It’s unthinkable to run a finance team today without having the right tools, to manage expense management, today. Finance teams rely on ERPs to efficiently manage complicated workflows. In most observed cases of ERP usage, expense management seems to be an afterthought. In some cases, it is omitted all at once. Because of this, 22% of employees submit their expenses solely through a spreadsheet. This represents a significant inefficiency that catalyzes high-costs and increased manual efforts.
Fyle solves this problem by making it easier for employees to submit their receipts. It further makes it easy for finance teams to check for policy violations without having to go through each receipt manually. This means that reimbursement payments get processed much faster. But Fyle users still had to move out of the tool to keep a record of the payouts they have made. This was a significant pain point, as it was a break in the reimbursement workflow.
NetSuite is one of the leading ERPs in the world today. It is preferred by over 40,000 organizations globally. A section of Fyle’s customers uses NetSuite to keep records of the payments made out to their employees. As a user-obsessed organization, we are keen on reducing the number of steps involved in the workflow. This can be possible by making the flow of data from Fyle to Netsuite as seamless as possible with minimal effort from the user.We are happy to announce that Fyle now integrates with Netsuite. Fyle users can now directly import their payments as journal entries in Netsuite. All payments will be automatically converted to Netsuite’s format. This helps in entirely doing away with all manual data formatting and data entry.
Until now, if a finance executive had a list of approved reimbursement payments ready to be paid to the employees, they had to download the list and manually enter the data into Netsuite’s journal entries. It was essential to do that to keep track of all the payments being made and their corresponding transactions.Now all they have to do is open the "Payments Page" on Fyle and directly export it to Netsuite with a single click. This simplifies the expense reimbursement workflow and saves considerable time for users. We always want to make it easier for finance teams to process payments towards their employees, and this is one step in that direction.
https://www.youtube.com/watch?v=FCPKg3qMU-8If you have any questions, please reach out to us at [email protected]. If you are a Fyle user and want to integrate your Netsuite account with Fyle, please do reach out to us at [email protected].