With only 2 years of experience in expense management, Abacus promises to allow you to "stop managing employee expenses the hard way" by being "the easiest way for you to reimburse your team reconcile corporate credit cards, and implement your expense policy." Abacus recognizes the negative feelings surrounding expense reimbursement, so they eliminate month-end expense reports in an effort to turn the process into a "delightful, collaborative experience." Complete with a mobile app, Abacus is customizable for your business's rules, syncs to corporate and personal credit cards, and even syncs with your accounting software such as Quickbooks to eliminate manual data entry.
- Expense reimbursement simpler and quicker
Expense Reimbursement Simpler and Quicker
Abacus's features all aim at making the process of expense reimbursement simpler and quicker. By allowing users to link their bank accounts, approved expenses are quickly and securely paid out automatically. Users don't have to wait until the end of the month; it happens nightly. Likewise, credit cards can be linked into the software and then Abacus will remind users when they have a new transaction on either their personal or corporate card eliminating forgotten expenses.
Abacus has a lot of customization options. Big companies can group their organization into teams. Approval an either be set to one manager or set to require multiple levels of approval. Companies can also set their own expense rules, custom categorizes, and custom tags.
A lot of features help make expense submission and approval a lot simpler. Not only can users take pictures of receipts or scan them, they can forward online purchases to [email protected], which then converts the information into a report. Using the mobile app, users can quickly submit expenses no matter where they are. Managers can then review and approve expenses either in the office or on the go, as well. Managers can also communicate directly with employees through comments within Abacus.
Audits, compliance and data portability are all covered through Abacus's software. Free accountant access, full admit trail, long-term data access, and full data portability keep companies safe.
Reviews of Abacus are overwhelming positive from users. It is described as "invaluable" and a "game changer." FourSquare, Mic, Pinterest, Y Combinator, and Betterment are all listed as happy Abacus customers.
- Time in business
- No tracking
- Limited features
- Android app
Time in Business
One of the biggest drawbacks for Abacus is its time in business. The company was founded in 2013, so while its interface is quite modern, that's because they haven't been around long.
Even though Abacus does allow users to calculate travel, there is no time or travel tracking built into the software. Many competitors allow employees to use GPS to track distance traveled, but currently Abacus doesn't.
Another missing feature is the ability to label an expense as reimbursable or non-reimbursable for non credit card expenses. This isn't going to affect all users, but certainly may cause a hassle in certain circumstances.
One of Abacus's biggest selling points is the ease with which users can submit and approve expenses on the go. While the Apple iPhone app is generally positively received, the Android app has had a few kinks. Certain features are currently unavailable only on the Android app and users have complained about crashes and problems installing the app. One recent review described the Android interface as being "not intuitive" and said it has been unable to do the few things it is supposed to be doing.
The Bottom Line
After just two years in business, Abacus has attracted a number of happy customers including FourSquare and Pinterest, among others. Nearly all reviews in a variety of outlets are generally very positive. Abacus seems to have accomplished this by essentially having one goal: make expense reimbursement as quick and painless as possible. They attempt to accomplish this by digitizing everything, doing as much in real-time as possible, and limiting manual input and matching.
By connecting credit cards and bank accounts, reminders and payments are daily and automatic. No more waiting until the end of the month or longer for payment or forgetting about a charge.
By downloading the Apple or Android app, employees and managers can submit and approve expenses on the road. The Apple app has been generally positively reviewed, while the Android app's reviews are a bit more mixed with some users complaining about crashing among other issues.
The most obvious missing feature is the ability to use GPS to track mileage rather than having to enter this in manually.
Abacus's pricing is simple-$5 per active user per month. And they offer a free 30 day trial in addition to free demos.