Pre-seed $3.4 million
Autochek is a Nigeria-based automotive technology development company. They bring the sales and servicing of cars in Africa online, with auto loans, quality maintenance and after-sales services, and transactional marketplaces. The newly founded venture has also closed a $3.4 million pre-seed round in 2020, co-led by TLcom Capital and 4DX ventures. This comes after their recent acquisition of the digital car sales marketplace, Cheki, in Ghana & Nigeria. This fast-growing startup is operational in West and East Africa, and has developed a partner-led retail footprint with over 500 service centers.
Autochek’s expense management process was largely manual. The expense reporting and approval were done via email. Employees sent emails with expenses attached, and approvers had to reply to the email thread to approve or reject claims. Since they have complex, multi-layered approvals, expense approval was cumbersome.
Challenges that made Autochek look for a new platform
The Autochek team decided to use an automated platform that could make expense reporting a breeze for the employees. And one that eased the burden of expense approval and reimbursement for the finance team. Another important deciding factor was a seamless integration with their Accounting Software, Xero.
The expense management effort was cut by 60% with Fyle. The Finance team now spends more time on other important areas of work.
Chief Financial officer
The employees can now file and report expenses faster. Since Fyle’s mobile app and receipt scanner are extremely easy to use, expenses are submitted on the go. The time taken to report expenses (from the date of spend to expense creation on Fyle) has reduced to just 1 day. Before Fyle, it took about 2 -3 days per payment. Employees are also able to track the status of their reimbursements without any hassle.Learn more about expense reporting
Autochek’s Finance team has seen a drastic reduction in time spent on expense management. As everything is automated, Fyle cut the time spent on expense management processes by 60%. The team has more time to spend on activities that directly contribute to business growth.
The entire turnaround time, from expense tracking to reimbursement, has reduced. The most significant factor contributing to this is faster approvals. The Finance team earlier spent time following up on approvals through manual email reminders and calls. Since they had upto 5 levels of approvals for some expenses, this was inconvenient. With Fyle’s automated reminders, expense approvals are not missed and are done on time.Learn more about approvals
Autochek has more than 80 active policies set up on Fyle. Whenever a policy is violated, the expense requires additional approval from a senior member of the Autochek team. For instance, expenses above a certain amount require further approval from the CEO. Sometimes the approvals are multi-level and complicated, like multi-currency approvals. Fyle’s policy engine enables them to enforce these complex expense rules without any manual effort.
Since policies are validated in real-time, the number of policy violations have gone down. Especially since approvals were complex, manual policy checking was tedious. With Fyle, the Finance team sees improved compliance rates.
The ability to integrate with Xero was a priority for Autochek, and Fyle checked that box. The integration supports easy export of all the expenses in Fyle to Xero to the right GL codes. The exports can also be automated to occur at regular intervals, based on what’s defined. More importantly, the mapping is accurate. This has resulted in a faster AP.
Additionally, all the employees, expenses, card transactions, projects, and cost centers from your Fyle account are mapped to their equivalent fields in Xero. This way, the Finance team has complete coherence.