An accountant's office is mostly filled with paper, files, and documents that pile with time. Over the years, outsourcing firms have leaned on technology solutions to get out of this impasse.
Guru Jana is an accounting firm in Bangalore that partnered with Fyle to offer their clients seamless expense management. Here's more on their experience with Fyle.
The current state of expense management
Expense management ranks as one of the top controllable business expenses for any company. Keeping track of client expenses is crucial to the bookkeeping and expense management process. Additionally, bookkeeping becomes all the more critical when businesses outsource this function.
There used to be days where tons of files would need to be ticked, tagged, authorized, posted, and stored to be retrieved later. Additionally, traditional expense management relied heavily on manual data entry and verification.
What's worse? No matter how large or small an expense claim, it had to follow the same verification, validation, and processing in compliance to business rules. This often resulted in either an employee getting frustrated with the reimbursement process or losing reimbursements altogether.
In 2021, given that the businesses are undergoing significant changes in their operation, protecting the bottom line becomes crucial. Expense management is a traditionally manual work-intensive process that can no longer continue to function the same way.
Automation brings all expense data, no matter where the spending is happening or where employees are stationed, to one unified dashboard. This helps businesses stay on top of their financial health, no matter what changes come their way. Fyle automates expense management end-to-end, eliminating the need for manual intervention at any stage of the expense claim reimbursement process.
Guru Jana and Fyle integration:
Fyle and Guru Jana partnered to offer a new standard of expense management automation to companies looking to automate and streamline their expense reporting process.
Fyle's leading data extraction system eliminates manual work for employees and reduces the verification and payout time for accounting professionals. Additionally, companies using Fyle have reduced their processing cost by over 100% and have improved their turnaround time by 8x.
About Guru Jana
Guru Jana is a chartered accountancy firm headquartered in Bangalore and offices in Pune, Jaipur & Hyderabad. The 350-member team envisages learning from tech firms.
Guru Jana is one of the progressive accounting firms in the country today. With their technology-driven practices, they aim to strengthen internal controls, increase compliance levels, enhance data security, and ease business processes.
Fyle is a B2B SaaS expense management software that streamlines and automates employee expense reimbursements using AI. Fyle helps save costs and improve employee productivity by reducing manual data entry. It also helps enforce business rules seamlessly. This ensures all employee business expenses always comply with your company’s expense policies.
Notes from the Editor:
Fyle is an expense reporting software built to solve every stakeholder's problems in the expense management process. Here's a quick snapshot of Fyle's feature groups that make expense management a breeze:
- Expenses: Features to automate expense reporting, starting from tracking business expense receipts, running automated checks for T&E policy compliance to submission of compliant expense reports.
- Cards: Fyle integrates seamlessly with multiple corporate credit card providers and allows Finance teams to manage all of them from a centralized expense management dashboard. Further, features like universal parsing, automatic reconciliation, one-click transaction reversals/refunds make credit card management fully automated.
- Approvals: Fyle allows businesses to automate their existing expense approval workflows as they are, without changing the way teams work. Fyle’s fully customizable approval workflows make it easy to set up automatic submissions/approvals/reminders, add additional policy-driven approvals, or create custom workflows. The plug-n-play ease of setup makes it easier to get stakeholders on board for product implementation.
- Compliance: Fyle runs on a robust business rules engine that flags any non-compliant expense. It also notifies important stakeholders immediately in cases of policy violations. Further, Fyle records all actions taken on a policy violation in a detailed digital audit trail. Fyle also automatically saves all of this data in an unlimited, unified, and searchable receipt management cloud. This ensures businesses always remain in a constant state of audit-readiness.
- Budgets: Fyle allows Finance teams to define separate budgets for projects, cost centers, or departments. This helps teams ensure budget compliance for multiple projects, and with no confusion. Finance teams also get real-time visibility into spend data for all the different budgets.
- Payments: Fyle allows Finance teams to process expense reimbursements to multiple employee bank accounts right from their expense management dashboard. Finance teams and employees get real-time visibility into the reimbursement status with ACH payments. Finance teams can also directly export all employee and expense data in a bank-friendly format with one click. With Fyle, businesses cut their turnaround time for employee expense reimbursements by more than half!
Case study: How TST constructions reduced their reimbursement cycle from 3 months to 20 days with Fyle
- Analytics: Fyle makes all expense data from across the organization available on the expense management dashboard. Further, it turns spends into real-time data analytics and helps Finance teams get an instant sense of the organization’s financial health. Additionally, Fyle comes with features like the risk score that help understand the risk associated with every expense. This helps identify and curb expense fraud in its tracks.
- Integrations: Fyle integrates seamlessly with any accounting software like Quickbooks, NetSuite, Sage, or Xero. It also connects with HRMS and travel software of your choice, making it a fully rounded T&E management platform. Additionally, Fyle’s API integrations allow developers to build on top of Fyle. This helps businesses facilitate data movement in and out of Fyle without any additional manual effort.
- Finance Operations: Fyle allows Finance teams to customize according to their preferences/existing processes. It helps eliminate manual work, inefficiencies, and fraud, without disrupting the process they’ve set. Fyle’s superior control and insight help Finance teams drive financial productivity backed by data.
No matter what your business case for automating expense management, Fyle has it covered. Some common cases for automating expense management are:
- Efficient project spend management
- Digital transformation
- Enhanced employee experience
- Paperless process
- Increased compliance and control
- Cost savings
Want to partner with Fyle to ensure the best expense management experience for your customers? Talk to one of our expense management specialists today!