• Non-Reimbursable Entries in Expense Reports

    Using non-reimbursable entries in expense reports

    Traditionally, expense reports have been used in the context of reimbursements only. Employees collect receipts for all business expenses at the end of the month and compile them for approvals. But what happens when a business expense was already paid for by the business? In many processes, submitting receipts is necessary even though the expense was already paid for. For users of Fyle, such receipts are marked as ‘non-reimbursable’ expenses. In this article, we explore why and how businesses make use of this feature. Why submit receipts for non-reimbursable expenses? Governments and compliance authorities have a clear mandate for companies to show every business spend in their books. And for…

  • How to detect and prevent expense report fraud

    How to Detect and Prevent Expense Report Fraud

    Other than people cribbing about how damned expense reports are, you might have recently seen expense reports making the headlines. From the $35M expense report for Mueller investigation to the Scott Pruitt Scandal, the news is that expense reports have been  home to a lot of frauds. What you read in the news though is nothing compared to the actual scale of expense fraud. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, expense reimbursement frauds account for 21 percent of fraud in small businesses (those with less than 100 employees), and 11 percent in large businesses (those with 100 or more employees.) Data aggregated from…

  • Make Receipt Management Digital - Fyle

    Paperless reimbursements – Does your software truly make receipts digital?

    Originally announced in 2015, Making Tax Digital aims to digitize the UK’s taxation system through the use of digital records and online filing through compatible software. As the deadline for the same comes closer, most businesses are still unsure about what  needs to be done and how. The UK was not the first one to do this. Poland recently announced the abolition of VAT returns from the beginning of 2019. Trends and forecasts from multiple sources suggest going digital for  tax and accounting purposes now seems inevitable. A significant component of this is making sure all your business expense receipts and reimbursement proofs are available and auditable digitally. While  businesses…

  • Reconcile Expenses on Corporate Cards With Fyle

    The past two decades have seen a dramatic surge in the adoption of corporate card programs by businesses of all sizes. These programs mandate processes and infrastructure to control and monitor T&E spends and to ensure every expense is reconciled in compliance with government guidelines.

  • Guru Jana partners with Fyle to offer expense management automation to enterprises

    An accountant’s office is mostly with paper, files, documents which tend to pile up over the years to colossal tons of weight. Over the years, outsourcing firms have leaned on technology solutions to get out of this impasse. Current challenges faced in expense management: Expense management has consistently been ranked as one of the top controllable expenditures for any company. Keeping track of client expenses is crucial to the bookkeeping process and more so when the function is outsourced. There used to be days, where reams of paper, tons of files would need to be ticked, tagged, authorized, posted, and stored to be retrieved later. It could be a parking…

  • How to Deal with Repeat Expense Policy Violators?

    Are you an accountant or admin who sieves through multiple receipts and reports to validate and approve reimbursements? Expense management is often ignored, thereby, unnecessarily burdening finance teams. Accounting and finance folks often have to take the uncomfortable step of talking to employees who do not submit their expenses or expense reports on time, or ever at all. Or worse, employees who consistently violate policies – like Alice from sales who submits her receipts and expense reports only once a quarter. What’s worse? Her reports are often receipts of varying shapes and sizes, incomplete reports, spending claims that exceed set limits, and the list goes on. This probably happens after…