As a team who are experts in the matter, we have a strong opinion on managing business expenses: “This is nobody’s job – and nobody should be wasting even a second of their time on it”. We know we are not alone in that sentiment.
One of the most significant profit drains for professional services firms is unbilled time and expenses. In 2022, the GTBA reported, that the average cost to manually process an expense for a single night business trip is $58, and it takes 20 minutes to complete.
There is also the potential to reimburse for inaccuracies and labor hours are consumed in expense tasks, such as report generation, processing, error correction, addressing fraudulent claims, and navigating the complexities of business finances. All of this could result in incorrect financial planning, missed opportunities, debt accumulation, ineffective cash flow management, fraud, and even business failure.
This no longer needs to be your reality.
Here are the 8 reasons businesses need modern expense management (and 8 things our clients love about Fyle and why):
1. Modernized expense reporting
With different job functions and divisions in a business all needed to submit expenses, it can become difficult to ensure reporting stays accurate. Fyle simplifies the entire expense reporting process by enabling your employees to easily submit receipts from Text Messages, Gmail, Outlook, Slack, email forwarding, and our mobile app. It also extracts the data straight from receipts and eliminates manual entry, which ensures peace of mind for managers who review and approve them.
2. Real-time expense tracking
Real-time tracking can seem impossible when you can only rely on end-of-month reporting or bank statements. With Fyle, employees can get real-time feeds and notifications when they swipe their credit card. This prompts them to submit receipts via SMS or Slack, and Fyle will automatically match them to the card expense. No more manual reconciliation.
“Before Fyle, we were trying to track thousands of dollars in credit card expenses and reimbursements across many employees each month with an Excel spreadsheet. It was a nightmare! With the help of the wonderful team at Fyle, we now have a system that has streamlined the process and made it much more professional for all of us.” - Dena Valin Malakian at Bright Futures Youth
3. Policy compliance
Expense policies can be complex, which can lead to mistakes or errors being picked up too late. Fyle's solution includes customizable expense policies that ensure that employees follow expense guidelines, reducing the chances of non-compliant expenses.
“Fyle transformed our employee expense reimbursement process. We've reduced turnaround time and errors caused by paper-based expense processes. Expense fraud is unheard of since all expenses are automatically compliant with our corporate expense policies.” - Zinaida Ellidou at 3CX
4. Automated receipt management
With manual receipt management, it is common for employees to mismanage receipts, spend time finding them, and upload the wrong receipts, which can increase the risk of error. Fyle's solution uses intelligent OCR (Optical Character Recognition) technology to automatically extract information from receipts. This automation saves employees time and effort, eliminating the need for manual data entry.
5. Integration with accounting systems
Many accounting software require a lot of manual entry and reconciliation, which can mean a lot of time spent lining up expenses and making sure entries are accurate. Fyle seamlessly integrates with QuickBooks Online. This integration streamlines the process of transferring expense data to accounting software, ensuring accurate bookkeeping and reducing reconciliation efforts.
6. Insights and analytics
Businesses should be able to gain valuable insights into spending patterns, identify cost-saving opportunities, and make data-informed decisions to optimize their financial management. Fyle's solution provides all this with data-driven insights and analytics on company expenses in real time, allowing business leaders to make informed data-driven decisions.
7. Mobile accessibility
Businesses need to ensure that expenses are recorded promptly, even when they are not in the office, especially with a remote or hybrid team. With the Fyle mobile app, employees in Professional Services can easily capture expenses using their smartphones or tablets using the apps they already use, like SMS, Slack, or Gmail.
8. Time (and Cost) savings
By automating expense management, businesses can significantly reduce the time spent on manual tasks like expense tracking, data entry, and approval processes. Fyle allows employees to focus more on billable work and core business activities.
So, is it time to take control of your expense management? Reduce time and errors, improve insights, and simplify your process. Implementing effective and efficient accounting software, combined with real-time expense management, is simple with tools like QuickBooks and Fyle.
Chat with the Fyle team today to learn more!