Abacus: Real-Time Expense Reporting Software
Abacus is a cutting-edge expense reporting and management software designed to streamline and automate the process of reimbursing team expenses, reconciling corporate credit cards, and enforcing expense policies. Here’s an overview of what the product does and its key features:
What Abacus Does
Abacus simplifies the entire expense management cycle by providing accurate, real-time information. This enables organizations to make more confident decisions regarding expense approvals, budget analysis, and return on investment.
Key Features and Functionality
Automated Expense Drafting
Abacus generates expense reports using reliable data sources such as receipts and card transactions, ensuring that records are complete and accurate. This automation reduces the manual effort required in expense reporting.
Policy Enforcement
The software applies policy rules before expenses are submitted, preventing policy violations. It also uses routing rules to automatically send expenses to the most appropriate approver, streamlining the approval process.
Exception-Based Review
Abacus focuses your time on expenses that require attention by separating out those that violate policy, are approaching budget limits, contain errors, or are potentially fraudulent. This allows administrators to concentrate on exceptional cases rather than reviewing every expense manually.
Custom Reporting
The platform offers the ability to build custom reports using real-time data. This feature helps in identifying trends, managing budgets, and making informed financial decisions.
Real-Time Visibility
Administrators can view expenses in real time, enabling prompt action and better financial management. Employees appreciate the simplicity and ease of submitting accurate expenses through the system.
User Testimonials
Users have praised Abacus for its efficiency and functionality. For instance, Daniel Kan, Chief Operating Officer at Cruise, highlighted how Abacus helps focus on important tasks by quickly reviewing standard expenses and flagging unusual ones. Matt Hagel, Controller at Bark & Co., appreciated the real-time visibility and ease of use for both employees and administrators.
In summary, Abacus is an essential tool for any organization looking to enhance its expense management processes. It offers automation, policy enforcement, and real-time visibility, making it easier to manage expenses efficiently and make informed financial decisions.
