Product Features

How to set up budgets for business expenses with Fyle

July 14, 2021
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When we interviewed our customers, we understood how difficult it is to budget spend across multiple locations, departments, and projects. With no way to track business expenses against pre-allocated funds, unexpected expenditure was a genuine problem for many organizations.

What if you could specify budgets for different departments, projects, teams, locations, and cost centers? And, also get real-time visibility into how much money is being spent from the allocated budget? Fyle can help you do just that! 

How to set up budgets with Fyle?

With Fyle, you can set up budgets for any employee or employee group in your organization quickly. If you are an admin, navigate to Organization Settings -> Expenses -> Budgets. 

Step 1: 

In this step, you specify for whom you are creating a budget. You can select one for a specific category, cost center, department, or project. Also, you can create budgets for a particular category within a project, department, or cost center. 

For example, if you want to restrict travel spend for Project 1 to $1000, you can choose 'Project and categories' in this step and then select the relevant fields. 

Business expense budgets - Nature

Step 2: 

Next, you need to specify the duration of the budget. You can choose either weekly, monthly or quarterly budgets. Once you select the duration, you can determine the budget amount. 

Business expense budgets - set

Step 3: 

In the next step, you need to set email alerts for real-time tracking of the budget spend. Simply specify a threshold limit, say 80%. When your employees spend 80% of the allocated budget, Fyle will notify the project or department head immediately via email. Also, you can choose the frequency of these emails. 

Business expense budgets - email alerts

Step 4: 

The final step is simply naming the budget. By doing so, you can quickly search for it when needed from the Budgets tab. 

Business expense budgets - name

Additionally, you can always enable or disable a budget easily with a simple toggle button. You have complete control over all your organization’s budgets. 

Business expense budgets - enable/disable

Visibility into budget spend

As we already saw, project or department heads always have real-time visibility into budget spend. Every time the threshold limit is crossed, they get notified right away via email. The managers or even you can then step in to see where they can reduce overspending.

Business expense budgets - notifications

As the admin, it is easier for you to view budget spend from the dashboard. Fyle allows you to see the total amount allocated for the budget, amount spent in the last cycle, and amount spent in the current cycle for each project, department, or cost center. For organizations that are project led, your project spend management becomes much easier. 

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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