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A business expense software helps you streamline and automate all expense management functions, eliminates manual involvement in expense reporting, reduces TAT for expense reimbursements, and helps boost employee delight.
Fyle was built to make travel and expense management a fully automated process that runs smoothly in the background. Our features enable a one-click experience for expense tracking, expense reporting, expense reimbursements, and expense receipt management. In other words, Fyle makes all stakeholders involved in the expense management process productive and happy.
Fyle’s features allow employees to track and report business expenses on-the-go.
Employees can use everyday apps like G-Suite, Outlook, and Slack for seamless expense tracking and expense reporting.
Get compliant employee expense reports and reduce turnaround time for employee expense
Verify multiple employee bank accounts correctly with micro-deposits from within Fyle.
View the transaction status of any given payment from your expense management dashboard.
Initiate multiple reimbursement payments to different employee bank accounts with a single click.
With Fyle’s bulk export feature, you can export all employee expense reimbursement details in a bank-friendly format.
Set rules that define which employee or employee category can raise trip requests. Additionally, integrate
with a travel desk and get a bird’s eye view of all trip expenses on your comprehensive expense
Here’s an exhaustive list of everything you need to know about expense management processes, and travel
and expense management software.
An expense report software is a cloud-based tool that helps organizations automate and streamline their travel and expense management. This software helps eliminate manual work, saves time and costs while offering greater control over business expenses and expense receipt compliance. It eases collaborations between employees and Finance teams and reduces the turnaround time for processing employee expense reimbursements.
The best expense report software ideally eliminates manual data entry and offers a one-click expense reporting experience for its users. Here’s a list of must-have features in an expense report software:
Mobile receipt scanner
Device agnostic expense tracking
Corporate credit card integration
Corporate policy and expense policy automation
One-click business expense report submissions
Mileage tracker app with differential per diem rates
Real-time compliance with flagging of expenses
You can automate expense reports by using an automated travel and expense management software. This modern expense software usually comes with an OCR (Optical Character Recognition) scanner, automatically capturing relevant data from an expense receipt and completing the business expense report with little to no manual intervention.
An expense report is an itemized list of all business expenses incurred by an employee. This includes cabs/parking, meals, or hotel expenses, some of which are reimbursable by the company. What expenses employees are reimbursed for depends on the company's expense policy.
The four most common examples of reimbursable expense categories are - travel, meals & entertainment, gifts, and transportation.
A travel expense report is an organized way for businesses and employees to track and report business expenses . An expense report can either be a hard copy or digital.
A travel expense report helps Finance teams and employees track, report, and store business expense receipts for corporate travel. Although travel expense reporting has traditionally been a paper-dependent process, modern businesses are actively adopting expense management software to automate and streamline their expense management needs end-to-end.
Travel expenses for business trips are reimbursable to employees and qualify for tax deductions. Hence, if the IRS decides to audit your business, you should be able to submit proof of expenses, be it paper or electronic.
An expense software not only helps with expense receipt compliance, regular expense tracking, and accurate expense reports, but also offers insight into the most up-to-date financial data. As a business owner, you can use this data to analyze your company’s spending, identify financial leaks, and plan accordingly to maintain your bottomline.
An expense report typically includes fields like name, department, project name, and contact information. Here’s a handy checklist of mandatory fields for the expense report:
Name/code for employee.
Names/codes for expense categories
Date when the expense was incurred
Purpose of expense
Receipt as proof of expense
Actual expense amount, i.e., how much the company has to reimburse.
Expense categories and subcategories on business expense reports commonly found on tax forms for claiming your business’s expenses adhere to Generally Accepted Accounting Principles (GAAP). Businesses can further create custom subcategories to accommodate unique expense reporting needs.
You can see a detailed list of deductible and non-deductible expenses on the IRS’ Publication 535 page.
Managers/Finance teams must keep the following key points in mind while reviewing and approving travel expense reports:
Validate expenses under every expense report according to your corporate travel policy
Check expense receipt data accuracy with the mandatory business expense receipts
Check for any inconsistencies in data entry/ expense policy compliance
Approve and process expense reimbursements for employee expense reports that are accurate and have attached expense receipts
Send back/ reject expense reports in case of non-compliance/need further clarification
Store paper/digital expense receipts safely and efficiently, in case the IRS decides to audit your business
Understand employee spending patterns, cost-saving opportunities and ensure budget compliance
An expense management software can help eliminate manual data entry, verification, and processing while also increasing control over employee business expenses, expense report data accuracy, expense policy compliance, and overall financial productivity.
Expense reports are filled out by employees and sent to their managers/Finance team for approval. Once approved, expense reimbursements are initiated. This entire cycle is known as expense reporting.
The expense reporting process refers to the structure, levels, and procedure involved in the verification and approval of business expense reports. Here’s how expense reports works:
Choosing the appropriate expense report template
Entering itemized expenses with costs
Attaching corresponding expense receipts
Adding all amounts to get a total
Submitting the expense report as a hard copy/ email on time
Collecting & cataloging expense receipts
Manual verifying every single expense receipt
Scrutinizing report for policy violations
Approving/disapproving the expense report
Processing expense reimbursements on time
Consider automating expense reporting for your organization to save billable hours your employees spend on this repetitive, and error-prone task.
The main reason employees do not submit expense reports on time is because expense reporting is a complicated and labor-intensive task requiring keen attention to detail.
You can encourage employees to submit an expense report on time by facilitating easy, one-click expense reporting. A device-agnostic expense software drastically reduces the time and effort required to fyle business expense reports on time.Check out Fyle’s employee-friendly expense reporting features
An expense management system refers to the workflow businesses incorporate to streamline expense reporting, expense approvals, and expense reimbursement processing for employee business expenses.
An expense management software helps automate and streamline an organization’s expense management system - no matter how complex the expense policies or expense approval workflows.
Besides ensuring policy compliance and audit-readiness, a travel expense management software helps Finance teams have enhanced control over budgets and business expenses. Advanced data analytics enables organizations to track spends in real-time and understand unnecessary spending to leverage cost-saving opportunities.Check out all our expense management features here
An efficient expense management system helps you track, record, and control your company’s business expenses. Expense report data gives you valuable insights that can be used to streamline expense processes and increase your organization’s overall financial health. It also helps your business stay compliant with the IRS and enhances employee experience.
Investing in an expense software is the best way to ensure your expense management process is accurate, effective, and accountable.
The best way to keep track of business expenses is by automating the expense reporting process for your organization. An automated expense management software offers employees easy ways to track business and mileage expenses on-the-go, and from any device.
The best business expense app provides users a hassle-free, one-click mobile experience for tracking expense receipts - paper or digital. It also encourages employees to submit expense reports on time.
A business expense app also automates policy enforcement, which then flags any expense violations at the point of expense creation. This reduces the chance of expense report fraud, keeps the organization always audit-ready, and boosts employee satisfaction.
Check out what users have to say about Fyle:G2 Crowd - Fyle reviews Capterra - Fyle review
Travel expenses are costs incurred by employees for and during business travel. Travel expenses are tax-deductible, hence require documentation in the form of travel expense reports with supporting expense receipts. To qualify as a business expense, the reported expense must be both ordinary and necessary.
Refer to IRS’ Publication 535, Business Expenses for detailed information.
Travel and expense management (T&E management) refers to streamlining and managing of business trip related bookings, cash advances, per diems, and employee expense reimbursements.
When employees travel away from home to conduct business, organizations are tasked with handling travel accommodation bookings with different vendors, mileage tracking, per diems, and other business expenses that the employee can later file for expense reimbursement. Businesses must keep detailed records of expenses with supporting expense receipts to avoid trouble with tax authorities.
The most efficient way to track mileage and expenses for travel reimbursements is to use a mileage tracking app, a vital feature of any good expense management software. An automated expense management software comes with easy expense reporting features and is integrated with Google Maps for accurate mileage tracking.
Receipts are undoubtedly required for expense reports. If the IRS ever decides to audit your organization, it becomes mandatory to produce expense receipts as proof of expense. Modern businesses turn to an expense management software for efficient and accurate business receipt management.
To ensure expense reports are accurate, you will need to keep the following things in mind:
Create an easy to understand travel and expense policy
Ensure your employees are well versed with your expense policy
Make it easy for employees to save and report expense receipts attached with expense reports
Automate expense management to streamline expense reporting, approvals, and employee expense reimbursements.