursement guidelines and best practices

    Non-profits started shortly after the founding of America. During colonial times, it was churches and very early non-profit organizations that formed the foundation of the country’s social structure. Since that time, non-profits have grown and diversified, but they continue to have an immense impact on society. It is because of that impact, that non-profit expense reimbursement guidelines are very regulated with the IRS. This makes it crucial for non-profits to be aware of the expense reimbursements and IRS best practices. Plus, the IRS has a minimal scope to give non-profits leeway. If you have a non-profit or just work for one, you should follow all IRS financial guidelines. These guidelines…

  • internation-per-diem-guideline

    A Breakdown of Business Travel: International Per Diem Guidelines for 2019

    In today’s global economy, international commuting is no longer just the realm of massive corporations. Even small businesses are traveling to other countries to do work with suppliers, partners, and customers.  While on a business trip, it’s common practice to receive a per diem to cover costs like food and lodging. But the cost of those expenses varies greatly between locations. Picking a per diem rate for your traveling employees can be a task. Obviously, you don’t want your traveling employees to have too little money to cover these expenses. But if you give them too much, they might get in trouble with the IRS. In this article we talk…

  • compliance-expense-reports

    How to ensure expense report compliance for more than 500 reports a month?

    Do your finance teams face challenges in maintaining policy and expense report compliance?Expense reports can cause serious compliance issues and frauds if overlooked. Employees can make accidental mistakes or forget to attach receipts. To catch these errors that can potentially cost your company, the finance team spends hours sifting through expense reports. This can prove challenging, and mistakes can occur if there are massive volumes of expense reports to process each month. It might also not be the most cost-effective (or practical) method for your team.In this article, we will see some of the challenges finance teams deal with when more than 500 expense reports have to meet compliance standards.…

  • Fyle-travel-approval-software

    How to use Fyle as a travel approval software

    “For every dollar a company invests in business travel; they get a return of $9.50 in revenue and $2.90 profit.” A recent study by Oxford Economics revealed the above insights. These numbers only go to prove how vital business travel has become in today’s times.  There is no denying business travel gives positive returns. But it is also a known fact that travel management is not an easy and straightforward task. It involves filling up forms, keeping everyone in the loop, controlling finances, and making sure everyone complies with the set travel and expense policies. This can lead to a lot of back and forths and miscommunication. But how do…