Studies have shown that almost half of all companies still use a manual expense reporting system. However, this manual approach results in lost time and money and makes expense management harder than it needs to be. Why not simplify things with the right expense management software?
High-end modern softwares offer expense management solutions that streamline the process from start to finish. These softwares can automate parts of the process, allow for approval from managers on-the-go, and much more.
However, when looking for an expense management software, you'll notice that there are many options on the market. Why is Fyle the ideal approval workflow software for your business needs? Here are the top benefits you should know about before you make your pick.
Reduce reimbursement processing time
There's nowhere else that the saying "time is money" is more accurate than in a business. With manual workflows or less-savvy software, everyone loses time.
Employees and managers alike will invest more time and effort into expense reporting. Without automation, errors are also more likely, so even more time gets lost in correcting these mistakes.
However, the slowed reimbursement processing time can be the most frustrating aspect of all for your employees. No one likes spending personal funds on business, then waiting around to get reimbursed. Fyle can make this process three times faster, helping your employees feel at least three times better about the process.
Fewer frustrated employees
When employees are frustrated by slow processing times and other expense reporting issues, they may start seeking employment elsewhere. If they don't, their frustration might still lead them to be less committed to your company, causing a drop in motivation and productivity.
Fyle is an easy way to keep your employees happy, and happy employees are an easy way to make your business more successful. Don't lose your valued workers to attrition from expense reporting issues. Instead, use our software that makes life easier for everyone, from your new hire to your long-term manager.
Reduce expense report processing costs
Between slow processing times, lengthy manual reporting and validation and correcting mistakes, the costs of expense reporting without Fyle can get high. You'll spend more on employee time, and might even have costly errors like duplications that go unnoticed.
With Fyle, your business can reduce the cost of processing by a factor of five. This frees up much-needed funds that you can then funnel into other aspects of your business.
Set-up limits on employee spending
Expenses are a necessary part of every business. Still, that doesn't mean your company has an unlimited budget for business expenses.
When your brand is always within budget, it's easier to plan your next strategic business move. But if you're forever playing catch-up because of too many expenses, you can't quickly turn your attention or funds elsewhere.
If employees don't know the spending limits, they can quickly go far over what your company can afford. Fyle makes it easy to set up appropriate limits for any situation. Thus, you'll stay on budget, while your employees will know precisely what their spending habits are supposed to be.
How to set up an expense approval policy with Fyle?
Get assistance with cross-organizational approvals
Are cross-organizational approval times slowing down your expense management process? Fyle can help with that, too. With a manual system or subpar software, it's all too easy for these approvals to get delayed. Sometimes, they may even end up lost in the shuffle.
Don't let your cross-organizational systems get messy -- instead, use Fyle to keep things seamlessly synced while also making communication a breeze.
Get help with project-based approvals
Sometimes, project approvals within an organization can also get mired in similar issues. Multiple stakeholders further add to the confusion and chaos.
Using Fyle lets you automate parts of this approval process, speeding things up for everyone involved. Thus you will no longer spend time on lengthy back-and-forths to figure out approvals. Our software will do the heavy lifting for you while keeping things organized for every project.
Enable seamless mobile-based approvals
No matter your industry, there's no denying that modern businesses are mobile.
Employees and managers stay connected no matter where they go, using email, communication apps, online workflow software, and more. With the majority of your business happening via mobile, why let your expense reporting live in the dark ages?
It's time to make expense approvals mobile, too. With Fyle, your managers can leverage the power of approvals no matter where they are in the world. Your employees can also access that information in an instant. Expense approvals shouldn't have to wait for the right person to enter the office. Mobile approvals speeds things up while giving your employees some welcome convenience.
Set-up approvals on travel requests and cash advances
When it comes to travel requests and cash advances, things can get messy. Whether intentionally or not, you may end up with some approvals that aren't compliant with company standards. Without an organized system, these approvals and requests become murky.
But when company funds are on the line, don't you want complete transparency?
By using Fyle to set up an approval system, you'll clear things up for everyone involved. Nothing that shouldn't get approved passes by, and your employees and managers will always be on the same page.
Harness the power of automation
We've mentioned automation a few times by now, but let's take a closer look at why automation makes Fyle so powerful.
With Fyle, you'll get notified when anything necessary happens. Many approval processes can run hands-off, once you've set up the parameters. Also, with automation, everyone stays compliant with no additional effort.
Why expense management automation is important
Expense management automation - How to win your CFO’s approval?
Ready to give Fyle a try?
The world of expense management doesn't have to be complicated, frustrating, or expensive. With just one software solution, you can solve your expense reporting woes and bring in a new era of simplicity.
You don't have to just take it from us -- you can trust the experience of the companies that have used Fyle already, like SolarHome and 3CX.
Ready to enjoy the benefits that these brands already love? Visit our website today to schedule your software demo and get started!