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We’ve kicked off 2024 at Fyle with an action-packed quarter marked by exciting new launches, partnerships, and ongoing enhancements.
We’re thrilled to announce our integration with American Express, bringing you direct credit card data, automated reconciliation and the ability to issue American Express virtual cards from Fyle.
If you have an existing American Express credit card program for your business, you can now use the direct feed feature in Fyle to automatically bring all of your credit card transactions into Fyle, giving you instant visibility into card spends. Employees can text their receipts and any mandatory details like project, cost center, etc. to Fyle. We’ll automatically create, code, and match the expense to the right credit card transactions, making reconciliations a breeze!
Additionally, with your existing American Express credit card program, you can now create and issue unlimited virtual cards as an extension of your existing American Express credit line. Issue cards with in-built spend controls and limited for every purpose - travel, vendor payments, software subscriptions, contractors, and more. Your employees can add these virtual cards to their mobile wallets and make payments easily.
Every time users spend, they receive an instant text notification. They can simply reply with a picture of their receipt, and Fyle automatically matches it to the card transaction. Get real-time visibility and control over virtual card payments while retaining the benefits of your American Express credit line and rewards associated with your physical cards. Read more about virtual cards on Fyle here.
IRS guidelines require commute miles (distance traveled between home and work) to be deducted from mileage reimbursements. Fyle’s new automated commuted deduction feature helps you do just this!
Setting up this feature on Fyle is easy. Employees only need to add their Home and Work locations, and Fyle will automatically calculate one-way and two-way commute distances, ensuring precise deductions. You also gain complete visibility into employee activities, tracking applied commute deductions and accessing detailed information on actual and claimed distances. Read more about this feature here.
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Till now, on Fyle, expenses could only be split by the employee while creating the expense, before adding it to an expense report. With this update on Fyle, you can now split your employees’ expenses as their admin or approver. This includes expenses that have already been submitted for approval. This eliminates back and forth, saving your time - you can easily split any expense on behalf of an employee without the need to send it back to them.
To ensure that only clean data flows into your accounting integration, you can now restrict any corporate card expenses with pending transaction status from being split or submitted. For transactions coming in from the real-time feed, banks may take a while to settle the transactions, sometimes causing a difference in the pending and posted amounts. With this restriction, only expenses with posted (settled) transactions are submitted for approval and subsequently exported to your accounting integration.
Another exciting news! Fyle now integrates with MS Dynamics 365 Business Central, becoming the only expense management software offering a pre-built integration with MS Dynamics 365 Business Central.
This two-way integration enables you to seamlessly import your Chart of Accounts as Categories and Vendors as Merchants into Fyle and export Expenses from Fyle as Journal Entries and Purchase Invoices in MS Dynamics 365 Business Central.
This integration can be set up in just a few simple steps within Fyle. You can also set up automatic export of expenses from Fyle to MS Dynamics 365 Business Central, with complete customization of the exported data. Learn more about this new integration here!
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Fyle has introduced a two-way integration with Sage 300 CRE, becoming one of the first expense management systems to offer direct integration with an on-premises construction accounting system. This integration enables the direct export of reimbursable and credit card as AP invoices, complete with detailed expense coding using Job, Cost Code, and Category from your Sage 300 CRE account, significantly reducing your manual workload. Learn more about the integration here.
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Based on valuable customer feedback, we have enhanced the Fyle-TravelPerk integration, offering extensive customization options for how you set up the integration. This includes the ability to configure payment profiles, designate expense creators, determine invoice structure, and map booking types to specific Expense or GL accounts. Once set up, the integration operates seamlessly, streamlining the entire expense management process for all your travel expenses.
You can now seamlessly export expenses from Fyle directly to accounting systems like Netsuite and Sage Intacct from the Reports page. This feature eliminates the hassle of toggling between tabs, making your workflow more efficient. Following its success with QuickBooks Online, this feature is now available to Netsuite and Sage Intacct customers and will be extended to Xero customers as well in the upcoming quarter.
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There are more exciting updates coming up in the next quarter!
The Fyle-Netsuite integration is going through a massive revamp following the success of the upgraded versions of Fyle’s integrations with QuickBooks Online, Sage Intacct, and Xero. This will reduce the onboarding time, enhance the export experience, and simplify error resolution, making using this integration effortless!
We’re also building a Budgets dashboard- where you will be able to track budgets in real time! As employees add expenses on Fyle, you can actively monitor the utilised and available amounts for all budgets you have created in Fyle. For each budget cycle, the data will help you for reporting and auditing purposes.
