That’s how we make the experience for managers a lot better,” says Power. “You get a lot of context around the expense and then approving it takes three seconds. Each expense also has a comment feature, so managers and employees can discuss it. For example, employees can check into restaurants and other venues, tag expenses to specific projects, or add them to accounting categories. It also has several features that help companies make sure that expenses are legitimate. Abacus founders Omar Qari, Ted Power, and Joshua Halickman say their service differentiates by making it easy for managers to approve expenses in real-time through its app, instead of in batches at their desks. The New York-based startup is competing in the same space as expense report software such as Concur and Expensify. Since many companies try to streamline the process by dealing with expense reports in batches, this can force employees to wait a month or two before they finally get reimbursed. This means accountants can avoid the tedium of inputting individual expenses into payroll software or cutting separate checks. Reimbursements are automatically deposited each night into employees’ bank accounts. Managers can immediately approve expenses, which are synced to cloud accounting software like Quickbooks Online or Xero. Y Combinator-backed startup Abacus wants to keep everyone from murdering each other with an app that “kills the expense report” instead.Ībacus lets employees submit transactions as soon as they happen by taking a photo of a receipt with its iOS or Android app or adding a credit card transaction. Managers and accountants, on the other hand, have to deal with extra paperwork and making sure that every meal, bar tab, and taxi fare was actually business-related. Employees are often stuck wondering when, if ever, they will get reimbursed. Expense reports are a special kind of hell.
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