Expense Management for Non Profits
A study on how one of the biggest non profits overhauled its expense management system to build a faster, reliable, transparent process for managing expenses
Fyle has helped us add lot of value internally in terms of ease of use, near paperless trail, faster turnaround times for employees and better visibility for finance.
Teach For India is a part of the global ‘Teach For all’ network, dedicated to educating the underprivileged by building a team of motivated, willing people to support their cause.
For more than 8 years, Teach For India has addressed the issue of educational inequality in India. They took the initiative to put every child on a deserving path in life and develop student leaders who are able to make a difference in their classrooms and the community. They envision an India where every child has received excellent education. With key focus on achieving this vision, they make great efforts to ensure their internal processes are up to the mark. Whether it is hiring fellows and employees or managing financials, transparency is of utmost importance to them.
For years, Teach For India had been using a manual expense management system. Every month, regional admins would collect receipts from across 7 cities after getting the reimbursement forms filled up, then send it to approvers in the head office. This led to
- Incomplete & delayed submissions
- Incomplete reporting and loss of receipts
- Manual work and cost overhead
- Constant chasing of employees for expense reports
- Manually checking for compliance before forwarding to central office
- Irregular settlements & loss of insights
- Manual entery into accounting systems for settlement.
Teach For India realized that the solution lies in automating the process completely, removing dependencies and costs from the workflow.
To summarize, here the top challenges that TFI looked to address:
Manual expense reports are a pain to do, owing to which employees don’t submit all expenses on time. For finance teams, this leads to delays and overall a frustating, ineffective process!
Manual entry, topped with operational delays and dependencies would not allow finance teams to process reimbursements on time, leading to long reimbursement cycles.
Collecting, organizing and consolidating receipts from multiple cities and remote projects was cumbersome, often leading to loss of receipts and overhead costs.
Collecting, organizing and consolidating. Messy spend trails, physical receipts, paper logs and delayed visibility into expenses was adding to messy audits to loss of receipts and overhead costs
and inaccurate donor reports.
Scoping A Solution
The mandate was clear - TFI needed to explore a solution to overcome their expensing challenges. However, the features TFI expected (listed below) were difficult to find in a single package, specially at prices that would not make it difficult to prove the return on investment.
Top considerations for choosing a solution
- Make expense reporting less frustrating for employees
- Bring down the turn-around-time for reimbursements
- Automate complex policies and approval flows
- Realtime visibility into business spend
- Transparent, audit-ready workflow
- Accounting Integrations
- Multi-currency support
- Optionally, special support for non profits
Post evaluation of multiple expense management solutions, Teach For India found Fyle to be the best fit. Fyle could provide all features of an enterprise expense management software, which was provided at a subsidised rate to Non profits.
Fyle was up and running as TFI’s new expense management system within 24 hours, and no training or onboarding was needed to get the admins and users started with Fyle. With an incredible ease-of-use, TFI users started onboarding themselves through invites and fyling expenses from the very first day.
Fyle has helped us consolidate reporting of expenses at Teach For India across its 7 regional offices. Teach For India enjoys real-time visibility into expenses now, thanks to the mobile apps and plugins.
TFI users find it exponentially easy to report expenses now - on web, on mobile, inside emails. The ease of use was reflected in TFI’s usage numbers, where we saw rise in expenses reported per user, and also a significant rise in the total number of users reporting expenses. TFI was experiencing realtime visibility into spends from the very first day!
The finance team at TFI has been effectively able to solve all of its problems, from reducing manual efforts to successfully reimbursing employees in under a week. Here are the major highlights:
- Faster Reimbursement cycles
Teach For India brought down its turn- around-time for employee expense reimbursements from 18 day to 6 days. 3x faster reimbursements!
- Transparent, Audit-Ready Process
Realtime visibility into expenses, receipt attachement with every expense, auto- categorization and policy compliance make for transparent reporting for donors.
- Easy, Centralized Reporting
Users claim expenses from mobile, web and email, and even ofine! With 40% users actively using Gmail plugin, Fyle minimized manual eforts.
By charging only for employees with more than 3 claims, and by elminating multiple operational costs, Fyle allows for immense value for money.
Value for money
Here is what Sreejesh, Finance Associate with Teach For India had to say about Fyle.
Fyle has helped our finance team save days in processing expense reports, allowing us to bring down the turn-around-time for reimbursements from 3 weeks to under one week. Policy checks are now automated, and we can send reminders for submissions via our app. Fyle has been instrumental in helping us organize our process from tracking receipts to sending reimbursement data to our accounting systems in a jiffy.
Fyle stays dedicated to the mission of making expense management less frustrating for employees and businesses alike. Building the world’s most easy-to-use expense reporting software for users, and the most sophisticated engine to automate compliance for businesses.
Fyle provides subsidised rates and other viable support to non profits. If you’re a non profit organization looking to streamline expense management.