One of the threats to a projects’ success is overrun budgets. It can be due to many different reasons, but you can boil it down to one - poor control. It not only impacts your margins but also limits your ability to accomplish future project goals. The best way to avoid this is to track all of the expenses made for the project diligently.
Fyle can help your organization report project expenses accurately, allocate budgets to projects, and much more.
Adding projects to Fyle is simple. You can upload projects in bulk, or you can add the incoming projects individually into Fyle. Once added, you can find them all in the Projects tab. You can also choose to enable or disable certain projects anytime you want.
You can also easily assign employees to projects. You can also add project head, project code and project manager for approval hierarchies for specific projects.
Easy project expense mapping
Fyle allows employees to specify which project each expense belongs to.
In addition, employees can set their current project as default to auto map all their expenses to said project. This makes it easier for the employees to track their expenses, and the finance teams do not need to spend hours sorting through them.
Create realistic Project Budgets
With Fyle's powerful analytics features, you can analyze historical data along with real-time data. This helps accurately calculate cost estimates and anticipate overheads.
You can prevent overspending by setting weekly, monthly, or quarterly budgets for each project. This additional control helps you stay in the loop about your budget at all times.
In addition, Fyle will notify you every time the budget exceeds a certain threshold. This enables you to regroup and do some course correction if you think the project might go over budget.
Total transparency and visibility
During audits, finance teams need to track all data and actions related to receipts, expenses, approvals, and payments. Fyle can help you stay transparent throughout.
Fyle stores all data in an audit-ready, accounting-friendly format. Fyle also ensures continuous compliance with automatic receipt attachment, unlimited cloud storage, and extensive searchability features - so that during the time of audit, the finance team does not have to run around to gather data.
Control over your projects, categories, and expenses
You can restrict the list of projects that an employee can access while submitting expenses. This makes it easy for employees to submit expenses for projects relevant to them, and reduces the risk of errors or fraud.
There can be instances where employees may track and submit irrelevant expenses belonging to different projects. With Fyle, you can now disable certain categories for employees to reduce the risk of inappropriate expenses attached to the wrong project.
Head of Project dashboard
As the Head of Department or Head of Project, one has access to a customized dashboard set up by Fyle. They will be able to oversee all of the team's activities, spend patterns, and tasks that require their action. There is also an Overview section where they can see some valuable charts such as project budget, spending by categories, top spenders, and travel planning for flight and hotels.
Complete control over project expenses
By leveraging the data and control Fyle offers, you can gain visibility over all of your project expenses and ensure you never cross your budgets. If you would like to learn more about Fyle and how it can help your organization handle project expenses better, please feel free to schedule a demo.