Now that we have the data in Abacus, the next iteration is to have Abacus build custom objects inside of Salesforce “Imagine, as an employee, that instead of having to manually submit expense reports, Abacus could take all the sources of data-receipts from emails, your CRM data, your corporate and personal credit cards-and use that, as well as previous expensing behavior, to suggest pre-completed expenses,” elaborates Omar Qari, Co-Founder and CEO of Abacus.
ABACUS EXPENSE SOFTWARE
In addition, the previous expense reports are taken into consideration by Abacus and this data is used to program expense policies into the software to automatically approve certain expenses. Thus, the tedium of inputting individual expenses into payroll software or making separate checks can be avoided. Further, the Abacus solution deposits the reimbursements each night into employees’ bank accounts automatically. The expenses incurred can be then approved by the managers immediately which are synced to cloud-based accounting software like Quickbooks Online or Xero.
ABACUS EXPENSE ANDROID
By replacing expense reports with a real time expense management system, Abacus assists businesses to provide finance teams with the tools and data that enable them to become a strategic pillar in their organization.Įmployees can submit transactions by snapping a picture of the expense receipt with Abacus’ iOS or Android app or by adding a credit card slip. With the simple idea of making reimbursements simple for organizations as well as employees, Omar, Power, and Josh Halickman founded Abacus Labs in 2013.
Back when Omar Qari and Ted Power were a part of Foursquare, the duo were perturbed by a particular quandary they observed every day- small businesses complaining about tracking payables! The organizations used spreadsheets to record expenses and write checks to employees, and the process wasn’t any better than the old-fashioned method of putting all receipts in an envelope and mailing it to an accountant.
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