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How Blue Spark streamlined their Advances and Budgeting with Fyle
Headquarters:
Philippines
Employees:
11-50 employees
Industry:
Marketing Consulting
Expense management before Fyle
Blue Spark employed a manual expense management process, which was paper and spreadsheet-heavy. Not only was it frustrating for everyone involved, but also took up
precious company time. Since the company undertakes client projects, any missed expense directly affected their costing. They couldn’t figure out the exact income generated through
the business.
Challenges at Blue Spark
- The company primarily issues advances to their employees. And the lack of an efficient tracking system made life difficult for the finance team. Information was all over the place, and they didn’t have a check on usage in real-time.
- Since everything was project-based, employees had to report expenses for each project separately. But the manual process led to missing or untracked expenses, affecting their costing.
- The finance team often worked late on weekdays and on weekends to manage expenses and advances. This hampered the work-life balance of everyone involved.
- Budgeting and cost management for their projects was more challenging. Especially because there was a lack of data to plan better or keep usage in check.
Key features used:
Expense Reporting
Advances
Analytics
Approvals
Instafyle
Budgets
Fylers save an hour a day since they can do the reporting and requests on the go.
Renadel Molina
Senior Finance and Admin Associate Tools
Change in the process after Fyle
Better employee experience
Renadel Molina, Senior Finance & Admin Associate, says that since Fyle is accessible through the mobile app, employees can easily report and track expenses. They don’t need to use bulky laptops or desktops anymore. In fact, employees can now capture receipts and request for funds when travelling to and from different projects. This saves them at least an hour every day. Fyle’s bulk filing options are a breeze for employees who prefer to collect receipts and file them all at once. All of this ensures that the finance team doesn’t have to run after their employees anymore.
Learn more about expense reportingSaving time for more valuable tasks
A significant impact of Fyle is the time saved by employees and the finance team. Employees take advantage of the receipt scanner and ML-based data extraction capabilities. And for finance managers, automation played a massive role in managing advances. It also became easier to generate reports. With a structured process in place that’s easy to implement, they have time to spend on important tasks. And since they're not working overtime, it means more time for family.
Faster approvals & shortened TAT
Blue Spark’s approval process for advances has become a lot faster. The finance team sees all pending requests on their dashboard. They’ve already issued 1700+ advances within 10 months of usage. The entire turnaround time for advances and expense reports has reduced considerably. The expense report to approval time is now only 11 days (in April 2021), compared to 68 days when Fyle was first implemented.
Project-based expense reporting and sound financials
As employees have an easy way to capture receipts on the go with Fyle, no expenses fall through the cracks. They can also associate every expense with the relevant project. This has allowed Blue Spark to understand their exact cost and income from clients. With an organized expense management software, accounting and decision making has become more efficient.
Learn more about project-based expense managementBetter visibility & budgeting
With Fyle, the finance team has complete visibility into the flow of funds. They can see all the advances that are pending, approved, and issued. And how they are being used across projects. ‘Budgets’ help the team set spending limits for each project, and control costs. Since the platform has past information, finance can easily predict future cash requirements. The team has 100+ active monthly and quarterly budgets.
Learn more about Budgets in Fyle
Impact on audit & compliance
Fyle’s unlimited receipt storage enables Blue Spark to locate and verify Proof of Purchases and Proof of Transfers. Now that everything is well-documented, they can always pull up historical data for future verification.
See how Fyle helps with Compliance
