Have you ever had one of those tedious problems you wish you could streamline? Do you own a business and need to provide your employees with job related expenses? Furthermore, are you an employee on the road and need reimbursement for you job related expenses? If you answered yes to any of those questions, then you’re probably familiar with expense reports.
Expense reports can be extremely tedious and stressful for all parties involved. The reports need to be filed and sent to accounting. Accounting then has to approve the reimbursement before it can be distributed. More often than not this might seem like a waste of time, and, waiting for that distribution can add even more stress to a company’s bottom line.
Abacus stands to change all of this. The startup, Abacus Labs, has devised a solution that could both document expenses and streamline repayment. This same solution is able to access individuals and company financial accounts for an even faster reimbursement, nearly negating any stress incurred. Not to mention time saved. In addition, Abacus provides a way to implement certain rules and restrictions to keep expenses limited and accountable.
The program itself is very comprehensive and offers a variety of authoritative controls for managerial use as well as employee use. In addition, Abacus, if allowed, will access corporate credit accounts directly and immediately pull funds from the proper accounts for payment. Business expenditures are tracked in real time, and, the app is even sophisticated enough to suggest purchase locations near the user. As the VP of Foursquare puts it, “Abacus is a game changer.”
Abacus launched in January of 2014 out of New York City after amassing an impressive $3.5 million from investors. The description for their investment pitch came down to “making expense reports obsolete,” and it sure seems to be living up to the task. The ways of paper are fading fast and this little startup is poised to make quite a name for itself. It comes as no surprise then to know that, since their inception the startup has managed to gain an impressive list of clients. Emerging and major names such as Foursquare, Combinator and even the almighty Pinterest stand among them, to name a few.
Currently Abacus offers a 30 day trial directly from the homepage of their website. Their standard rate of service is $5.00(USD)/per month per user. The benefits are extensive as well. The subscription offers unlimited expense volume and there is currently no limit to the number of users and administrators you can have per account. To further cut down on costs, Abacus isn’t going to charge any kind of extraneous fees such as bank transfer fees, implementation fees or account integration costs. Not only is Abacus Labs looking to save companies time, it also seems like they’re out to help save them money too.
This solution is impressive to say the very least. Abacus stands to bring a great deal of stress off of the backs of many a manager and employee. No more worrying over travel expenses, or, having to physically retain every receipt. With more time saved, businesses will have more time to spend in pursuit of their mission, and that, is what the startup is all about.