Fyle Review [Features, Pros & Cons, Alternatives]

If you are looking for expense management software, Fyle is a great choice to go with. After trying the software myself and taking into account the Fyle reviews I found online, I’ll cover Fyle’s features, ease of use, and pricing plans.

What Is This Product and How Does It Work?

As the world changes and almost everything is becoming digital, it is high time for expense management to do the same. Fyle is the next-generation expense management software. This useful software provides you with a way of tracking billables and non-reimbursable expenses.

Employees can submit expenses on the go via various apps they use daily such as WhatsApp, Slack, Gmail, etc. With the help of OCR technology, a technology used in Fyle expense management, employees can easily scan receipts with their phone cameras.

Fyle is best suited for companies with high expense policies who wish to reduce time and costs and enhance control over their employees’ spending.

When trying the service for the first time I wondered what makes this platform different from all of Fyle’s competitors. I found that as a company born from its founders’ personal frustration with dealing with expenses, its software is not just a simple app. It offers an option for a screenless experience working with the apps people use daily.

Main Features

Fyle is rich in features that save time and money. Here are some that are worth mentioning:

Tracking expenses

The expense form contains all the relevant expense data and can be customized to include projects, departments, and cost centers.

Mileage is a feature supported by Google Maps. It requires you to enter the starting and end locations. Furthermore, it allows you to duplicate expenses that are almost the same, which saves time when filling in the expense. This feature is unique for Fyle, which means that Fyle’s competitors do not possess this particular feature.

Submitting expenses

If you have a paper receipt in your hand, you can just scan it via the mobile app with the help of the OCR technology and it will be submitted to Fyle directly. You can also upload a picture of the receipt from your phone to Fyle. Lastly, you can manually submit expenses from your GSuite profile.

Fyle integrations

Fyle can be directly integrated with GSuite, Slack, and WhatsApp allowing you to upload receipts. GSuite automatically extracts the needed information from the receipt and attaches the invoice with the expense form together with policy checks so that the receipt is compliant before submission.

Xero is online accounting software that connects with banks, accountants, etc. It is just one of the many integrations Fyle offers. With a Fyle-Xero integration, users can import and export expenses with ease. Once the expenses are exported to Xero they are permanently stored and used solely for accounting purposes.

Analytics

This feature is only visible to the admin of the organization. It provides the admin with insights into the organization’s spending patterns and the potential risks.

Budgets

What is great about Fyle is that the administrator can set a budget for each department in line with the company policies. There are weekly, monthly, or quarterly budgets. I specifically set a monthly budget and can confirm that Fyle makes sure that the expenses of each month are calculated within the specified monthly budget.

Auto-match

While browsing Fyle review sites, I came across its intriguing auto-match feature. Fyle classifies auto-match as an intelligent feature that automatically matches the expenses with the respective corporate card. I tried it and was impressed with how well it worked. It’s definitely a unique feature that adds value to this excellent software.

Ease of Use

Once you’ve logged in on Fyle, you’ll see how straightforward the platform is. Guided by the saying “time is money”, Fyle allows you to submit a report directly for approval in just a few simple steps.

1. Go to the Expenses tab and select the expenses you wish to report for approval.
   
2. Click on Create Report
   
3. Select whether it is a Trip or Basic Report
   
4. Mark the Submit Report for Approval option and that’s it. Now you wait for the approval.
   

Plans, Pricing, and Contracts

When it comes to Fyle pricing, users who have at least one expense per month, which makes them active users, are charged depending on the plan they’ve chosen. The plans are shown below:

It’s important to mention that despite the various pricing plans, Fyle does not offer a free version. However, it offers a Fyle free trial.

The Standard plan is ideal for small businesses just getting started. The start-up company should have 1-25 employees or less than 30 expense reports per month. It is for a minimum of 5 active users.
The Business Fyle pricing plan, which is Fyle’s favorite, is a great choice for mid-size and large companies that have 25-200 employees or simply more than 50 expense reports per month.

The Enterprise plan offers custom pricing because it is based on usage. It is a great plan for large enterprises that have advanced security and compliance needs with 200 or more employees in the company or more than 250 monthly expense reports.

Customer Support

Fyle claims to offer 24/7 customer service that will solve any problem within a 4-hour time span. This claim seems to be true since I came across multiple customer reviews in the Fyle review section showing that clients were impressed with the customer support service.

Alternatives

There are more than 25 Fyle alternatives but in the table below I will present you with the best ones, according to various Fyle reviews.

Fyle vs Concur

Fyle vs Expensify

Fyle vs Zoho Expense

What makes Fyle one of the best expense management software options is that it allows employees to integrate expenses from anywhere via apps such as Gmail, Outlook, Slack, and many others. Fyle is best suited for companies with 100-5,000 employees that have expense policies but are looking to reduce time and cost.

Bottom Line

Fyle’s ease of use and its many integration options make it the preferred choice as seen from numerous Fyle reviews.

Where the Fyle Dominates and Falls Short

Now let’s take a look at Fyle’s pros and cons:

Pros

• Very easy to use
• 24/7 customer service
• Supports multiple currencies

Cons

• Doesn’t allow you to submit expenses from email if using the mobile app
• Fyle is not compatible with the Safari browser

Every service has its pros and cons. After trying Fyle for myself, I can say that there are much more advantages than disadvantages to it. Fyle is an amazing software that makes tracking expenses easy and fun.