NEW YORK--(BUSINESS WIRE)--Abacus, the real-time expense management pioneer, today announced enhancements to its platform designed to support the needs of large businesses. These enrichments, which are available now for all Abacus customers, enable organizations with as many as 1,000 employees to efficiently track, analyze and reimburse corporate expenses, streamlining processes and securing the insight needed to make intelligent business decisions.
According to a Robert Half Benchmarking study, 54 percent of companies spend numerous hours each month manually reconciling their accounts and completing administrative tasks. Larger organizations struggle to provide timely, actionable insights due to these manual processes. This can result in a number of issues, including spiraling costs, mismanaged budgets and long expense reconciliation cycles. Administrators at large organizations are now demanding more efficient tools that mitigate time needed to reconcile expense data and offer comprehensive, immediate visibility into corporate spend.
Abacus’ new capabilities focus on faster, flexible team management, including:
- Adding Custom Fields – The ability to associate data with expenses using customized fields offers business administrators various ways to segment expense data, so that it matches the company’s workflow, accounting control and business intelligence needs. Administrators can query reports from their custom data and build rules to develop an automated expense policy tailored to their business. For instance, they may want the sales team’s billable expenses to require a project number.
- Search and Filter – The search function allows administrators to quickly pull any expenses related to a particular term – whether the term is a specific vendor or a word in an expense note. There is also the option to filter expenses, which gives administrators the ability to create custom expense views and reporting. This powerful filtering option – completely unique to Abacus – lets administrators create customized reports by pivoting expenses off associated data such as a customer, project or event, among others. As a result, administrators are not constrained to tie expenses together by arbitrary dates as they are in other tools that use traditional expense reports. Businesses now have the freedom to generate dynamic, meaningful reports from their once locked-down expense data.
- Corporate Card Dashboard – This dashboard enables organization administrators to review all corporate card activity in aggregate and by user in real time, thereby eliminating the burdensome month-end reconciliation process. It offers administrators the ability to very easily identify what expenses are outstanding and mitigate lengthy cycles of chasing employees, tracking down receipts and matching them to statements.
- Bulk Administrative Actions - The complete redesign of the Abacus People Page now enables administrators to take bulk actions to complete organizational tasks such as adding new users, assigning employee managers and adding other data, such as department, location, etc., to team member profiles.
- Admin features for Android – Having already given iPhone-using administrators the ability to approve expenses, Abacus has extended these capabilities to users with Android devices.
“We are seeing tremendous demand from large organizations for an efficient and insightful expense management solution,” said Omar Qari, co-founder, Abacus. “We added these new features with those organizations in mind and look forward to expanding our network of users to give businesses – and their employees – a more enjoyable way to handle expense reporting.”
Foursquare, a local search and discovery service mobile app, turned to Abacus to give employees an easy-to-use solution for submitting expense reports and promptly receiving reimbursements. The platform has also proved hugely valuable to organization administrators who can automatically approve expenses under a certain amount and track corporate spend in real time.
David Im, senior manager of accounting at Foursquare, added: “Foursquare is a fast-moving startup and we had started to feel tied down by dated expense management practices. Abacus has helped make the process of submitting expenses easier, and sped up the reimbursement process so employees are paid back in less than 48 hours. This has been particularly important as we've scaled our sales organization, which is constantly paying out of pocket for expenses. As administrators, we can also track expenses quickly and easily.”
For more information about each of the enhancements, please visit this website.
Abacus is replacing the expense report with the first real-time employee expense solution. By leveraging the data collected as expenses are submitted, managers get instant visibility into employee spend. Abacus processes next-day reimbursements, enforces your expense policy, reconciles corporate cards, and syncs with your accounting software. Businesses like Foursquare, Coinbase and Pinterest, use Abacus to simplify their expense management.