Expense reports. We know, everybody hates expense reports!
Creating and submitting an expense report is undoubtedly the most dreadful experience for any employee who needs to claim a business expense reimbursement.
Let’s take the example of Mischelle, a senior sales associate who often needs to travel far and wide to close business deals. Some of the everyday expenses incurred by Mischelle are personal travel, stay, and food bills. Mischelle also needs to wine and dine with her clients for sales meetings.
This means truckloads of receipts by the end of her business trip. This also translates to hours of productive time wasted in managing business expenses and getting reimbursements on time. In this article, we will see how Fyle helps you save your crucial productive hours to tend to other daunting business tasks.
Expense reports: What annoys Mischelle the most about it?
Once Mischelle is done with her business travel and has a bunch of closed deals in her pocket, she gets back to her desk. During her business travel, she visits multiple clients spread across different countries, cities, and projects. Here’s a sneak peek into Mischelle’s typical day after returning from business travel:
- She is expected to fyle all her expenses, one receipt at a time.
- Her receipts mainly consist of either paper receipts or e-receipts lying in her inbox.
- She will now spend a considerable about of time sieving through each of them, matching them to corresponding spends and projects.
- Once done, she will submit the expense reports for approval.
- She will then spend more time running behind her finance team, in case of policy violations or delayed business expense reimbursements.
Sounds hectic? Is it. This is where Fyle comes into play.
Often many traveling employees, just like Mischelle, don’t pay heed to their company’s travel and expense policies. As a result, many of Mischelle’s expenses may also result in policy violations. This further results in Mischelle either losing out on money or wasting time running back and forth to get her expense report approved. This is the daily life of someone who doesn’t use an automated expense management software like Fyle.
But kudos, you do!
To help you get started, here is everything you need to know about how Fyle enables you to save time and increase financial productivity at work.
Types of reimbursable business expenses in an expense report:
A regular business traveler often spends most of their time off-site. This can either be at events, conferences, or even just sales meetings. But businesses as a whole also have many other business expenses. This could be in-house events, birthday parties, send-offs, team lunches, and more. These expenses can be made on corporate credit cards, an employee’s personal money, or even travel advances. All these expenses account as reimbursable business expenses.
How Fyle helps save time while fyling an expense report?
- Upload multiple receipts in one-go using BulkFyle: As a business traveler or an employee who maintains the everyday spends at your organization, we are sure you are always buried under heaps of receipts. To help address your challenge, we created something awesome! With BulkFyle you can upload multiple receipts anywhere, anytime and from a device of your choice.
Trivia: One of our users once fyled 2609 expenses in a single go!
- Upload receipts using our Gmail add-on: While our other features help address the challenges around paper receipts, we still have e-receipts to tackle. Have you spent way too much time downloading, segregating, and uploading e-receipts to create an expense report? We have news! Fyle is now in the G Suite Marketplace, as well! This means that you can fyle your expenses directly from your inbox; irrespective of the browser you use. You can also use this feature through your browser and phone.
- Upload receipts using InstaFyle: Do you dread spending hours manually entering expenses to create expense reports? Fyle’s cutting edge OCR (Optical Character Recognition) technology works wonders when it comes to speeding up the reimbursement process. With InstaFyle on our mobile app, you can simply click a picture of your receipt and let Fyle pick up all relevant information from the receipts.
Spoilt for choices yet? Here are some other ways you can report your business expenses in Fyle
- Seamlessly match expenses to corresponding expense reports or projects: Traditionally, once you have uploaded all your receipts, you would then need to match the expenses to corresponding projects or categories manually. Once this is done, you would have to stitch them together to create and submit an expense report.
But Fyle handles this as well for you. Once you have matched the expenses, you can simply save or submit your expense report for approval.
- Download and submit your expense report: Once you have added in all the required details, you can select either of the two options:
- “Save and New:” You can go ahead and create a new expense after submitting an expense
- “Save and Create Report:” You can go ahead and create your expense report
On creating the expense report, it can be sent to the approver for approval. Fyle also runs real-time policy checks on the submitted expense report to detect and flag all duplicate and fraudulent expense claims. It also flags and notifies both the user and the approver in case of a policy violation.
And this is how you can use Fyle to create and submit an expense report in less than 5 minutes!
Fyle is a new-age solution, which is actively reimagining the way employees manage their expense reports and expense management. We do much more than just this! Be sure to check us out and spread the word!