Fyle - Detailed Review

Fyle: An AI-Driven Expense Management Solution

Fyle offers several key features that streamline travel and expense management, particularly when integrated with travel tools like TravelPerk. Here are the main features and how they work:

Real-Time Expense Reporting and Reconciliation

Fyle provides real-time feeds from credit card transactions, allowing for instant tracking and reconciliation of expenses. When a transaction occurs, employees can receive text message alerts and reply with a photo of the receipt to reconcile the expense immediately. This feature eliminates the need for manual data entry and ensures accurate and timely expense reporting.

Automated Expense Creation and Categorization

When trips are booked through TravelPerk, Fyle automatically creates corresponding expenses with attached invoices. The AI engine categorizes these expenses based on the type of booking, such as “Hotel Booking” or “Flight Booking.” This automation saves hours of manual effort and ensures that expenses are accurately categorized and documented.

Mileage and Per Diem Tracking

Fyle uses Google Maps to track miles traveled by employees, allowing for recurring mileage tracking with different rates for various vehicles. It also supports advanced Per Diem tracking, enabling multiple rates based on employee groups, currencies, and locations. This ensures accurate calculations and simplifies the process of tracking and submitting mileage and per diem expenses.

AI-Based Expense Coding and Categorization

Fyle’s AI engine automatically extracts, codes, and categorizes data from physical and electronic receipts using Optical Character Recognition (OCR) technology. This AI-driven process ensures that expenses are correctly categorized and compliant with company policies, reducing the risk of errors and fraud.

Automated Compliance and Policy Enforcement

The AI engine checks expenses against company policies in real-time, ensuring compliance and flagging any policy violations. This helps maintain accurate records, avoid costly penalties, and reduce the risk of fraud.

Seamless Integrations with Accounting Software

Fyle integrates seamlessly with popular accounting software such as QuickBooks Online, Xero, Sage Intacct, and NetSuite. This integration automates data transfer, ensuring data consistency across systems and streamlining workflows. Expenses can be exported as bills, journal entries, or credit card charges, depending on the software.

Advanced Analytics and Reporting

Fyle provides insightful analytics and reporting on expense data, helping firms identify spending patterns, track operational inefficiencies, and make informed decisions. This enables better cost control and optimization, allowing businesses to make data-driven decisions.

Credit Card Reconciliation and Management

Fyle automates credit card reconciliation by matching receipts with card transactions in real-time. It supports multiple card programs from VISA, Mastercard, Amex, and Diner’s Club, and provides real-time transaction feeds and instant spend notifications. This ensures complete visibility into card spend and automates the reconciliation process.

Employee Reminders and Notifications

Fyle allows for setting up regular reminders for employees and managers to create, submit, and approve expenses. This ensures that the expense management process is timely and efficient, reducing delays and missed deadlines.

Customizable Expense Forms and Fields

Fyle enables the addition of custom fields to expense forms to collect specific and detailed information from employees. This includes configuring project or cost center dependent fields, setting merchant-based rules, and creating custom expense categories.

By leveraging these features, Fyle streamlines travel and expense management, reduces manual effort, and enhances compliance and accuracy, making it a valuable tool for businesses seeking to optimize their expense management processes.