Small business has many expenses, including rent, licenses, utilities, marketing, equipment, staff, etc. Normally, handling expenses fall on one or two people, which can be tedious work. It is important to keep track of all the spending and not exceed the budget. One of the best ways for the business to manage expenses without hiring an extra employee is to have accounting software. One of the best expense tracking tools is Fyle. Fyle is a software credit card spend management tool for streamlining tracked expenses and managing corporate card reconciliations. It accounts for all expenses data with providing compliance and real-time visibility. With the help of Fyle, you can move over tight deadlines and loose policies. It also tasks your workforce with entering validated data without doing manually at less cost. Fyle also helps increase financial and employee productivity no matter the business size. Continue reading about Fyle and how to make the most of the expense tracking tool.
What is Fyle
Fyle offers a cutting-edge credit card spend management system that automates all credit card reconciliations, accounting connections, and cost monitoring procedures. Its AI-powered platform integrates with commonplace programs like Gmail, Outlook, Slack, Microsoft Teams, and more to extract data from receipts. Fyle works with any Visa-enabled small company credit card and automates credit card reconciliations (extending to other payment networks soon). Employees only need to react to the SMS from Fyle with a photo of the receipt, which will immediately reconcile the transaction in real-time. It happens whenever a card transaction is done. Additionally, Fyle streamlines accounting. With the login information and no IT help, finance teams may set up self-service bi-directional interfaces with NetSuite, Sage Intacct, QuickBooks Online, and Xero.
Features of Fyle
Easy expense tracking.
From Gmail, Outlook, Slack, Microsoft Teams, email, text forwarding, and the Fyle mobile app, employees may submit expenditure reports. Fyle's robust data extraction engine will extract the expense information from the receipts without manual work. Additionally, administrators may set up per diems and monitor mileage directly from the Google Maps-powered mobile app.
Automatic checking of business rules.
To achieve compliance, you can establish complex business rules based on employee categories or spending criteria. Before submitting the expenditure, Fyle detects any violations of the policies and runs them in real-time.
Expenditure reporting in one click.
You can provide easy-to-use cost tracking tools and draft reports to streamline workers' filing of expense reports. Give staff the tools to check and submit legal travel expense reports while moving.
Reconcile credit cards automatically.
You can see current transaction feeds and business expenditures by integrating Fyle with your credit card company. Automatically and without manual effort, reconcile business card transactions and expenditure receipts. You may create unique reminders for submitting cost reports and reversing transactions. Get real-time feeds for any Visa-powered small business credit card (extending to other payment networks soon). For every new transaction, Fyle instantly sends an SMS. Employees only need to respond with the receipt; Fyle will handle the automated reconciliation.
Tight-knit accounting software integrations.
Connect Fyle to your company's existing ERP or HRMS systems. Create unique apps with strong API connectors to ease data flow into and out of Fyle. Access real-time data on spending while managing various business credit card schemes and issuers.
Obtain current, useful insights into your cost data.
Analyze the organization's spending patterns based on various personnel and cost characteristics. Get personalized dashboards for the CFO, HOD, approver, and employees to access information that is pertinent to you. Effective expenditure control with quick fraud detection using analytics powered by risk scores.
Robust accounting integrations.
Fyle provides self-serve two-way connections with Xero, QuickBooks Online, Sage Intacct, and NetSuite. Simply using your login information will allow you to connect them to Fyle.
Automated approval workflows.
Depending on your approval procedure, configure the processes and enable approvals for projects, locations, departments, and cost centers. From the web app, the mobile app, or Gmail, approvers may easily approve expenditure reports on the go.
Fyle advantages and disadvantages
Fyle Advantages
Track spending from familiar programs like Gmail, Outlook, Slack, Teams, email, text forwarding, and Fyle's mobile app.
- Accurately track miles directly from Fyle using Google Maps.
- For business cards with Visa technology from any bank, real-time credit card reconciliation.
- Direct two-way interface with Xero, QuickBooks Online, Sage Intacct, and NetSuite.
- Mobile and online apps, Teams, Gmail, Slack, and on-the-go approval procedures.
- Instantaneous policy checks before an employee file an expense report.
- Reminders through email and calendar to enter, submit, and approve spending.
- Ongoing compliance with extensive audit trails and unrestricted receipt storage.
- Keep everything under your control weekly, monthly, quarterly, and yearly.
- Direct ACH payments from Fyle to staff (the US only).
- Strong analytics based on real-time spend data from projects, business units, cost centers, and categories.
- Contract-free pricing based on usage.
- 24/7 chat, email, or phone assistance with an average 30-minute or less initial response time.
Fyle Disadvantages
Have to terminate the Android app every time because there is no leave button.
- You can bookmark the most common invoices and the beginning and ending places you use.
- There is no simple way to communicate that a report has been rejected.
- FYLE does not support policy awareness on the portal, and the mobile app's auto-fly function frequently fails.
- Every fourth or fifth entry, it crashes. It's been a major hassle.
- Not receiving enough assistance from customer care.
- Scanning a receipt might occasionally take some time.
How much does Fyle cost?
The Fyle has two plans with a free trial:
- Free trial: Available
- Standard Plan: $4.99 (User/Month Billed Annually)
- Business Plan: $8.99 (User/Month Billed Annually)
How to track business expenses with Fyle
An individual who has directly experienced this issue and sought to provide a solution that lessens, if not eliminates, the burden associated with manual company cost management founded Fyle. Additionally, even if you currently use expense management software, your staff members will likely switch between several applications to report their business costs. Even while doing things this way can be a little bit simpler than doing them manually, your staff is still not receiving the flawless experience they are entitled to. We are in the age of automated data extraction and single-click expense tracking. Stop requiring your staff to use numerous applications to report a single business cost. Gmail, Outlook, and Slack are Fyle programs used for daily work. Your staff members need to click one button to submit an expenditure.
How to make the most of the expense tracking tool with Fyle?
Automating workflows
You may enhance your customer connections, cash flow, and sales with automated reminders. You no longer have to spend much time following vendor and bill payment activity. While it might be difficult (particularly at first) to keep track of your company expenses, expense-tracking software can help. To help you save time and efficiently manage your cash flow, look for solutions that provide a variety of capabilities, such as on-the-go and cross-platform flexibility.
The hierarchy of expense approval.
The expenditure approval system should support your approval hierarchy. But it should also be flexible enough to allow you to change it as necessary. It is done so that employees should immediately go to the person above them in the hierarchy when they report their costs.
Capturing and organizing receipts
You should be able to record every receipt you get or pay for using a decent app. Every receipt needs to be filed in the relevant category. These receipts are available at any moment because of cloud storage. Employees that travel for work would appreciate this feature. As a result, much receipt-tracking software works effectively with numerous connected accounts, devices, and mobile applications.
Business credit cards
You should be able to add credit cards to the system so that any transactions may be automatically pulled up from the credit card statement. It facilitates reconciliations for the accounting staff.
Online Reimbursements
You may speed up the reimbursement procedure after the finance team approves a claim by setting up an ACH payment or a direct bank transfer and paying the employee's account immediately.
Multi-Currency Expensing.
It will likely incur travel expenditures for staff members in a currency other than yours. For accounting purposes, the expenditure management application must be capable of recording transactions in foreign currencies and converting them to the local currency.
Conclusion
Fyle is the latest expense management software for productive finance teams and regular employees. Fyle's automated card reconciliation feature helps manage and cut finance into the budget. Other features like data extraction, Slack and WhatsApp integrations, analytics and spending reports, and a real-time dashboard are extremely helpful for companies. You can use it for many companies, small, medium, or large enterprises. But it is best suitable for firms with 500 employees. Talking about the pricing, Fyle only charges for active users. The popular Plan is their Business plan, which is $8.99 per active user per month when billed annually. Summing up, Fyle is every company's long-due expense dream come true.
