Business expenses by employees typically have expense policies to ensure that they’re compliant with local laws. A proper implementation of these policies sits at the core of expense management process in any enterprise, ensuring a continually checked flow of money and providing control, visibility and insights into business expenses. However, expense policies often end up becoming a source of frustration and problems because of the complexity involved in enforcing them.
This is a story of a company (let’s call them Acme Inc), which was handling expenses using manually filled expense forms and spreadsheets. With over 2000 employees and a significant number of expense claims, Acme Inc had a comprehensive policy document spanning over 20 pages. This situation posed several challenges for Acme Inc, most of which are pretty common across businesses that rely on a manual process of policy checks.
Fyle boasts of a sophisticated policy engine that can be used to implement highly complex expense policies. Fyle provides a self-service mechanism to finance teams to add/modify expense policies.
Fyle Policy engine is capable of addressing any complex policy configuration. A few examples of policies that are are being used by our customers are
Once expense policies are enabled, Fyle takes care of compliance in real-time. This is possible because of our sophisticated data extraction engine. As mentioned in our earlier post, Fyle has a nifty Gmail and Outlook add-on that can help employees record expenses from within their inbox. In this example, the company has a policy that a cab bill greater than INR 100 requires an explanation. When an employee attempts to submit a bill from Ola Cabs for INR 208, a dialog opens up asking employee to justify the expense.
Subsequently, the policy violation is highlighted to approver and admins who may choose to allow the exception or reject the expense.
When Acme Inc came on board, Fyle automated the entire process of expense management for them reducing the manual work to just a few clicks. Policy checks that would otherwise takes weeks, now are happening in real time within seconds. The benefits that came from this were increased transparency, reduced friction, a clear audit trail, fraud prevention and many thousands of man hours of productivity saved. Expense policies are central in the business expense management process, but implementing them has traditionally been error-prone, time consuming and frustrating. With an automated system like Fyle, it is possible to stay compliant, maintain audit trails and prevent fraud while being extremely employee friendly and transparent.
Sign up for Fyle today to give it a try yourself.