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Fyle now supports automated expense data extraction from any PDF receipt

Oct 27, 2018 5:52:55 PM

In a recent report published by Paystream, they surveyed over 300 respondents to discover that 23% of companies use a dedicated expense management solution that’s a part of their ERP, with another 42% using a dedicated tool. Even with such extensive use of tools, 62% of respondents still reported that manual entry and routing of expense reports as their single biggest pain point.

The biggest issue in the many approaches taken towards solving the expense management problem that they’ve all been focused on improving workflows. The solution to this problem, however, is not to shorten one step of the expense management process - it's by rethinking the entire process itself. Expense management cannot be simplified with incremental improvements to the process workflow. It can only be transformed by addressing the undeniable fact that employees do not like the massive amount of manual effort required to transcribe data from receipts (paper or email) into the ERP or expense management solution. The only viable solution is to look at it from a data collection perspective.

It’s to solve this problem that Fyle was built in the first place. Most employees who have the most expense reimbursement requests mostly have two kinds of receipts - paper receipts and electronic receipts inside their inbox. Again these electronic receipts would be either HTML or email.

Fyle’s mobile app (available for both the iPhone and Android phones) would snap up pictures of paper receipts and convert them to expense reports in a few taps of your smartphone screen.

Data extraction from email is technically challenging, be it HTML or PDF receipts. PDF receipts especially come in various shapes and sizes, in different templates and formats. We have been training our algorithm to extract expense data from all kinds of PDF receipts, no matter what design and format they come in. We are proud to announce that we are now releasing this to all our customers globally. This works across all channels of expense submission supported by Fyle - you could drag and drop or upload a PDF receipt if you are using the web app, and all the expense data will be extracted into Fyle automatically. The same also works if you are submiting an expense from within your inbox, be it gmail or Outlook using our highly rated plugins that makes everything a single click affair.

Expense management processes in organizations typically fail because the onus on entering expense data into the systems have always been on employees. Our endeavour is to make the expense claiming seamless for employees, no matter what the source is.  Because when it’s seamless for employees to fyle their reimbursements, it means they’ll do it on time resulting in an improved adoption of the expense management process and improving key metrics like TAT. This way, the finance team will not be inundated with a large number of receipts to be manually checked and verified and can spend time doing meaningful work. When employees fyle their expenses on time, the finance team will have much more time to react to out-of-policy receipts, rather than being overwhelmed at the end of the quarter.

With this update, Fyle makes it easier for employees to fyle their expenses and for finance teams to verify & approve them promptly.  If you have any thoughts or questions about this feature, you can reach out to us at hello@fyle.in.

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