Fyle offers spend management on Visa credit cards in real time

Small businesses use credit cards as a tool in their cash management function, yet the experience of managing and accounting for card spend remains manual because of outdated technology from issuing banks, as per the press release.

To tackle this, new spend management startups are issuing their own corporate cards, bypassing the banks. Benefits include real-time visibility, end-user notifications, and cash control. However, these fintechs require minimum cash balances, ranging from 25,000 to 250,000 USD. These cards are primarily charge cards that don't support any balance rollover, shortening the credit period to a day or month.

This is where Fyle differs. Instead of asking customers to switch to another business card, Fyle integrates with their existing business credit cards to give them a real-time spend management experience. The instantaneous data from card feeds and receipts are combined and made ready for accounting, reducing manual work for spenders, finance teams, and accounting firms.

The real-time feed reduces manual effort for employees and accountants alike. Employees can turn in receipts from everyday apps like text messages, Gmail, Outlook, MS Teams, and Slack, and on the go via Fyle's iOS and Android mobile apps. Fyle's AI-enabled engine instantly codes spend information, assigns it to the right projects and cost centres, and pushes the data to cloud-first ERP and accounting software like NetSuite, Sage Intacct, QuickBooks Online, or Xero.