At Fyle, we know it’s all about the numbers. Hence, we created the “Expense Analytics” feature that you always wanted. Our custom-designed dashboard acts as a single source of expense truth that your business needs. It provides insight into spend visibility, spending trends and more, accompanied with enhanced control.
We’ve always been a team who strongly endorse innovation-driven technology. Our aim has always been to empower finance teams with data-driven decisions. With the power of numbers, now finance teams can play an active and strategic role in improving an organization’s financial health.
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 insights businesses are continually reducing their organization’s second largest controllable expense – employee spends.
Analytics in Trip Expenses
Finance teams face the following challenges when dealing with travel expense management:
- Employees are ill-informed about the necessary policies and as a by-product don’t adhere to them.
- Policy violations are difficult to curb as they get identified only after an expense claim rises.
- All travel-related requests are raised, captured and stored on multiple platforms, making it harder to comprehend the overall picture.
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 the 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 help 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. Simultaneously, organizations can create new policies or tweak existing ones by understanding the root cause through insight into booking patterns. Additionally, finance teams even come up with a collective solution if they recognize instances where one specific department is spending a lot more than the other departments.
Analytics in Employee Behaviour
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, we’re now able to collect a lot more data around an employee’s behavior when it comes to expense reporting.
Fyle’s analytics helps 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 and solve for 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 and 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.
Analytics in 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 to help stakeholders understand the gaps within the organizations and 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
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 easily go unnoticed. When such vital data goes unrecognized, it could prove detrimental to the financial health of your business. The scope of innovation is vast, and we’re only getting started. Stay tuned to this blog to know more!