NEW YORK--(BUSINESS WIRE)--Abacus, the real-time expense management pioneer, today announced that it has completed its integration with NetSuite, the leading integrated cloud business software suite, to offer NetSuite customers a real-time solution for tracking, analyzing and reimbursing corporate expenses. Organizations can now sync reimbursable and corporate card spend to their NetSuite accounts, automating transaction record creation and reconciliation to deliver a more seamless bookkeeping experience and free up finance teams to focus on more strategic initiatives.
This integration comes on the heels of Abacus’ platform enhancements, designed to meet the needs of large organizations with as many as 1,000 employees. By partnering with NetSuite, which offers enterprise resource planning (ERP) software for midsize and enterprise organizations, Abacus can serve those businesses better than ever before.
“For larger organizations, reconciling the books is incredibly time consuming. It requires pulling information from multiple sources,” said Omar Qari, co-founder, Abacus. “Partnering with NetSuite gave us the opportunity to build a completely automated employee expense module inside one of the world’s most powerful ERP systems. We wanted to eliminate the complexity of month-end reconciliation so that finance teams can spend more time focused on tasks driving meaningful business value instead of wasting it on manual data entry.”
Key benefits of the integration include:
- Continuous accounting sync: Data from Abacus to NetSuite is continuously synced between the systems to provide real-time visibility into cash flow and keep NetSuite as up to date as possible.
- The flexibility to customize accounting sync fields: NetSuite customers are able to map fields for departments, locations, clients, projects, jobs and more in Abacus to create a complete data sync.
- Easy corporate card management: Abacus syncs with more than 16,000 financial institutions so businesses can connect all of the company's corporate cards to a single dashboard, which allows them to quickly reconcile transactions each month and then sync them to NetSuite.
Jaya Bearelly, controller of NetSuite customer Vouch Financial, said, "An important consideration in choosing NetSuite as our ERP was how well it integrated with our other financial systems. As Vouch continues to scale, we need solutions that can keep pace with our business. We're big fans of Abacus and were thrilled to learn about their SuiteApp integrated accounting sync. Now we can keep our employee expense management on autopilot, freeing us up to focus on strategic initiatives."
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.