Businesses typically lose 5% of their annual revenue to workplace fraud, estimates suggest – that amounts to global losses of $2.9 trillion, with falsification and exaggeration of expense reimbursements being one of the most commonplace causes.
Expense Management software has seen a healthy growth in adoption in the recent years. In 2016, about 50% of companies were using a dedicated platform for expense management. The year 2017 saw a growth of nearly 15% in the implementation of expense management software, Arif Khan, Fyle, shares. Khan adds that the use of expense management software will accelerate financial prudence in organizations in 2018. Detailed insights into violations, category-wise expenses, and the most preferred vendors for various expenses will allow finance leaders to make even more accurate forecasts.
“With the average manual expense report costing around $27, businesses can reduce processing costs by 3x after introducing an appropriate solution for expense management.” – Arif Khan, Fyle
The solution allows its clients to reduce their reimbursement cycle from 45 days to 15 days.
To dive into the vision and strategy of one of the innovators in the space, MEDICI Team had the pleasure of interviewing Yashwanth Madhusudan, the CEO of Fyle, an employee reimbursement and expense automation platform that links email, consumer apps, and other platforms to simplify recording, sharing & processing of expenses and invoices within an organization.
Fyle is one of the startups selected for the Autumn Cohort of YES FINTECH Accelerator (YFA). YES BANK, India’s fifth-largest private sector bank, has been a pioneer of several key technology innovations since its inception in 2004. Continuing to be at the forefront of technology innovation and