Expense Management: One Tool for Your Receipt and Expense Tracking Needs

What is expense management?

Expense management is the process of tracking, controlling, and reimbursing employee expenses. It involves everything from capturing receipts and submitting expense reports to approving expenses, reconciling transactions, and generating reports for analysis.

But let’s face it, manual expense management is a pain.

It’s time-consuming, inefficient, and prone to errors. When you're already juggling a million things, chasing down receipts and reconciling expenses manually shouldn't be one of them.

Fyle's AI-powered expense management software automates the entire process, giving you back valuable time and control over your company's spending.

Why should you use an expense management software?

Think about this: the average expense report costs $58 and takes 20 minutes to process. But nearly 20% have errors, costing another $52 and 18 minutes to fix. That's over $100 and nearly 40 minutes for a single report!

Now, let's do some math. A company with just 10 employees, each submitting one expense report a month, could be wasting over $1,000 and 6 hours on this inefficient process. With 50 employees, that jumps to over $5,000 and 30 hours wasted.

And for a company with 100 employees? You're looking at over $10,000 and 60 hours down the drain.

Now imagine if you could automate all those tedious tasks:

• No more chasing receipts: Employees submit receipts via text with Fyle’s Conversational AI.
• No more manual data entry: Fyle captures all the information automatically.
• No more reconciliation headaches: Fyle matches transactions and receipts in seconds.

Instead of wasting $10,000 and 60 hours every month on manual expense management, what if you could automate everything for just $11.99 per user per month?

How Fyle can speed up your month end close

Your receipts come to you (automatically!)

The current Way

The Fyle Way

You don’t need to hunt receipts every minute of the day.

With Fyle, employees simply text receipts for reimbursable and credit card expenses on the fly. Fyle instantly matches them to the right card transaction.

Plus, employees can submit expense receipts from the apps they already use every day, like Gmail, Outlook, and Slack. Or, they can use Fyle's easy-to-use mobile app. It's all about making expense reports less of a chore.

Real-time purchase alerts for any business credit card

Stop waiting for statements. See spending as it happens.

Fyle integrates directly with all major credit card networks, so you get real-time alerts for every business card transaction.

Employees get instant text notifications to submit receipts with a single click. Collect receipts and reconcile expenses in < 2 minutes all on your existing credit cards!

Approve on-the-go (from anywhere)

Standardize approvals, stop expenses from slipping through the cracks.

With Fyle, approvers can review and approve expenses from anywhere, anytime. Set up multi-stage approvals and customize workflows to fit your company's structure. Fyle ensures timely reimbursement and keeps everyone on track.

More accountability, more control, more time

Fyle's AI-powered policy engine automatically checks every expense against your company's policies. It flags potential violations, so you don't have to.

Stay compliant without lifting a finger.

Seamless accounting, travel, and HR integrations

Eliminate manual data entry. Seamlessly integrate expenses with your accounting software.

Fyle has two-way integrations with all major accounting tools to eliminate manual data entry, ensuring that all your expense data is automatically synced.

No more data silos, just a smooth, integrated expense management experience.

Real-time visibility into every dollar

"We're operating in the dark most of the time—there's no transparency." This no longer needs to be a reality.

Fyle's AI-powered Copilot gives you instant insights into your company's expenses. Identify spending trends, track budgets, and monitor policy violations with ease.

It helps you understand where every dollar is going, so you can make informed decisions and stay in control of your company's finances.

No surprises, pay only for what you use

"We need predictable pricing without hidden fees." We hear you.

Fyle's pricing is simple and transparent. No lock-in contracts, pay only for active users, making it easy to budget and scale.

FAQs around expense management

Why is expense management important?

Expense management helps organizations control costs, ensure compliance, improve visibility into employee spending, and streamline the reimbursement process. By tracking and managing employee expenses, businesses can optimize spend, identify and prevent fraud, and make better financial decisions.

What are some benefits of expense tracking for businesses?

1. Improved financial reporting: Get accurate and timely financial data for better reports, forecasting, and decision-making. No more struggling to close the books with incomplete or inaccurate expense data.
2. Enhanced budget control: Gain real-time visibility into spending and stay on top of budgets. Proactively prevent overspending and ensure that every dollar is accounted for.
3. Increased efficiency: Automate tedious expense management tasks and streamline workflows. Free up valuable time for your team and improve overall productivity.
4. Improved compliance: Ensure adherence to company policies and avoid costly penalties. Fyle's automated system helps you stay compliant without the headache.
5. Enhanced data security: Protect sensitive financial data with Fyle's robust security measures. Your data is safe and sound with us.
6. Improved employee satisfaction: Make expense reports less painful for everyone with an easy-to-use platform. Happy employees, happy finance teams.

How can I track business expenses?

Follow these tried and tested methods to efficiently track your business expenses:

1. Open a business bank account: Keeps your business and personal finances separate for clearer records, easier tax preparation, and a more professional image.
2. Track your receipts regularly: Go digital, organize by category, and automate the process with an expense management app like Fyle. This helps with tax compliance, cash flow management, and fraud prevention.
3. Monitor travel expenses: Set clear policies, automate expense submission, and consider software that integrates travel workflows for smoother management.
4. Get Fyle: Fyle turns a once tedious process into an automated and seamless experience so you don’t have to do anything. Gain time for what matters.

What features should I look for in an expense management software?

Choosing the right expense management software? Here's your checklist:

1. Integrations: Seamlessly connect with your accounting, payroll, and other financial tools.
2. Scalability: Handles your current needs and adapts to future growth.
3. Automation: Automate data entry, policy checks, reporting, and more.
4. Security: Protects your data with encryption and complies with regulations.
5. Reporting: Generate custom reports, track KPIs, and analyze spending trends.
6. User experience: Intuitive interface, mobile access, and easy receipt capture.

Which is the best expense management software?

We might be a little biased, but we genuinely believe Fyle is the best expense management software out there. Here's why:

1. You don't need to change your existing cards. Fyle works with the cards you already use, so you can enjoy real-time expense tracking without any hassle.
2. It's built for finance teams, by finance teams. We understand the pain points of manual expense management, and we've designed Fyle to address them head-on.
3. AI-powered automation is at the core of Fyle. This means less manual work, fewer errors, and faster processing for you.
4. We're obsessed with user experience. Fyle is designed to be intuitive and easy to use, so your team can actually enjoy managing expenses.
5. We play well with others. Fyle integrates seamlessly with all your favorite tools, from accounting software to travel platforms.
6. We're committed to providing exceptional support. Our customer success team is available 24/7 to help you with anything you need.

But don't just take our word for it. See what our customers are saying, and try Fyle for yourself. We're confident you'll love it.