• design-expense-approval-workflow

    Things to consider while designing an expense approval workflow

    It’s not uncommon to see a business having a set expense approval process in place to make sure everything is as per the guidelines. Businesses sometimes resort to tools like ERPs and accounting softwares to help ease out the process.  But these solutions are function-specific and do not help in the overall expense management process. Hence it’s become critical for businesses to have an effective expense approval workflow in place for approvals as they constitute a large part of the expense management process as a whole. But where does one start when it comes to designing an expense approval workflow? In this article, we discuss the nuances of an expense…

  • global-expense-management-multiple-business-units

    Global expense management for multiple business units

    With globalization, it’s not uncommon to see an organization operating with several business units or offices across the country or even globally. With this growth spurt, it is vital to handle expenses effectivity to maintain the financial health of an organization. For this, organizations may end up using an ERP or enterprise resource planning software. These solutions help with business processes, accounting, budgeting, and more. However, they are difficult to customize according to business needs. They may also lack features that allow for more advanced options and decision making. ERPs do not come with features like expense tracking or digital audit trails. Further, they do not eliminate manual expense reporting…

  • use-cost-center-for-expense-management-fyle

    How to use cost centers for IT expense management with Fyle?

    Every organization has departments that control and optimize the business processes in various ways to indirectly improve profitability. These departments cost money to function but do not directly create profit. They generate value to the business by costing money to operate, that’s what gives them the name: Cost center. Cost centers should not be confused with profit centers. Profit centers are departments or functions that directly generate profit for the business. Some examples of cost centers are human resources and accounting departments. These two, in particular, deal with keeping company expenses in line or below the budget. Cost centers are an integral part of a growing business, as many of…

  • why-corporate-expense-management-systems-fail

    Why do corporate expense management systems fail?

    Even though digitization has eased business functions, businesses still face problems when it comes to handling their expense management. This leads to the simple question of why corporate expense management systems keep failing? Expense management involves numerous stakeholders working in sync to get the work done. There are too many moving parts when it comes to streamlining the entire process of expense management. Additionally, idly waiting to see what ROI you have on your current system is inadvisable. To help you through your expense reporting journey, we have compiled an article that covers everything you need to know about corporate expense management systems. Further, we include the pain points that…

  • comprehensive-guide-choosing-online-booking-tool

    A comprehensive guide to choosing an online booking tool

    Online booking tools have evolved to the point where they are highly intuitive solutions that are easy to understand and come with user-friendly interfaces. However, these kinds of software have gone a step further in the last ten years.  You can now find travel booking software being able to integrate directly with a business. This becomes a huge boon for travel managers, as they now have a comprehensive solution to address an age-old issue i.e., travel booking. A recent survey revealed that 39% of companies still used online travel sites while 12% use travel agencies/agents.  Online booking tools are an emerging trend among businesses. Choosing to opt for an online…

  • policy-considerations-mileage-reimbursement-fyle

    Policy considerations for mileage reimbursement

    Does your business provide reimbursement for employees who use their vehicles for business?  If yes, have you been able to achieve seamless mileage reimbursement at your organization? According to a recent report from HubSpot, “38% of companies manually check each expense and match it to the travel policy.” But what’s more alarming is that 22% of companies rely on the employees to adhere to the policy guidelines, rather than enforcing it on the spot.  In this article, we take you through the nuances of mileage reimbursement and why it’s good to reimburse employees. Additionally, we look at what expenses are useful to consider when making your mileage policy. What does…

  • set-up-expense-approval-policy-fyle

    How to set up an expense approval policy with Fyle?

    Expense policies play a vital role in helping businesses identify and prevent various types of illicit expenses. To effectively enforce these policies, most companies are now opting for automated expense management softwares. The usage of these automated solutions has proven to accurately approve expense reports and increase compliance.  Additionally, creating expense approval policies is easy with Fyle. Fyle has real-time policy compliance that makes the entire process streamlined and accessible. This means you can approve all expenses when they occur rather than taking action later. Additionally, policy violation alerts are sent to employees in real-time. This makes the entire process a matter of just a few clicks. Watch how it…

  • why-not-create-expense-report-excel

    Why you should not create an expense report in excel

    Its that time of the month again, where employees gather up all their expenses & receipts and begin to create their monthly or weekly expense reports. And in this process, the tool that’s universally used is Microsoft Excel. Excel-based reporting, although an icon of the past, is still surprisingly one of the most common expense-reporting processes to this day. Businesses that are not aware of the more technologically advanced solutions, often resort to excel based expense reporting (like Google sheets) for their employees. In this article, we look at the reasons behind why businesses use these templates. Additionally, we try and understand why you shouldn’t use these templates to manage…

  • guide-for-air-travel-policy-for-employees

    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…

  • create-employee-expense-reports-in-quickbooks-online-with-fyle

    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…