An organization’s financial health is largely dependent on how structured their accounting is. Hence, most organizations often concentrate their efforts towards streamlining their accounting systems. While doing so, they often miss out on how pre-accounting lies at the core of a comprehensive accounting process.
Pre-accounting includes the most mundane of financial tasks. Collecting employee expense data, documentation through receipts and expense reports, being accounting-ready, at all times. Pre-accounting is easily overlooked upon since it is not any one person’s designated job. The entire organization plays a small role at every stage, and that makes it easier for the inefficiencies to go unnoticed.
Given how pre-accounting is consistently neglected, growing businesses find it challenging to stay on top of it. They end up losing time, and productive man-hours. This turns it into a tedious process with many loopholes for fraud.
There is a good reason why most organizations ignore pre-accounting. An end-to-end manual process, a general lack of accountability, tedious employee experience -- all of these, just add to the burning fire. To overcome these challenges, it becomes crucial for businesses, to understand which of these inefficiencies are crippling their otherwise smooth, functional process. Identifying these variables plays a critical role in selecting a solution to address these problems.
STANDARDIZING AND AUTOMATING PRE-ACCOUNTING WITH FYLE
Not closing books on time is every accountant’s worst nightmare. What’s worse is not knowing that a fractured pre-accounting process is to be blamed for it.
At Fyle, we understand how pre-accounting is mundane and tedious. Additionally, it could prove detrimental to the health of your business, when coupled with human errors. Our solution, hence, is built keeping these challenges in mind. Automating pre-accounting is easy since Fyle is at every point of expense - be it on a trip, using corporate cards, issuing advance, logging mileage, and more. That said, we also understand that pre-accounting at most organizations is built of two important tenets - receipt management and expense approval workflows. At Fyle, we aim to solve these challenges through a central expense management system.
Expense receipts that don’t need managing
Since Fyle exists at every point of expense made by employees, receipt submission and expense reporting turn real-time. Simultaneously, the finance team’s woes of late submissions, constant reminders, lost receipts/expenses are taken care of, automatically. In addition to real-time insights, finance teams can also gain complete control. With Fyle, any expense or receipt is just a search away.
Predictable automated expense approval workflows
With Fyle, you can automate predictable expense approval workflows. Fyle runs pre-submission checks, detects and flags duplicates, eliminates expense fraud and drives compliant spending habits. Additionally, finance teams can personalize Fyle with custom approval hierarchies or by applying complex workflows through policies.
Real-time tracking and reporting
Fyle allows you to easily account for every dime spent. Be it, trip expense reports, cash advances, reconciled corporate credit card transactions, logged mileages, Fyle has you covered. Not only are these expenses seamlessly tracked but they’re also policy compliant. This reduces manual intervention and errors during accounting. The prime purpose of real-time tracking and reporting is to ensure audit-readiness and compliance at all times.
Some organizations are wary of automating their pre-accounting. Yet, there are many who have already optimized their existing processes.
Thanks to Fyle’s expense analytics, many organizations are now continually improving their operations, turnaround times, squeezing their reimbursement cycles and more. Additionally, they are also tackling future risks that could go unnoticed had Fyle not analyzed their end-to-end expense management process.
With the above measures, Fyle easily automates pre-accounting and helps organizations stay audit-ready at all times.
WHAT’S NEXT IN PRE-ACCOUNTING WITH FYLE?
Given how pre-accounting is painful for growing businesses, it’s evident that automation is becoming the go-to solution. We’ve seen an evident rise in the adoption of travel and expense management software to standardize pre-accounting processes and supporting mechanisms.
The expense management software industry hasn’t yet showcased a drastic innovative curve. At Fyle, we’re changing that. We’re using this opportunity by releasing innovations that set a new standard. In our journey towards doing so, we’ve learned that there is more than what merely meets the eye. Hence, our software meets modern needs while transforming the role expense management plays in an organization’s financial health.
Stay tuned on this blog to be updated about our latest innovations! If you’re interested to see what we’ve already achieved, here’s your chance to try us out for free!