Do you spend hours of your productive time fyling your business expenses? Does your expense management software still require you to manually enter data?A recent report was published by Levvel Research where they surveyed over 300 respondents to understand their experiences with expense management software. We discovered that 23% of the companies use a dedicated expense management solution that’s a part of their ERP. 42% of the remaining companies use a dedicated tool, for the same. 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.
How does data extraction from PDFs help employees?
Most expense management solutions have worked towards addressing the challenges faced in 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 fact that employees do not like the massive amount of manual effort. This effort mainly is 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.
How does the data extraction feature work?
Data extraction from email is technically challenging, be it HTML or PDF receipts. PDF receipts come in various shapes and sizes. Often times, in different templates and formats, as well. We have been training our algorithm to extract expense data from all kinds of PDF receipts, no matter what design or format they come in.We are proud to announce that we are now releasing this feature, to all our customers globally. This works across channels of expense submission supported by Fyle. All you have to do is drag and drop PDFs or upload a PDF receipt if you are using the web app. Once uploaded, all the expense data will be extracted by Fyle, automatically. The same also works if you are submitting an expense from within your inbox. You can do so, by either using Gmail or Outlook, within a few clicks.Fyle’s mobile app (available for both Apple and Android phones) can be used to click pictures of paper receipts and convert them to expense reports in a few taps of your smartphone screen.
Expense management challenges faced by employees
The expense management process is always considered cumbersome for finance teams and employees, alike. While the onus of expense entries was on the employees. Validating and approving last-minute fylings on the finance teams. Employees are required to spend hours of their productive time fyling expenses. In addition to this, not having a clear picture of the policies set for explaining claims, further increases the challenges employees face while managing their spends.Our endeavor is to make expense claiming seamless for employees. When fyling expenses gets easy, so does the reimbursement process. When expenses are fyled on time, this shows that there is a marked improvement in the adoption of the expense management process. 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 fyling expenses is done on time, it gives finance teams enough time to validate and approve expenses. Our software allows for automatic extractions and reports, thereby, also giving finance teams insight into spending trends, policy violations and more. Additionally, it allows for businesses to always stay audit-ready, which detailed digital audit trails - to track all additions and deletions to fyled expenses.
How to solve expense management with Fyle?
We aim to make life easier for employees to fyle expenses and finance teams to verify and approve these expenses effortlessly. Additionally, admins and finance teams can use are features like real-time tracking of policy violations, insights into spending trends and more.If you haven't started using Fyle yet, what are you waiting for? Know more to solve all your expense management woes.