Product update

Introducing Text Messages + AI: Your Expense Management Dream Team

September 26, 2023
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Say goodbye to the era of mobile apps for expense management. Expense reporting is now as easy as sending a text.

In the last 30 years, expense management has gone from messy paper processes to spreadsheet-based tracking to dedicated expense management software where we say, “There’s an app for that.” With expense software, users can download a mobile app, click a picture of their receipt and submit it. We’re gradually seeing a shift from this mobile app era to intelligent computing that does more than just manage tasks. And in this age of AI, the last thing you need is a new app to download, learn, and navigate to track receipts.

Introducing: Expense Reporting Directly via Text Message 💬

Just take a picture of your receipt and text it to us. Fyle’s AI will automatically create an expense, extract the necessary data, code expenses according to your GL, and save it! If it’s a credit card receipt, Fyle will reconcile it with your card expense, and if it’s an out-of-pocket receipt, Fyle creates an expense for you. You no longer need to download a mobile app!

Submit receipts directly via Text with Fyle!

Data Extraction and GL Coding With OCR

As soon as you text us the receipt, Fyle’s OCR engine will read the receipt and extract data like Amount, Date, Currency, Merchant, Category, and more, and will map it against the Chart of Accounts or GL Codes in your accounting software.

Automate Credit Card Reconciliation

Fyle automatically checks for and matches your receipt to a credit card expense, irrespective of whether the receipt comes first or the transaction data. Since Fyle offers real-time card data feeds for all Visa and Mastercard business credit cards across the US, you will also receive instant spend notifications via text at the time of card swipe. You can simply reply to that text with a picture of your receipt, and we’ll make sure it’s coded and matched.

Real-Time Policy Checks

Fyle’s policy engine also checks whether the expense violates any business rule in real-time, before it is even submitted for approval. You can configure any complex policy, from spend limits to project-related rules, additional approvals, receipt mandates, and more, ensuring compliance.

There’s More to Automation With Fyle

It’s not just receipt collection that’s easy. Fyle ensures you accurately collect all the expense data you need and submit reports automatically. No more incessant follow-ups with employees to submit expense reports on time or hours wasted on verifying each expense.

  • Merchant-based expense rules - Set expense rules to auto-fill important expense fields like Projects, Categories, Cost Centers, Purpose and more, based on the auto-extracted Merchant name.
  • Automated expense report submission - Create a schedule based on which Fyle will automatically create an expense report, add all the expenses, and submit it for approval. Users can literally submit a receipt, and forget about it.

How Receipt Collection From Text Makes Your Life Easier

  • Zero learning curve: With Fyle’s Text Messaging feature, users don’t have to learn how to download and use a new app. This means lesser training, easy onboarding, and faster adoption by your employees.
  • Collect receipts 48% faster: Customers that have real-time card feeds enabled on Fyle receive instant text notifications on card swipe, and can submit receipts by responding to that text message. We’ve seen the receipt collection time reduce by 48% for such customers, since receipt tracking has become as simple as a text message.
  • Faster book closing with lesser hassle: Since users submit receipts almost instantly, you don’t have to spend hours chasing after employees, reminding them to submit expenses. Your time to close accounting books drops significantly with Fyle’s direct, 2-way accounting integrations and real-time sync.

Fyle’s goal is to ensure your software experience is not just limited to an app, but delivered to you everywhere. This is the era where you say goodbye to unnecessary mobile apps, and eliminate the time and effort spent on tasks that Fyle can do for you instead. Start tracking and managing your expenses in real-time. Get a demo of Fyle today!

Effortless expense management for all business spends. Earned time, saved costs, improved productivity, happy employees - achieve it all with a single software.

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