Product update

This Quarter at Fyle: Category Restrictions, Receipt-Specific Policies, QuickBooks Updates, And More.

December 29, 2023
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Fyle’s 2023 was eventful, exciting, and packed! We released an unprecedented number of features, from our Mastercard integration to the ability to submit receipts via text messages, automated expense reports, expense rules, new integrations, and more. As we head into the new year, let’s look back at how the last quarter of 2023 went!

Connect Visa or Mastercard credit cards to Fyle via Mobile App

If you’re using Fyle’s mobile app to scan receipts and manage expenses, you can now connect your company-issued Visa and Mastercard credit cards to Fyle from the app! All you have to do is enter your card number, and connect to the Real-Time Feed. This will give you visibility every time you swipe your cards, including instant notifications via text. Learn more about real-time feeds here.

Download our mobile app and connect your cards now! 📱

Restrict Employees to Specific Categories

Many employees in a company don’t incur expenses under every Category or Expense Account (GL). This means they don’t need to see all the company’s categories in Fyle while reporting an expense since they are irrelevant. Many of our customers requested the ability to restrict employees to specific categories, so they could accurately categorize, and code expenses, and the right data is exported to accounting.  

Adding to our existing features where admins can enable or allow specific projects, mileage rates, cost centers and more to each employee, we now support category restrictions for employees! Admins can selectively allow specific categories to employees or departments. You can have granular control over the categories accessible to employees, minimizing the risk of exposing sensitive information and ensuring correct expense tagging.

Credit Card Transaction Status Visibility

If you connect your Visa, Mastercard, or American Express credit cards to Fyle via the Real-Time Feed, Corporate Card Feed, or Statement Upload, we have another update that makes the entire experience seamless. Along with all the credit card transactions that get imported into Fyle, users can now see the ‘Transaction Status’ of every expense.

The ‘Transaction Status’ can be Pending (when the merchant bank hasn’t cleared the transaction) or Posted (when the merchant bank cleared the transaction). We have added the ‘Transaction Status’ column in the Expense Form and Expenses Page for admins.

This visibility helps employees decide whether the expense is ready to be edited (for example, to split an expense) or submitted in an expense report, and avoid any confusion around changing amounts.  

Receipt-specific policies

Enforcing policies and business rules is a cumbersome yet important task for accountants. Fyle’s Policies enable accountants to define conditions and enforce controls selectively at the employee and expense levels. These policies are checked in real-time for any violations so that remedial actions can be taken.

In most cases, receipts are mandatory for expenses incurred on either company-issued cards or out-of-pocket. This means it’s essential to have a dedicated policy for receipts.

We have recently made changes to our Policies feature that make it easier for admins to create receipt-specific policies. For example, an admin can create a policy that states: “For any expense above 100 USD, absence of receipt makes the expense incomplete, and hence can’t be submitted.”

Import all Merchants in a Single Click

Fyle allows accountants to add their frequently used Merchants into Fyle, so employees can easily code the expense accurately. Until now, admins had to enter all the Merchants one at a time, which was cumbersome. With this update, accountants can bulk-add Merchants on Fyle easily! This not only makes things faster, but also ensures Merchants are synced between the accounting software and Fyle, especially when new Merchants are added.


Export Corporate Card Refunds from Fyle to QuickBooks Desktop

Credit expenses (refunds) created in Fyle can now be exported to QuickBooks Desktop easily. Many of our QuickBooks Desktop customers requested the ability to export credit expenses to the accounting software. This feature is now supported across all accounting integrations!

For expenses exported as Credit Card Purchases, a Credit Card Refund is created in QuickBooks Desktop. And for expenses exported as Journal Entries, a reversal Journal Entry is created.

Export expenses to QuickBooks Online in a single click

With this release, accountants don't have to navigate to Fyle-QuickBooks Online Integration portal in order to export expenses. They can now select the reports in the ‘Approved’ or ‘Payment Processing’ state from Fyle’s Reports page, and directly click on ‘Export to QuickBooks Online’. If the export is successful, they can also directly access the export link from Fyle’s Report Details page. Apart from exporting expenses, admins can keep track of export status even if auto-export schedules have been set up. This gives greater visibility into which expenses have already been synced with QuickBooks Online.

We want to give all our customers a big shoutout for making our 2023 successful! Learn more about our product updates for Q1, Q2, and Q3 2023! Fyle’s vision is to ensure not a second is spent on expenses, and we’re constantly working to make that possible. Stay tuned for all the updates we have in store for 2024. There’s a lot coming! Get a demo of the platform today.

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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