Fyle Review: Is It the Best Expense Management Software for 2024?
Managing expenses can be a hassle for any business, especially if you have to deal with paper receipts, manual data entry, complex approval workflows, and tedious reimbursements. That’s why you need a smart, simple solution to automate and streamline your expense management process. Enter Fyle!
Fyle is a cloud-based expense management software that claims to be the best in the market. But is it really? In this Fyle review, I will dive deep into its features, pricing, pros and cons, and see how it compares to other alternatives.
By the end of this article, hopefully, you will have a clear idea of whether Fyle is the right choice for your business or not.
So, without further ado, let us get started!
What is Fyle and How Does It Work?
Fyle is a modern expense management platform that empowers accountants and employees to manage their expenses with ease. It integrates with popular apps like Gmail, Outlook, Slack, and Text Messages, allowing users to capture and submit receipts in a few clicks.
Fyle also supports multiple currencies, per diems, mileage tracking, advances, split expenses, and more. The platform uses artificial intelligence (AI) to extract, code, and categorize data from receipts and check for policy violations in real time.
It also automates credit card reconciliation, report creation, and approval workflows, saving time and effort for both accountants and employees. Fyle syncs with accounting software like QuickBooks, Xero, NetSuite, and Sage Intacct, making accounting seamless.
Fyle is best suited for companies with high-expense policies who want to reduce costs, improve compliance, and gain visibility into their spending. It is trusted by over 1000 organizations across the world, including brands like Freshworks, Ola, and Capgemini.
What are the Features of Fyle?
Fyle offers a comprehensive set of features covering every expense management aspect. Some of the key features are:
Receipts
Fyle helps you to track receipts from Text and everyday apps like Gmail, Outlook, and Slack. Fyle automatically extracts data from any paper or e-receipts and creates expenses.
You can also upload receipts from your phone gallery, Dropbox, or Google Drive or add receipts in bulk on Fyle’s mobile and web apps.
Expenses
This platform helps you to report mileage, expenses, per diems, advances, and more. Fyle checks for fraud, duplicates, policy violations, flags, warnings, or marks expenses for additional approvals.
You can also split expenses, change currencies, add custom fields, and mark expenses as billable.
Cards
With Fyle, you can manage and automate credit card reconciliation with real-time feeds from Visa, Mastercard, American Express, and other credit cards.
Fyle sends text notifications for new transactions and matches receipts automatically. Additionally, you can also assign cards to employees, projects, or cost centers and track card spending against budgets.
Approvals
Want to set up any approval workflow and approve expenses on-the-go from Slack, Gmail, Fyle’s mobile app, or the web app? Well, Fyle can help you with that as well!
Besides, you can also configure multi-level, multi-org, and multi-policy approvals. Besides, you can add comments or send back reports for clarification.
Reimbursements
The platform assists you in streamlining employee reimbursements with ACH transfers. Fyle supports multiple payment methods, currencies, and bank accounts and provides payment status updates and reports.
Also, you can issue advances to employees and track spend against them.
Analytics
Fyle helps you to get rich insights into your company spending with Fyle’s powerful analytics dashboard.
You can configure budgets, track spending against them, and monitor key metrics like spending trends, policy violations, expense categories, etc.
You can also create custom reports and export them as CSV, PDF, or Excel files.
Integrations
You can sync with your accounting software, HRMS, and more with Fyle’s integrations through Fyle.
Fyle integrates with NetSuite, Sage Intacct, QuickBooks Online, QuickBooks Desktop, Xero, and more, using just the login credentials.
Fyle also integrates with Google Workspace, Office 365, Slack, Okta, and more.
What is the Pricing of Fyle?
Fyle offers three pricing plans: Standard, Business, and Enterprise. The pricing is based on the number of active users per month who create at least one expense report. The pricing is as follows:
- Standard: $6.99 per active user per month, billed annually. This plan includes features like receipt tracking, expense reporting, policy compliance, approval workflows, reimbursements, integrations, and support.
- Business: $11.99 per active user per month, billed annually. This plan includes everything in the Standard plan, plus features like credit card reconciliation, per diems, advances, budgets, analytics, and account manager.
- Enterprise: Custom pricing based on volume and usage. This plan includes everything in the Business plan, plus features like custom integrations, custom workflows, custom policies, custom reports, and dedicated support.
Fyle does not offer a free trial. However, you can request a free demo to see how it works.
What are the Pros and Cons of Fyle?
Fyle has many advantages but also some drawbacks. Here are some of the pros and cons of Fyle:
| PROS | CONS |
| Very easy to use and intuitive interface | It does not allow submitting expenses from email on the mobile app |
| Supports multiple currencies and languages | It is not compatible with the Safari browser |
| Integrates with popular apps and accounting software | Fyle has a slightly higher cost per user compared to some competitors |
| Uses AI to extract data and check compliance | |
| Automates credit card reconciliation and report creation | |
| Provides real-time analytics and insights | |
| Offers 24/7 customer support and account manager |
How Does Fyle Compare to Other Expense Management Software?
Fyle is not the only expense management software in the market. There are many other alternatives that offer similar or different features, pricing, and benefits. Some of the popular competitors of Fyle are:
1. Expensify
Firstly, Expensify is a cloud-based expense management software that allows users to capture and submit receipts, track mileage, create and approve expense reports, and reimburse employees.
It also integrates with accounting software, travel platforms, and other apps. The pricing starts at $4.99 per active user per month for individuals and $9.99 per active user per month for businesses.
2. Zoho Expense
Zoho Expense is a cloud-based expense management software that helps users record and report expenses, track mileage, manage card transactions, and automate approvals and reimbursements.
Furthermore, it also integrates with Zoho’s suite of products and other accounting software and apps. Zoho Expense pricing starts at $2.5 per active user per month, billed annually, with a minimum of 10 users.
3. Emburse Certify Expense
Last but not least, Emburse Certify Expense is a cloud-based expense management software that enables users to capture and submit receipts, create and approve expense reports, manage card transactions, and reimburse employees.
Besides, it also integrates with accounting software, travel platforms, and other apps. Emburse Certify Expense pricing starts at $8 per active user monthly, billed annually.
Wrapping It Up!
Fyle is a modern and powerful expense management software that can help businesses of all sizes simplify and streamline their expense management process.
The platform offers comprehensive features, integrations, and support and uses AI to automate and optimize expense management.
Fyle is best suited for companies with high-expense policies who want to reduce costs, improve compliance, and gain visibility into their spending.
However, Fyle is not perfect, and it has some drawbacks. For instance, its compatibility with the Safari browser and its slightly higher cost per user compared to some competitors. Therefore, before choosing Fyle, you should compare it with other alternatives and see which one meets your needs and budget better.
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