Fyle Launches AI Platform for Expense Management via Text Message
Text messaging emerges as the preferred mode for submitting receipts and expense details.
Expense management just got simpler with Fyle’s groundbreaking conversational artificial intelligence (AI) platform. Fyle has launched an innovative solution that allows employees to submit expense receipts and related details through text messaging, eliminating the need for traditional apps and their associated learning curves.
Yashwanth Madhusudan, co-founder and CEO of Fyle, expressed the significance of this new technology, stating, “Text messaging has become the No. 1 mode of turning in receipts and submitting additional expense details for our customers.” The platform’s AI functionality generates and matches expenses to the correct transactions, ensuring precise AI-based coding. Users are prompted to provide essential project details, cost centers, categories, and other necessary information, resulting in faster adoption, greater ease of use, and the elimination of paper receipt storage. This streamlined process also minimizes delays in completing expenses.
Accountants will benefit greatly from the AI and text-based approach as it saves them valuable time that would otherwise be spent requesting receipts and additional details from employees. Michael Massaro, CEO at East Coast Institute for Research, is an early adopter of Fyle’s platform and has praised its ease of use and the helpful feedback it provides to confirm expense entries. This feature eliminates the need to carry physical receipts.
In November 2023, Fyle partnered with Sensiba to automate and deliver expense reporting and credit card reconciliation solutions. This collaboration empowers finance leaders with spend insights and greater control over expenses. Kevin Shives, partner at Sensiba, voiced his support for Fyle’s AI-enabled expense management solution, underscoring its ability to eradicate time-consuming and delayed expense reporting while delivering insightful spend analytics.
The Fyle-Sensiba partnership aims to equip businesses with efficient expense management tools, streamline financial categorization, and establish scalable processes for better spend control across organizations. With Fyle’s AI platform, expense management has never been more seamless and convenient.
Analyst comment
Positive news. The launch of Fyle’s conversational AI platform for expense management via text message will simplify the process for employees and save valuable time for accountants. The platform’s AI functionality will generate and match expenses to correct transactions, resulting in faster adoption and greater ease of use. This development is expected to have a positive impact on the market, as businesses seek more efficient expense management tools.
