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Finance & Accounting, Financial Management, Technology

Abacus Now Helps You Reimburse Employees, 1099 Workers and Interview Candidates

abacus

Abacus, a New York technology company, is a simple and fast way for businesses to reimburse their employees for company expenses. After evaluating user needs, the company launched new features that let you reimburse interview candidates and contract employees.

Abacus eliminates the need for month-end expense reports. Their mobile app lets users submit receipts and reports on the go, which really simplifies the entire process. The company charges $5 per user per month.

Traditionally, companies require employees to hold on to receipts and file each expense separately, then await company approval and reimbursement. Now, employees can log receipts in the Abacus app as they accrue outside of the office. You can geotag receipts and add comments, so an admin can gain a full picture of where expenses are coming in from. After entering the expense, the admin can approve or deny that entry on the spot when an alert is sent to their dashboard.  Deposits are made into an employee’s bank account the day after expenses are approved.

Administrators can build rules and warnings into the system to ensure that expenses are logged accurately and in accordance with company standards. Abacus also syncs with corporate credit cards and accounting software, adding an extra layer of oversight to the expense entry and approval process.

The new features were developed when the Abacus team saw that customers were using the product to pay interview candidates and 1099 workers. With this program, reimbursement times dropped from 40 days to two days. Companies like Dropbox, Stripe and Managed by Q are already Abacus customers and can now try out these exciting new additions.

Abacus’ competitors include Expensify and Concur. However, both require some level of manual data entry while Abacus eliminates this step.

Do you think Abacus would be useful for your company? Let us know in the comments section below or tweet us @KabbageInc!