Product Overview of Fyle
Fyle is a comprehensive and innovative expense management platform designed to automate and streamline all aspects of employee expense tracking, credit card reconciliations, and accounting integrations. Here’s a detailed look at what Fyle does and its key features:
What Fyle Does
Fyle is tailored to help businesses manage their expenses efficiently by automating the entire expense tracking process. It integrates seamlessly with existing credit cards, accounting software, and other business tools to provide real-time visibility and control over company spending. The platform is designed to simplify the lives of both employees and finance teams by reducing manual effort, enhancing compliance, and improving the overall efficiency of expense management.
Key Features
Automated Expense Tracking
- Fyle uses AI-powered Optical Character Recognition (OCR) to automatically extract, code, and categorize data from paper and electronic receipts, eliminating the need for manual data entry.
Real-Time Policy Checks and Compliance
- The platform performs real-time policy checks, flags policy violations, and ensures compliance by warning or marking expenses for additional approvals. It also detects duplicates, fraud, or fictitious expenses at the time of submission.
Credit Card Reconciliation
- Fyle integrates directly with Visa, Mastercard, Amex, and other credit cards to provide real-time transaction feeds and instant spend notifications. It automates receipt matching for every credit card transaction, whether the receipt is submitted before or after the card data.
Multi-Level Approval Workflows
- Fyle allows for customizable approval workflows with multiple levels, ensuring that expenses are approved by the right people before reimbursement or accounting entry.
Mileage and Per Diem Management
- The platform includes Google Maps-powered mileage tracking with different rates for various vehicles and advanced per diem tracking for multiple rates, currencies, and employee groups.
Mobile App and Integrations
- Fyle offers a mobile app that allows employees to submit expenses on-the-go by clicking a picture of the receipt. It also integrates with everyday applications like Gmail, Outlook, Slack, and MS Teams, making it easy to log expenses from multiple channels.
Advanced Analytics and Reporting
- Fyle provides detailed analytics and reporting capabilities, allowing businesses to view spend data by merchants, categories, departments, cost centers, projects, and employees. It also offers customizable dashboards and the ability to export reports in various formats (CSV, PDF, Excel).
Accounting Software Integrations
- The platform integrates bi-directionally with popular accounting software such as NetSuite, QuickBooks Online, QuickBooks Desktop, Sage Intacct, and Xero. This integration ensures seamless sync of expense data, GL codes, project details, taxes, and custom fields.
Customizable Expense Policies and Forms
- Fyle allows organizations to customize expense policies, budgets, and approval levels according to departments and their functions. It also enables the creation of additional fields to capture specific employee information and supports custom categories, projects, and cost centers.
Multi-Currency Support and Reminders
- The platform supports multiple currencies and allows for automatic currency conversions. It also features customizable reminders and notifications to ensure timely submission and approval of expenses.
Risk Analytics and Audit Trail
- Fyle provides risk analytics to help mitigate spending risks by identifying top policy violators and top spenders. It also maintains a detailed audit trail for all transactions and changes.
Additional Functionality
- Text-Based Receipt Collection: Employees can receive text alerts for credit card transactions and reply with a picture of the receipt, which Fyle automatically matches to the transaction.
- Advances and Trip Management: Managers can issue advances to employees, and the platform supports trip management, including requesting and approving trip expenses and booking transportation.
- Role-Based Access Control: Fyle offers role-based access control, ensuring that users can only view and manage the data they are authorized to access.
In summary, Fyle is a robust and user-friendly expense management solution that leverages AI and automation to streamline expense tracking, credit card reconciliations, and accounting processes. Its extensive range of features and integrations make it an invaluable tool for businesses looking to enhance their financial management efficiency and compliance.