Are you an admin or approver who is always bombarded with expense claims that violate multiple expense policies?Business expenses by employees typically have expense policies to ensure that they’re compliant with local laws. Proper implementation of these policies sits at the core of the expense management process in any enterprise.This is crucial to the functioning of the business as it ensures a continuous check on the flow of money, provides control over understanding the nuances of expense trends, visibility, and insights into business expenses and more.However, expense policies often end up becoming a source of frustration because of the complexity involved in enforcing them.This is why Fyle was built. to address your expense management challenges and make the process as seamless yet efficient as possible.
This is a story of a company (let’s call them Acme Inc), which was handling expenses using manually filled-in expense forms and spreadsheets. With over 2000 employees and a significant number of expense claims, Acme Inc had a comprehensive policy document spanning over 20 pages.This situation posed several challenges for Acme Inc, most of which are pretty standard across businesses that rely on a manual process of policy checks.
Fyle boasts of a sophisticated policy engine that can be used to implement highly complex expense policies. Fyle provides a self-service mechanism to finance teams to add or modify expense policies. The Fyle policy engine is capable of addressing any complex policy configurations.A few examples of policies used by our customers are:
Once expense policies are enabled, Fyle takes care of compliance in real-time. This is possible because of our sophisticated data extraction engine. Fyle also has a nifty Gmail and Outlook add-on that can help employees record expenses from within their inbox. For example, a company has a policy that a cab bill greater than USD 100 requires an explanation. When an employee attempts to submit a bill from Uber or Lyft for USD 220, a dialog opens up asking the employee to justify the expense.With Fyle, policy violations are highlighted, and the employers and employees will be notified on the same. Employees can then provide explanations for the violations. Approvers and admins can then choose to accept or reject the expense. What's more? There is a complete digital audit trail to help account for all acceptions and rejections of expense submissions.
Here are some takeaways from when Acme Inc came on board with Fyle:
Expense policies are central in the business expense management process, but implementing them has traditionally been error-prone, time-consuming and frustrating. With an automated system like Fyle, it is possible to stay compliant, maintain audit trails and prevent fraud while being extremely employee-friendly and transparent.