We put out the question to accountants, founders, and other leaders about the struggles of dealing with manual expense reporting. Through their experiences, we uncover the inefficiencies and frustrations associated with traditional ways of reporting and managing expenses. Here’s what they had to say.

Categorization Difficulties

Classifying expenses into specific categories can be complex and lead to errors. Staying updated on changing reimbursement policies adds another layer of difficulty. The evolving nature of policies and the need for strict adherence make manual reporting frustrating.

Karina Newman, Owner | iBuyers

The Accuracy Balancing Act

One of the most troublesome aspects of expense reporting is ensuring that all expenses are accurately recorded and categorized. This can sometimes be challenging, especially when dealing with various vendors, currencies, and payment methods. Additionally, reconciling expenses with receipts and invoices can be time-consuming.

Phil Portman, CEO | TextDrip 

More Complex, More Time

The time and effort I spend depend greatly on the complexity of the report and the system used. I'd estimate it can range from 15 minutes for simple reports to over an hour for complex ones with multiple receipts and expense categories.

He also shared an interesting personal story:

Early on a ShipTheDeal, managing expense reports was a significant time drain. It motivated us to prioritize implementing an efficient and user-friendly expense management system, which has significantly improved the experience for both employees and the finance team.

Cyrus Partow, CEO | ShipTheDeal

The Weekly Time Drain

Navigating the complexity of expense reports takes a significant portion of my week - roughly 3-4 hours. The most difficult component is not simply finding time, but also reading different receipts and assuring compliance with our financial standards. It's a delicate balance of accuracy and efficiency that is critical to maintaining our current growth trajectory.

Ian Rodda, CFO | PageOneFormula 

Beyond the Time Suck

Manual reporting is not only time-consuming but also error-prone. It involves paper receipts, manual data entry, and ensuring adherence to company policies and tax regulations. This burden is especially significant for businesses with high transaction volumes or multiple locations. On average, manual reporting can take several hours per month per employee, hindering productivity. 

Kenan Acikelli, CEO | WorkHy

The Menace of Missing Receipts

I'd easily spend 20 minutes or more on each report, making sure receipts and details were accurate. As much as I aimed for perfection, mistakes still happened occasionally. The hardest part was chasing people down for missing receipts and waiting weeks for reimbursement. I remember one time when an airline lost my luggage and I was out $500 for clothes and toiletries. Without the receipt, it was a nightmare getting that reimbursed.

Enoch Omololu, Founder | Savvy New Canadians

Stop Wasting Time And Effort On Manual Expense Reporting

Fyle is built to tackle the problem faced by every founder, CXO, and accounting team: manual expense management. 

With Fyle, the anxieties surrounding lost receipts, manual credit card reconciliations, inaccurate data entry, persistent reminders, manual exporting of data to accounting software, and delays in reimbursements have become a thing of the past. 

Fyle seamlessly handles all these tasks, liberating you from wasted time, unnecessary effort, and financial inefficiencies.

Track receipts from everyday apps

Employees can track receipts from apps like Gmail, Outlook, Slack, Fyle’s mobile app and web app. Fyle will create expenses, attach the receipt, extract relevant information accurately and code it according to your GL automatically. This saves both employees and accountants time and eliminates a lot of manual effort.

Reconcile credit card expenses without switching cards

Fyle connects directly with Visa and Mastercard to bring your credit card transactions into your expense management system once you swipe your card. 

Here's how Fyle simplifies credit card reconciliations:

• Use your existing credit card: You can access all reconciliation features without the need to switch cards, while still enjoying your credit card rewards, benefits, and maintaining your bank relationships.
• Real-time text notification: Employees get instant text messages as soon as the company credit card is swiped. They can reply with a picture of the receipt for instant reconciliation.  They can also just text the receipt to Fyle and it will be matched to the corresponding transaction when the card data arrives. 
• Easy Receipt Collection: Accountants can collect receipts instantly through text messages, cutting the time spent gathering receipts by 48%. It simplifies the process, reduces back-and-forth with employees, and eliminates the need for reminders.

Businesses with American Express credit cards can now create unlimited virtual cards right from Fyle. Learn more here. 

Accounting integrations

Fyle also integrates with major accounting software like NetSuite, QuickBooks, QuickBooks Online, Sage Intacct, Sage CRE and Xero to sync data around expenses, receipts, cards, chart of accounts, GL codes, taxes, payments and more, automatically.

In Conclusion

Say goodbye to wasting time on receipts and expense reports. Tools like Fyle are built to tackle businesses' specific challenges with expense management. Fyle is committed to innovating, constantly striving to streamline and simplify the process.

If you're eager to embrace the future of expense management, feel free to schedule a demo with Fyle. Discover firsthand how Fyle can revolutionize your expense management process for your employees and your business.