In Fyle's current setup, once the employees have submitted the Reports, the Admin can Approve and Verify them from the Reports page of Fyle. However, once verified, the Reports must be moved to the Payments Page through Queue and Processing states before initiating reimbursements and marking them as Paid.
There are two significant challenges we observed here :
1) The Admin has to navigate between two different pages of Fyle to complete the reports workflow, and this also involves multiple clicks before Admins can initiate Payment.
2) Even if your organization is only using Corporate Credit Card to generate expenses, the reports still have to go through the Payments Page and Processing states before one can mark them as Paid and close the workflow. Also, Corporate Card expenses can only be exported to accounting systems once they are either in the Processing or the Paid states in Fyle.
If you relate to the above challenges, we have got you covered! Our new Reports workflow aims to tackle both the above problems.
The new Reports workflow.
The new Reports workflow is designed such that all the steps of a reports workflow are handled directly with the Reports page in a linear fashion. Yes, you heard that right—no more navigation to the Payments page.
Step 1: Approve Reports
In the new workflow, all the reports your employees have submitted for Approval will be available in the Submitted queue.
As an Admin, once you select the reports in this queue, you can either remind the approvers to approve them or Approve them yourself. Once approved, the reports will be moved automatically to the Approved queue. Read more
Step 2: Verify Reports (Optional)
Verification is optional in the new workflow. If you would like to verify the reports that Approvers have approved, you can just head to the Approved queue. A grey checkmark indicates the unverified reports in the Verified column; select them as shown below and start verifying expenses. Read more
Step 3: Processing Payments
This step is only shown if you have set up your Payment mode in Fyle as anything other than Corporate Card Only, i.e., if you record reimbursable expenses in your Fyle account.
If you are processing reimbursement in Fyle via ACH, you can initiate this from the Approved queue, select the reports that have been approved and verified, and click on Reimburse via ACH. This will move the reports to the Processing queue, and you can monitor the status of the reimbursement processing.
Alternatively, if you are handling reimbursement outside of Fyle, you can still select the reports that have been approved and Start Processing to move them to the Processing queue. Once the process is complete in the external system, you can mark the reports as closed from the Processing queue in Fyle. Read more
Step 4: Close Reports
If your organization uses only Corporate Cards for expenses, this is the immediate next step after reports have been Approved and Verified.
Select the reports you want to close from the Approved queue and Mark as Closed. This is the final step in the Reports workflow.
If you are recording reimbursable expenses in Fyle and processing reimbursement via Fyle ACH, the reports will be automatically moved to the Closed queue once the expenses are paid out through ACH.
You can also configure the Fyle Accounting integration to export corporate card expenses to the accounting system as soon as they are Approved; this ensures that you can reconcile and close the books faster with Corporate Card expenses. Read more
Enabling the new Reports workflow in your Fyle account
The new Reports workflow is being rolled out in batches from March 22, 2023, to all our Fyle customers. We will email you to roll this out to your account.
A prerequisite to having the new Reports workflow enabled in your account is that all the reports in the current Payments Queue and Processing sections are cleared out by marking them as paid, as shown below :
All the data in your Fyle account will be safely retained when switching from the old Reports workflow to the new one, and the reports will be available in the respective stages. So, for example, if the reports previously were in the Approval pending queue, they can now be found under the Submitted queue in the new workflow.
Note: We are rolling out the new Report workflow in batches. Admins will receive a prior email notification before the new workflow is enabled in your Fyle account.
If you have any questions, write us at [email protected]. We will be happy to help!