From accountants and CEOs to business owners, we asked folks about the biggest challenges they face with manual expense management. Here's what they told us:
Lost Receipts, Frustrated Employees
Keeping track of paper receipts is a nightmare for both employees and accountants. Employees must hold onto receipts and manually match them to transactions, while accountants struggle to audit expenses and prevent fraud. This manual process can lead to lost receipts and frustrated employees waiting for reimbursements.
Andrew Gosselin, CPA | The Calculator Site
Slow Processing and Missed Cost-Saving Opportunities
Manual expense management is a slow and outdated process. Data entry is time-consuming and prone to errors, delaying expense processing and reimbursements. Manual systems also lack the ability to analyze spending trends, making it difficult to identify cost-saving opportunities.
Gates Little, President | altLINE Sobanco
Inconsistent Procedures, Compliance Risks
Manual expense management often leads to inconsistent record-keeping and a lack of standardized procedures. This inconsistency can make it difficult to track expenses effectively and can lead to non-compliance with tax regulations or company policies.
Jonathan Feniak, General Counsel | LLC Attorney
Wasted Time, Wasted Resources
Manual expense management diverts valuable employee time and resources away from core business functions. Employees spend time collecting receipts, filling out forms, and waiting for reimbursements. This wasted time could be better spent on more productive activities.
Paul Carlson, Managing Partner | Law Firm Velocity
Duplication Chaos: A Nightmare for Growing Businesses
Manual expense management becomes increasingly burdensome as a business grows. Employees may struggle to track whether they've already submitted an expense report, leading to unintentional duplicates. Without automated checks, these mistakes can waste time and resources for both employees and the finance team.
Campbell Tourgis, Executive VP & Chief Operating Officer | Wainbee
The Scalability Struggle: Manual Expense Management Can't Keep Up
Manual expense management systems are not scalable. As a company expands, managing expenses with paper and spreadsheets becomes overwhelming. This can lead to bottlenecks, errors, and delays in processing expenses, hindering the organization's growth.
Lilia Tovbin, CEO & Founder | BigMailer.io
The Stone Age of Expense Management
Manual expense management is like trying to juggle with one hand tied behind my back. First, keeping track of all those receipts is a nightmare. I mean, they're everywhere—in my wallet, my car, and my desk drawers.
It's like they multiply when I'm not looking. And then, when it's time to reconcile everything, it's a whole detective game trying to remember what each expense was for.
Don't even get me started on the manual data entry part. It feels like I'm back in the Stone Age, typing away, line by line. It's not only time-consuming but also super prone to errors. A wrong number here, a missed entry there, and suddenly, my budget's all messed up. And the deadlines, oh, the deadlines! They always seem to sneak up on me, adding that extra layer of stress.
So, yeah, managing expenses manually? It's a bit of a mess, to say the least. It's like being stuck in a maze, trying to find my way out with only a candle to guide me.
Zarina Bahadur, CEO | 123 Baby Box
Get Out Of the Stone Age: Automate Your Expense Management
While manual expense management may have worked for small businesses in the past, it is no longer sustainable in today's fast-paced business environment.
A real-time expense management software like Fyle can streamline the entire process, saving time, reducing errors, and improving visibility into company spending. Here’s how:
Real-time Credit Card Feeds
Fyle directly integrates with Visa, Mastercard, and American Express, enabling real-time notifications on credit card spending, text message receipt collection, and automated credit card reconciliations.
Employees get a text notification of spend as soon as the company credit card is swiped. They can reply with a picture of the receipt for instant reconciliation.
Or, just text the receipt, and Fyle will match it to the corresponding transaction when the card data arrives.
Curious how 85% of Fyle users turn in receipts time of purchase? Find out how.
Compliance
Built-in features like policy enforcement ensure reports comply with company guidelines from the start, preventing errors before they happen. No more worrying about duplicate submissions – Fyle identifies and helps you merge them for seamless processing.
Plus, Fyle's automated fraud detection system keeps an eye out for suspicious activity, adding an extra layer of security for your organization.
Real-time Spend Visibility
Fyle’s spend overview dashboard provides a live view of all employee credit card spending. Accountants can easily dive into the details, analyzing transactions by category, vendor, project, employee, or department. This real-time visibility empowers you to identify potential risks, pinpoint operational inefficiencies, and catch overspending before it becomes a problem.
Customer Support
With Fyle, you benefit from an industry-leading First Response Time of under 30 minutes and a stellar 92% Customer Satisfaction Rating, ensuring you get the help you need, fast.
Plus, forget about lengthy implementation cycles. Fyle's expert team will have you up and running within just 2 weeks so you can start reaping the benefits of streamlined expense management immediately.
In Conclusion
Are you drowning in receipts, battling approvals, and struggling with outdated spreadsheets? Fyle offers a lifeline. With effortless expense tracking, built-in compliance, seamless approvals, and data-driven insights, Fyle tackles all the pain points of manual expense management.
Stop wasting time and money on manual processes. Experience the future of expense management with Fyle. Sign up for a demo today and see how Fyle can streamline your finances!
