QuickBooks is a popular choice of accounting software for businesses around the globe, and for good reasons! It offers incredible control over accounting processes with its wide range of features, integrations, and ease of use.
With the freedom and control that QuickBooks Online offers, Finance teams can enforce rules and limits precisely as they need them for compliance. Further, the system helps keep track of all financial transactions in one place.
This is excellent to prevent fraud and keep accurate financial records; however, every professional who’s had to file or review an expense report has complained about how painstaking a process it is. This is where QuickBooks could use some help from an intuitive expense management software like Fyle.
Suggested reads: What is an expense management software?
You already have QuickBooks - do you really need an expense management software add-on?
QuickBooks comes with expense tracking and reporting features that allow an incredible amount of customization for expense fields, codes, categories, etc. Unfortunately, the flip-side to this is the number of details employees have to fill for every single expense, as required by Finance.
A typical expense report has a minimum of five to seven fields. So, the time it takes employees to stitch together a report with compliant claims quickly eats into what could have been productive work hours—not forgetting to mention the frustration, manual data-entry errors, and seemingly endless clarifications that come with the tiniest of mistakes.
On the Finance side of things, these errors and confusions translate to a lot more time to verify, approve, and process expense reports. And the result is trouble - delayed expense reimbursements, payments, reconciliations, unpleasant audits, and costly fines!
In other words, the simpler it is for employees to track and report business expenses, the easier it is for accountants and Finance teams to close books on time. That’s where Fyle shines - it takes on all the manual work, giving users incredible ease of use and air-tight compliance for businesses.
How does the QuickBooks + Fyle integration help with employee expense management?
Whether you’re an SMB or an enterprise, if your business generates a considerable amount of employee-initiated expenses, you need an expense reporting software to go with your accounting software.
Here’s how Fyle makes business expense tracking and reporting simple for employees
Over a decade of using automation software to manage expenses has taught us one thing - if it’s complicated, it will create more problems than solutions. Complicated expense reporting processes lead to delays and errors in expense reports, thereby delaying the entire process all the way till the closing of books.
Therefore, experience and control are the heart of everything we do and build at Fyle. Don’t take our word, see for yourself.
Track and report business expense receipts with one click
Whether your employees are traveling for work or working from home, if they have internet access, they have a way to track and save expense receipts with just a click. With Fyle, employees can track receipts from everyday apps like G-Suite, Outlook, and Slack; there is no need to open the mobile or desktop app.
All they have to do is forward receipts to Fyle like they would a nice sunset picture to Instagram. Fyle then automatically extracts all relevant expense data and saves the expense to a draft report. Then, when it’s time to submit the expense report, employees can review all expenses and send it for approval with just one click. It’s that easy!
SUGGESTED READ: How a receipt tracking app helps achieve greater employee compliance
Submit compliant T&E reports for approvals, always
Erroneous claims, which are not uncommon given the complexity of compliance rules and regulations, may be deemed fraudulent or non-compliant even if the intention was clean. Compliance is not really a common man’s cup of tea. Finance professionals hold it holy, but employees are just frustrated with the endless rules and regulations.
So, Fyle eliminates this headache by auto-extracting all necessary expense details from uploaded receipts and checking for compliance before it reaches the approver. Fyle’s friendly AI also helps employees fix any violations, enabling them to submit complaint reports promptly.
SUGGESTED READ: Benefits of using online receipt management over traditional methods
Report corporate card expenses as they occur
Cards make spending for work extremely convenient. They offer freedom, flexibility and remove the chance of overspending and losing out on reimbursements. Fyle allows employees to track card expenses the same way they track other business expenses - with just one click.
The software then auto-matches expenses reported with the statement, making corporate card management 100% hassle-free and automating corporate card reconciliation completely.
With this, we’ve automated and solved expense reporting for employees completely. Next, let’s take a look at how Fyle + QuickBooks integration helps Accountants and Finance teams.
SUGGESTED READ: How to Create Expense Reports in QuickBooks Online with Fyle?
Here’s how QuickBooks Online and Fyle make a winning team for Finance efficiency
If you are a finance professional who has worked with QuickBooks, you know the pain of manually coding and syncing transactions into QuickBooks. Perhaps, you’ve dealt with other integrations that just doubled your workload because the data just didn’t sync right. In addition, you’re probably tired of manually importing and exporting data between ten different tools.
If you relate to any of the problems we just talked about, you’re going to love what Fyle brings to the table!
Connect Fyle with QuickBooks yourself - no code, no waiting!
Connect your QuickBooks Online account to Fyle without waiting for an account manager. All you need are your Fyle and QuickBooks credentials, and you’re all set!
Intelligent expense coding
Save your Accounting team hours of productive work by automatically coding all expense-related data, including projects, categories, locations, GL codes, and other custom fields, with Fyle. Never lift a finger to code expense data manually, ever again.
Automate custom field mappings
You can create a Select Type custom field in Fyle within the integrations and map it to a system field, class, and department imported from QuickBooks Online. The field values will also be automatically synced. As a result, Admins invest no time at all in manually creating custom fields and values in Fyle and then mapping them to QuickBooks Online.
Automate imports and exports once and for all
You can set up a cadence for the integration to automatically import and export data from Fyle to QuickBooks. This means, when an expense report is moved to the payment queue, the integration will automatically export it to QuickBooks at the scheduled time as per your instructions.
Additionally, in the unlikely event that an export from Fyle to QuickBooks Online fails, you will be notified of the details immediately. This helps troubleshoot quickly and without the need for support!
That’s not it - there’s a lot more you can streamline, automate, and achieve with this powerful integration. If you’re interested to understand more about how the Fyle + QuickBooks integration works, here’s an article that details the specifics - Fyle’s integration with QuickBooks Online - How it works
Closing notes - could Fyle + QuickBooks be the best solution for your business?
There are a lot of great financial tools out there that integrate with QuickBooks, but only a few are right for your business. So we’ve put together a quick list of benefits that Fyle’s tight-knit integration with QuickBooks offers to help you make the right decision.
- Give your employees a simple mobile app to track business expenses on the go.
- Improve team productivity and save billable hours by streamlining the data entry, verification, and approval process for T&E reports.
- Enjoy continuous compliance with automatic checks for policies laid down by the company and tax authorities before the reports reach your P&L.
- Get real-time data and analytics for spending across the organization and drive impactful change with data-backed financial decisions.
- See all approved reports in the payment queue on QuickBooks - checked for compliance, attached with proof of spend, and ready to be processed.
- Eliminate manual effort from corporate card reconciliation with automatic expense matching and see all card spend as it happens on your Fyle dashboard.
- Move employee and expense data between Fyle and QuickBooks, NetSuite, and Sage Intacct quickly, securely, and in compatible formats with no extra effort.
- Lastly, Fyle allows admins to import Tax Items in QuickBooks as Tax Groups in Fyle. Users can simply choose the relevant tax group while submitting reports, allowing Admins to submit compliant tax reports on time.
If increased efficiency of financial processes with minimal manual work and zero chance for errors sounds like something you need, just schedule a demo, and we’ll have you up and running in no time!
