Employee reimbursement is the second largest expense for companies. This makes it crucial for CFOs, finance heads, finance controllers and financial leaders to have adequate control for optimization. As of today, expense management within organizations comprises of two major components – workflow automation and auditing for compliance.
At Fyle, we understand how both – workflow automation and auditing for compliance – are interdependent to ensure the smooth functioning of finance departments. So far at Fyle, we’ve cracked the code when it comes to automating workflows without any manual intervention. This has helped bring about a strong culture shift within companies. Expense reporting amongst employees has turned real-time, thanks to Fyle’s handy tools.
We’ve also helped companies stay compliant at all times. This is done by enforcing policies in a way that doesn’t hamper employee experience. Simultaneously, finance teams have used Fyle to improve their pre-accounting for audits. While trying to improve these core components, we were also able to provide companies with data that they never had access to before.
Today, organizations rely on the data provided by Fyle to make important financial decisions. Hence, the next natural step for us was to leverage this data to help finance teams. With our new Analytics, finance teams get to see repetitive patterns that will provide them with insights around four imperative ingredients:
- Cut company costs by reducing expenses
- Prevent and eliminate expense fraud
- Optimize operations around expense management
- Provide evidence of the company’s financial control
INTRODUCING OUR NEW ANALYTICS
Our new Analytics has three major data groups with their unique benefits. They are broadly classified into Insights, Operations, and Risk.
Insights provide data around where the money is being spent, by how much, and how often. The metrics help organizations reduce expenditure and cut costs wherever necessary.
Spend by Categories
Helps companies understand where their employees spend the most – food, travel, utilities, and more.
Spend by Departments
Helps companies understand which team or department adds a high cost to the company.
Top Vendors – Flights
Helps companies understand their employees’ preference for flights. This opens up an opportunity for partnership between the company and preferable flight vendor for negotiating discounts, ultimately cutting company costs.
Top Vendors – Hotels
Helps companies understand their employees’ preference for hotels. This opens up an opportunity for partnership between the company and preferable hotel chain vendors, ultimately cutting company costs.
Trip Planning – Flight and Hotel
The most insightful of all – ‘Trip Planning’ prevents companies from overspending on hotels, flights and more. Fyle helps you understand this by gathering and sharing data around your organization’s booking pattern for all travel related expenses.
Risk helps organizations prevent and eliminate expense fraud by highlighting risk prone areas.
Helps companies understand high-risk factors like frequent policy violations, unauthorized weekend spends, etc.
Top Policy Violators
Helps companies stay informed about employees who frequently violate policies. This would also include the specifics of the violation, by the exact expense amount.
Helps companies stay informed about employees who frequently spend over the weekend, with specifics including the expense amount.
Change in Spend – Categories
Helps companies control recent spends by understanding the change in spending patterns for categories in the last couple of months.
Helps companies stay aware of the top spenders, by the exact amount.
Operations help organizations optimize operations around expense management. Additionally, they provide evidence of the company’s financial control.
Turnaround time – Fyle to Report
Helps companies understand the average time taken from the time an expense was created to when the report is submitted.
Turnaround time – Report to Approval
Helps companies understand the average time taken for approval from the time of expense report submission.
Turnaround time – Approval to Verification
Helps companies understand the average time taken for an expense report to be verified post-approval.
Turnaround time – Verification to Reimbursement
Helps companies understand the average time taken to reimburse employees post expense verification.
THE FUTURE OF ANALYTICS WITH FYLE
At Fyle, we believe in continually improving expense management by helping finance teams gain maximum control over their company expenditure. We aim to do this by automating the mundane approval workflows and processes. This helps them concentrate on their company’s strategic needs, backed by strong data. As a step towards the same, we’ve introduced this version of Analytics. But rest assured, this is just the beginning!
Has Fyle helped address your expense management challenges? Write to us about your experience with Fyle. We’d love to know more!
Not using Fyle yet? Start your free trial today! Help your organization save costs by reducing expenses.
PS. If you’re wondering about not having enough data to understand how Analytics by Fyle will help your company, sign up for a free trial anyway. Analytics now comes with dummy data for you to explore!