When it comes to ‘expenses’ everyone has some of one kind or another. They might be receipts for gasoline, or they might be a credit card charge for a meal or hotel stay, or they might be an airline ticket the company paid for with an ACH purchase that you have to track as part of your project expenses. And let’s not forget about mileage and tolls and Uber charges.
Well, Fyle allows everyone in your company to easily track billable and non-reimbursable expenses. It saves the hassle of trying to create workarounds to track expenses that need to match up to company-paid costs employees are reporting that need to be linked back to customers or projects. You can track receipts in numerous ways like snapping a picture, uploading a receipt, via text, or from one of your other apps like Gmail, Outlook, or Slack.
Source: Fyle
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Fyle’s intelligent OCR will automatically extract essential data from each receipt and post the information as it begins preparation of the expense report allowing for tracking of both billables and non-reimbursable expenses, assigning expenses, splitting costs by category, job, project, customer, and numerous other classes or accounts. Simultaneously, Fyle is automatically checking the data against business rules for compliance and potential fraud like mischaracterized or overstated or duplicate charges.
Fyle’s mileage tracker, which is powered by Google Maps, just needs your start, stops, and end location. Employees can duplicate or automate recurring mileage expense submission. Mileage rates can be based on different vehicle types by employees.
Source: Fyle
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Fyle's Admin dashboard gives company administrators the ability to real-time access into all expense, approval, reimbursement, and finance operation information. They can then make timely and informed business decisions.
Source: Fyle
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And these are just a few of the great features of Fyle's expense capabilities, but what I am really here to make you 'App Aware' of is the fact that Fyle has streamlined the process of importing expense entries into QuickBooks Online.
With their new 'Fyle <> QuickBooks integration App', Fyle's users can easily export their expense reports based on the preferences configured between Fyle and QBO. For reimbursable expenses reported as Bills, the integration App can also synchronize payments between Fyle and QuickBooks.
- Step 1 - Connect Fyle with your QuickBooks account.
Source: Fyle
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- Step 2 - Authorize QuickBooks to share date with Fyle.
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- Step 3 - Configure how QuickBooks and Fyle work together.
Source: Fyle
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For example, you might want reimbursable expenses recorded as checks, bills, or journal entries; or you might want corporate card expenses recorded as credit card expenses, bills, or journal entries.
- Step 4 - Sync your expense related data in real time.
Source: Fyle
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Send expenses, receipts, expense categories, approval status, and employee details to QBO. For reimbursable expenses which are exported as bills, the integration app can create payments in QuickBooks once they’re paid via ACH in Fyle, or mark reports as paid in Fyle once they’re paid in QuickBooks.
- Step 5 - Creating New Expenses in Fyle (going forward).
Source: Fyle
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Entering the different types of expenses in Fyle is easy: Reimbursable expenses, when you have paid an expense and the company must pay you back, or Non-Reimbursable expenses, when the company has or will pay the expense directly but you still need to include it on your expense report.
- Step 6 - Importing your Expense Report(s) into QuickBooks.
Source: Fyle
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- Step 7 (Optional) - Viewing Fyle expense entries in QBO.
Source: Fyle
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Whether you are talking about individual expenses, or entire expense reports, Fyle provides you a way to not only track them with comprehensive reporting and analysis in their own App, at extremely reasonable monthly rates, but to also import the critical information you want and need into QuickBooks Online. For more information about Fyle see their website where you can also sign-up for an in-depth demo.
Disclosures:
At the time of this article's publication, Fyle and the 'Fyle <> QuickBooks integration App' are not currently listed within the Intuit QuickBooks Apps Store.
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