• 2020-IRS-mileage-rate

    Your guide to 2020 IRS mileage rate

    Does your business reimburse employees for mileage? If so, did you know the IRS revises the standard mileage rate each year?  After a significant increase in the mileage rate for the use of a personal vehicle for business purposes in 2019, this year the rate has slightly decreased.  Below, we have compiled the latest information on the mileage rate published by the IRS (Internal Revenue Service). Let’s dive in! The new standard mileage rate for 2020 There have been some significant changes in the mileage rate this year. These changes will be applicable, starting from January 1st, 2020. The new IRS standard mileage rate can be used by taxpayers to…

  • how-to-hire-cfo

    The ultimate guide on how to hire a CFO

    Effectively managing a company’s finance is one of the most critical aspects of sustainable business growth. Without a solid financial foundation, your company could crumble from the inside out. This could also prove detrimental to the health of your business. Hence, you must understand the nuances of who to hire a CFO to make the right choice for your business.  A Chief Financial Officer (CFO) is responsible for managing all financial actions of a company. This includes planning, cash flow management, and identifying a company’s financial strengths and weaknesses. They also play a critical role in risk detection and aversion. If you are in the process of hiring a CFO…

  • netsuite-expense-management

    A guide to expense management in NetSuite

    Are you a finance executive or a business owner looking to scale the growth of your organization?  In that case, you have likely come across NetSuite while on the search for accounting software to suit your business needs. Netsuite is an Enterprise Resource Planning (ERP) software that provides companies with a reliable accounting solution. Along with their accounting software, they also offer customer relationship management, human resource management, payroll management, and other such offerings to help run a business. Below, we discuss the benefits of using Netsuite as an ERP software for managing expenses Also, we will see the added advantage of integrating ERP with an expense management software. Let’s…

  • receipt-extraction-for-expense-reporting

    Mobile-based receipt data extraction is the new standard in expense reporting

    Are you looking to replace your traditional expense reporting methods with a modern one that can meet your business needs?  Receipts and expense reports help businesses evaluate if they are utilizing their company’s finances appropriately. Especially when you have a growing number of employees making business-related expenses, this becomes all the more crucial.  But if your business is still using the traditional method for expense reporting, it can prove to be a challenge. The entire ordeal can take up a considerable amount of your finance team’s productive hours as well as your employees. Consequences of using the traditional means of expense reporting: Employees can put off reporting expenses on time…

  • credit-card-management-software

    How to use Fyle as a credit card management system?

    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…

  • international-policy-for-employees

    Guidelines to create an effective international travel policy for employees

    Are you looking to draft a robust and cohesive international travel policy for your employees? A company’s travel and expense policy work as a guidebook for both the company and the employees. A typical company travel policy will include how reimbursement works, limits on expenses, costs covered by companies, etc. In some companies, policies are made mandatory to follow, whereas in others it is more flexible. However, there’s no denying that effective international travel policies help not only to control employee expenses but also account for employee well-being. Policies allow employers to have some degree of control over employee experience and safety.  In this article, we will talk about why…

  • candidate-travel-policy

    Guidelines to create an effective candidate travel reimbursement policy

    First impressions are everything – especially when it comes to attracting new talent! Today, candidates are ready to travel just for the job interview, but a hitch in your reimbursement process can create doubts. One wrong move and it can create the impression that your company isn’t serious about scale. On the other hand, if you can provide your candidates with an excellent hiring experience, it can be an added advantage.  Providing candidates with a seamless hiring experience go beyond just promising them for reimbursements. Your company should also be able to offer a modern and prompt reimbursement process to help build your case. Your business can achieve this with…

  • Fyle helps you in using Google Maps to track mileage

    Do your finance teams face challenges with tracking, validating and approving mileage logs?  In a business, if an employee uses his/her personal vehicle to run business errands, the employee has to be compensated. Mileage tracking is important for the employee for reclaiming reimbursement as well as for tax-deduction purposes. The reimbursement expenses include gas price, insurance, registration fees, repairs, tire change, etc. The employee has to make sure to include all records of the trip in a logbook or a spreadsheet. The mileage log has to include details like date, start and end destination, purpose, miles, etc.  We know the process can take up additional time, but can it account…

  • log-mileage-under-a-minute

    How to log mileage in under a minute with Fyle?

    Do your employees still use pen and paper or spreadsheets to log mileage expenses? Employees who use their personal vehicle for business purposes, have to report their mileage expenses. He/she has to calculate the distance traveled to track all the costs associated with a specific business trip. This can include fuel, repairs, servicing, insurance, etc. The process of mileage reporting can quickly become a burden for employees if they need to manually sit and fill out expense reports to log in their mileage expenses.  For an enterprise having multiple mobile employees, it can become increasingly difficult for the finance team. Mileage expense reports can become difficult to process and reimburse…

  • alternative-to-expensify

    A guide to choosing an alternative to Expensify

    A recent study suggests the expense management software market is expected to have significant growth in the years to come. It also indicates that there is a considerable demand for a solution that helps put an end to a company’s expense management woes.  According to a report by Technavio, “The market size of travel and expense management software will grow by $2.49 billion between 2019-2023.”  The industry is booming because the need for an automated solution to help manage your expense reporting is more than ever. This brings you to the question – How do you decide if a specific expense management software is the right fit for your business?…