Fyle product overview
Fyle is an AI-powered expense management software that enables employees to submit expenses on the go within apps they use every day. The software is custom-designed to address expense management and reporting woes no matter the business size, industry, or expense management needs. Organizations can automate expense management, gain visibility, and increase efficiency.
The platform delivers an intuitive way to turn expense reporting in real-time. It has a Chrome extension and Outlook email add-on that automates expense management. This add-on empowers users to capture expense information from receipts right inside the email and create expense reports. In addition, Fyle tracks expenses for flight bookings, hotel reservations, cabs, food delivery, and shopping bills. The system extracts expense date, amount, merchant name, and category, so employees don’t have to enter anything manually. It makes it effortless for teams to track and manage expenses. When employees submit expenses as they happen, finance teams can close books on time.
Pros of Fyle
- It allows finance teams to remove approvers out of the equation unless something needs their attention. This means when everything is working smoothly, approvers don’t become roadblocks and slow down the reimbursement cycle.
- It automatically flags mischaracterized, fictitious, and overstated expenses, including duplicates, dubious merchants, and weekend or holiday expenses, letting businesses catch fraud early in the reimbursement cycle.
Cons of Fyle
- Receipt scanning in Fyle takes time.
Breakdown of core features
The Fyle expense form captures all relevant expense data. Besides default fields like category, amount, and vendor, the admin can adjust the form to include projects, departments, and cost centers. Users can also split expenses by project, category, or cost center and assign expenses to other users right from the form.
Automated credit card reconciliations
Fyle accurately reconciles every card transaction, expense, and receipt. Whenever an employee uploads a receipt, the system automatically attaches it to the correct expense for auditing. Furthermore, users can manage multiple card programs from providers like American Express, VISA, Mastercard, and Diner’s Club centrally. The software allows organizations to stay on top of all card spending, transactions, reconciliations, unassigned cards, and employee usage in real-time.
With Fyle, finance teams can assign separate budgets for projects, categories, departments, and cost centers. Users can track long-term and short-term spending by assigning customizable periods for budgets. The system sends email reminders if expenses are nearing the budget.
Fyle brings real-time analytics to back business decisions. It comes with a dedicated dashboard for auditors with historical activity around reports, payments, advances, trips, hotels, and transportation. Users can drill down into large amounts of expense data of the organization and extract the required information to analyze spend patterns and get actionable insights.
(Last updated on 08/25/2022 by Liz Laurente-Ticong)