Finance teams no longer stay buried in bills and receipts. They play an active and strategic role in improving an organization’s financial health. Thus to empower finance folks, we created the "Expense Analytics" feature.
With our Analytics dashboard, businesses can use inputs from expense reports to make positive changes to help balance compliance, and employee happiness.. Expense reports give your team insights into what, where, and how the company’s expenses are made.
Our custom-designed Travel and Expense Dashboard acts as a single source of expense truth that your business needs. With Fyle’s powerful data extraction technology, expense information gets detected and mapped with supporting receipts, in real-time. Additionally, there is zero manual expense reporting.
We also gather business insights for organizations that they couldn't access previously. With these advanced Travel and Expense Analytics, businesses are continually reducing their organization’s second-largest controllable expense - employee spends.
How to manage business expenses with Fyle’s Analytics
How to make the best use of Expense Analytics
Finance teams and accountants get the worst end of the straw when it comes to T&E management. An automated expense management solution helps streamline every aspect of the expense reporting process. It also helps curb expense fraud and maintain internal policy compliance. With manual data entry being nearly eliminated, finance teams can focus on the more important things like financial planning.
The data extracted from employee expense reports contain valuable information which can provide insights. Using these, the finance team can plan better on how to increase revenue by cutting down unnecessary costs.
Travel and Expense Analytics for Trips
Finance teams face the following challenges when dealing with Travel Expense Management:
- Employees being ill-informed of policies resulting in lack of adherence.
- Delayed identification of policy violations.
- No unified dashboard for trip requests, spends, and analytics.
Fyle solves these challenges through an entirely centralized process. Here, employees can directly raise trip requests, approvers can approve of them, and the travel desk gets automatically notified of bookings. Once the travel desk takes care of the reservations, employees are automatically notified with an update, while non-reimbursable expenses are added directly on their behalf.
This makes it easier for company admins to get a bird’s eye view on every employee’s business trip. Although, it's a known fact that that's not enough to reduce spends around business travels. "Expense Analytics" further helps cut costs in "Trips" by helping companies with insight into booking patterns, most preferred booking partners, department-wise spends, and more.
These data points help companies:
- Explore partnership opportunities around travel and stay with top vendors.
- Create new policies or tweak existing ones by understanding the root cause through insight into booking patterns.
- Arrive at collective solutions in instances where one department is spending significantly more than others.
Analytics on Employee Expenses
Expense reporting has always been a behavioral problem and not a technology problem. Fyle helps businesses tackle this situation by providing insight into expenses and expense reports in real-time. Hence, businesses can now collect a lot more data around an employee’s behavior when it comes to expense reporting.
Fyle’s analytics help organizations identify their top policy violators. This plays a crucial role for the following reasons:
- Understand if employees are attempting expense fraud
- Insight into the communication of travel and expense policies within the organization
- Understand if the policies genuinely need to be tweaked to accommodate the needs of the employees
Fyle also detects and pulls up data on the top spenders of your organization. This helps finance teams dive deep into employee spends to solve them in a personalized manner.
Organizations also get information about employees who report expenses during holidays or over the weekends - basically at the time when it’s most likely to be a personal expense rather than a business one. This data helps finance teams understand if there is a continual or deliberate approach to commit expense fraud. It also provides enough fuel to eliminate it.
In a nutshell, these patterns and behaviors are a reliable indication of future risks and expense fraud within the organization. With data and analytics around the same, it becomes easier for businesses to be in-the-know and mitigate these risks, beforehand.
How to detect and prevent expense report fraud?
How can your employees submit a travel expense report on time?
Analytics on Financial Productivity
When it comes to expense management, a lot is dependent on the finance teams. Currently, in most organizations, five significant problems hamper financial productivity in a team:
- Expense receipt collection happens within emails, Google Drive or Dropbox
- Expense reports are reported via emails
- Expense reports require tedious back-and-forth, in case of editions, deletions or policy violations
- Approvals and reimbursements happen manually, primarily buried in long email threads
- Employees rarely have any visibility about their raised expense claims, and reimbursement process
Fyle solves these problems by automating expense approval workflows, no matter how complex they are. This gives organizations enough visibility to understand turnaround time for every step in the expense management workflow.
Within Fyle, finance leaders easily understand the turnaround times for the following:
- Fyle to Report
- Report to Approval
- Approval to Verification
- Verification to Reimbursement
When there is month-on-month visibility around these processes, it becomes easier for finance teams to do the following:
- Reduce the overall turnaround time for reimbursements
- A gradual increase in overall team productivity
- Improvement in the processes which currently lag
- Complete control over the team’s productivity
This plays a crucial role in helping stakeholders understand the gaps within the organization and the overall productivity of teams. It also helps finance teams move to a strategic position from an otherwise operational one.
Future of Expense Analytics with Fyle
Companies carefully calculate business expenses for growth and profitability. For this, effective measures to manage resources, overhead, and visibility into spending are essential. Automating Expense Management is an opportunity for businesses to accomplish these objectives.
At Fyle, whenever we talk about expense analytics, we aim at building newer and more effective ways to collect expense related information. This helps us understand patterns, figures, and behaviors that otherwise easily go unnoticed. When such vital data goes unrecognized, it could prove detrimental to the financial health of your business.
If you’d like us to walk you through the power of what we’ve built so far, feel free to schedule a demo now!