Q2 2023 has been exciting for us, we have released several new features and updates to make expense management a hassle-free experience for you and your users, after listening to your feedback.
From changing the expense tracking landscape by introducing SMS-based receipt submission, to enabling granular mapping in our accounting integrations, we’re constantly improving the platform to make it better and simpler to use.
Exporting Reporting Directly From SMS or Text Messages 💬
Say goodbye to the era of mobile apps for expense management. Expense reporting is now as easy as sending a text message! Users can text Fyle a picture of their receipts, and Fyle’s AI will extract the necessary data from your receipts, create an expense, or match them with your credit card transactions.
If it’s a credit card receipt, Fyle will reconcile it with your card expense, and if it’s an out-of-pocket receipt, Fyle creates an expense for you. This means you don’t need to download and learn to navigate a new app anymore.
Collect receipts 48% faster, ensure instant adoption by users due to a zero learning curve, and simplify closing of books by enabling users to just text their receipts. Read more about it here!
Please note: This feature is only available to users based in the US.
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Connecting Your Corporate Cards to Fyle Is Easier Now
Adding your corporate or business credit cards on Fyle is now easier. Users can simply enter or copy-paste the card number, and Fyle will automatically identify the card network and connect the card to the real-time credit card feed. Fyle directly connects with any credit card on the Visa and Mastercard network, so you can see your card transactions in real-time, on swipe.
Redesigned Admin and Spender Pages
We've made it simpler for users to view and manage expenses on both Spender-view and Admin-view pages. Using the new quick filters, spenders can view expenses that need attention. For example, expenses that have data missing can be seen using the ‘Incomplete’ filter.
Our updated design also includes a split expense visibility feature, making it easy for spenders to identify whether an expense is split between multiple categories, projects, or cost centers.
We are currently redesigning the Admin pages, and adding Filters and Bulk Actions. The Projects page has already been redesigned, and admins can use filters to view only relevant Projects. Admins can also select multiple projects and take bulk actions (like enabling or disabling projects for users).
Real-Time Credit Card Feeds for CAD Visa and Mastercards
If you have a Canadian subsidiary that uses Visa or Mastercard business credit cards issued by Canadian banks, you can connect these cards on Fyle with real-time credit card feeds, with the default currency being CAD. (We’ve made support live for all CAD Mastercard cards, with Visa coming soon!) Fyle also integrates with all Visa and Mastercard business or corporate credit cards issued by US banks, to offer real-time feeds and instant spend notifications.
Integrations
QuickBooks Online
Export Foreign Currency Expenses With an Exchange Rate to Quickbooks Online
For organizations engaged in international transactions, QuickBooks Online's multi-currency setup provides a convenient way to record foreign transactions. At Fyle, we understand the importance of supporting users who have set up their accounts with multiple currencies. That’s why we’ve built the ability to export expenses with exchange rates, enabling seamless accounting for overseas expenses. This functionality is available only for expenses exported as Bills from Fyle to QuickBooks Online. Read here to learn more.
Import and Export of Products/Services (Items) Between Quickbooks Online and Fyle
If your business operates in the services or construction vertical and relies on QuickBooks Online's Products/Services module for cost tracking and job costing reports, we have great news for you! Fyle now supports the import and utilization of these Items within the expense form.
By tracking expenses in Fyle using these imported Items, you can generate precise Job Cost reports. Moreover, expenses exported as Items from Fyle can be easily associated with invoices, enabling seamless re-billing, if necessary. This streamlined process simplifies client invoicing and helps maintain clear financial records. Read more about it here.
The same support has been added to Sage Intacct and NetSuite as well.
Sage Intacct
Export Reimbursable Expenses as Journal Entries
Journal Entry is a popular method of exporting reimbursable expenses among Fyle users, which is why we have recently introduced the support to export Reimbursable Expenses from Fyle as Journal Entries on Sage Intacct. The Fyle-Sage Intacct Integration credits the Default Account set by the admin and debits the GL Account of the Category added by an employee in the expense form. Read more about it here.
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Card to Card Mapping for Charge Card Transactions
Previously, Credit Cards in Fyle were mapped to Employees/Vendors in Sage Intacct, allowing only one card per Employee/Vendor. However, we heard from our customers and partners that they needed to export expenses from multiple cards held by their employees. To address this, we have introduced a solution by enabling admins to map credit cards in Fyle directly to their respective charge cards in Sage Intacct.
This option is specifically available when exporting Corporate Credit Card (CCC) expenses as Charge Card Transactions. With this enhancement, Sage Intacct users can effortlessly export expenses from multiple cards, ensuring accurate and streamlined accounting processes.
NetSuite
Simplified NetSuite Export Error Notifications
Sometimes, errors can occur when exporting expenses from Fyle to NetSuite. These errors can happen if employees enter incorrect data or don't have the necessary access. In the past, the integration showed error codes that weren't very helpful in understanding which values caused the error.
To make it easier for users to understand and fix these errors on their own, we've improved the error system. Now, instead of just seeing error codes, users will see the actual names of the values that are causing the error. In the below example, you can see the Category Name and the Entity Name that is causing the problem. With this information, users can quickly identify and resolve errors without any external assistance.
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Customize Name Field for Corporate Card Expenses Exported as Journal Entries to NetSuite
For CCC (Corporate Credit Card) expenses exported from Fyle to NetSuite, generally, the 'Merchant name' is posted in the Journal Entry records. However, some of our customers wanted to generate employee-based reports instead of vendor-based reports in NetSuite.
In order to meet this requirement, we have introduced a new feature that will allow the admin to choose whether they want to export the 'Merchant' name or the 'Employee' name to NetSuite for CCC expenses exported as Journal Entries. Now, the integration will post the Employee/Merchant name based on what the admin configures. Read more about it here.
Xero
Clone Settings Configuration
For customers and partners that have multi-entity organizations with similar configurations, setting each of them up from scratch can be repetitive, time-consuming, and unnecessary. To make the onboarding process faster and alleviate the burden of repetitive configuration, we have introduced the ability to clone organization setups. With this update, integration settings can now be effortlessly copied from one account to another automatically.
We learned that most of our partners follow similar accounting practices across their clients, resulting in nearly identical accounting integration settings. The ability to clone these settings will save valuable time and effort for both partners and admins, allowing them to focus on more critical tasks.
To kickstart this streamlined experience, we have implemented this feature for the Fyle-Xero integration, catering to partners like Aprio and Finvisor, who predominantly use Xero. We will be extending this functionality to other integrations in the near future!
Auto-Sync Chart of Accounts between Fyle and Xero
Fyle now offers automatic synchronization of the Chart of Accounts from Xero to Fyle every 24 hours. When an Account (Category) is disabled in Xero, the integration will automatically disable it in Fyle as well. This ensures consistent account status across both platforms without any manual intervention.
In addition, we have provided a feature that allows you to manually disable values in Fyle even if they are active in Xero. This gives the admins the flexibility to control which accounts are available to employees.
Coming Soon
Fyle - Sage Intacct Integration V2.0
After the successful redesign of our QuickBooks Online and Xero integrations, we are now revamping the Fyle-Sage Intacct Integration! The redesign aims to enhance the integration experience with a fresh look and improved functionality for our existing users while enhancing the onboarding experience for new users with its self-serve capabilities. Admins will be able to set up the integration without any additional support, in under 10 minutes. Detailed examples and comprehensive explanations of each setting have been added to empower the admin to make informed decisions and understand the impact of every configuration.
Stay tuned for more details on these exciting changes, and reach out to us today for a free demo to get early access!
