Did you know, companies all over the world spend close to half a million dollars and 3,000 hours correcting expense reports?
Auditing your expenses is no easy feat. You have to go through countless spreadsheet columns, match them with corresponding receipts, validate expense entries and reconcile them with card transactions.
The traditional means to expense management is tiresome, error-prone, and not to forget, severely time-consuming.
At Fyle, we respect your time, and aim to improve your financial productivity.
Our Audit trail feature keeps you informed of every transaction that happens in your organization, helping you maintain a spotless Audit Trail, which will eventually help your business grow. With Fyle, you can stay on top of your business expenses, literally.
What does Audit Trail do?
Audit Trail, is a feature loved by admins and auditors, alike. It helps finance teams to chronologically record all the transactions happening in your organization's Fyle account. From expense recording to payment processing, our Fyle bot records everything. The Audit trail ensures that employees are notified of policy violations in real time, right when they are reporting the expenses.
Whenever an expense violates the policy, it involves a lot of back and forth emails and phone calls to put the news across. Audit Trail eliminates that confusion entirely. It records the communication revolving around a particular expense/expense reports. This helps the admins know about the efficiency of the approval workflow. Additionally, every justification given for the policy violation is documented. This helps in developing a transparent and efficient process to document reasons behind why a flagged expense was accepted or rejected. This keeps you audit ready, at all times.
Apart from expense submissions, it also tracks all the changes happening in your advance processing and trip requests. All you have to do is check the ‘Audit Trail’ option and view all the changes in one go.
What are the benefits of Digital Audit Trail ?
- Transparency: This feature helps finance folks get all the information they require in one place. They don’t need to navigate through multiple tabs to gain access into expense claims. With this feature, all the data concerning an expense report is readily available in a click of a button. This saves a lot of time, and consequently a lot of money.
- Easy communication: Unlike traditional methods involving numerous phone calls and emails, Fyle notifies the approvers in real-time. All the communication happens within the app. It also lets you measure the effectiveness of your approval workflow.
- Effective Policy Compliance: WIth real-time policy checks and notifications, the Audit trail ensures that your expense policy is correctly implemented. With timely notifications, it also ensures that the employees fyle their expenses per IRS rules.
- No more human errors: The Audit trail makes work easier for the finance team. Just take a snap of the receipt and Fyle creates an expense for you instantly. No data entry whatsoever. It flags expenses which violate your expense policies in real-time and notifies the employees at the source. With this feature, you no longer have to manually look for errors or rely on your employees to submit error-free expenses.
-Insightful Analytics: Audit trail lets the numbers do the talking for you. In combination with Expense Analytics, Finance admins will find all their expense data in one place. This allows them to identify spending patterns, frequently associated vendors, insight into top spenders and more. Additionally, it also helps you validate your expense policies and gives you insight into whether it needs to be modified or not.
What makes Fyle the perfect solution for your Expense Management requirements?
We live in an era where time is of the essence. We understand handling the expense management of a company is a huge responsibility. Especially if you have just started your journey in the world of business. You will need a software that helps you maintain a spotless audit trail, which would help you immensely in raising funds for your business. When your focus lies in growing your company, don’t let repetitive tasks hold you back. Let Fyle help you maintain a spotless audit trail. With instant reporting, policy compliance, approval workflows, and reimbursements, manual work, spend less time on expense management and more time on growing your business.
Learn more how Fyle can become your choice of expense management software.