Jason Bramwell for AccountingWeb.com writes: Imagine being able to file a business expense, such as a cab ride or a meal with a new client, in real time from an app on your smartphone. Here’s the best part: Imagine being reimbursed for that expense in 24 to 48 hours.
No Excel spreadsheets are used, no envelope is needed for your pile of business trip receipts, reimbursement doesn’t take weeks, and no paper checks are issued by your employer’s accountant.
Seem far-fetched? Not if you use Abacus, an employee expense management and reimbursement tool.
Developed by a New York City-based startup company whose three founders – Omar Qari, Ted Power, and Joshua Halickman – have backgrounds building business-to-consumer web products, Abacus rolls the whole process of filing and approving expenses into one platform, which can be accessed via a mobile app or through a secure website.
“The big difference between Abacus and any other platform is that we don’t make an employee create that dreaded expense report. It’s a very clunky process that sucks for everyone involved. Employees have to hold onto receipts and wait to create the report, managers get delayed reporting that’s weeks overdue, and accountants have to sift through a lot of paperwork to understand what’s going on.” Dev Anand, head of business operations for Abacus, told AccountingWEB. “We believe that when you hop out of a cab, you should be able to file that taxi expense right then and there, instead of having to wait a couple weeks to create a report with that taxi as a line item.” [snip]. The article continues @ AccountingWeb.com, click here to continue reading...
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