Real-time analytics also help companies make quick budget decisions.Ībacus’ clients include Betterment, Dropbox, GLG and North American Substation Services. If expenses need to be approved by specific managers or departments, Abacus routes them to the right person. Abacus eases their pain with features like automatic expense suggestions and Slack integration for employees.įor companies, it lets them set prompts to enforce spending limits and make sure details, like client names, are filled in correctly. Its team will join Certify and the Abacus product will continue to be independent.Įxpenses are a bane for everyone involved: the employees who need to turn in receipts, the managers who have to approve them and everyone in the finance department who needs to reconcile corporate credit cards and make sure company policy is followed. The Y Combinator alum, whose investors included General Catalyst, Bessemer Venture Partners, Google Ventures and Salesforce Ventures, currently counts 1,000 customers. The addition of Abacus will help Certify, which includes other expense management solutions like Nexonia and ExpenseWatch under one umbrella, become a stronger rival to SAP-owned Concur by reaching new customer segments.įounded by Omar Qari, Josh Halickman and Ted Power, Abacus says it was the first real-time expense reporting solution on the market when it launched in 2013. The deal’s financial terms were not disclosed.
ABACUS EXPENSE APPROVAL BEFORE PURCHASE SOFTWARE
Our goal is to get processing times down to 2-3 business days for our customers.Expense management software provider Certify is beefing up its artillery against rival Concur with the acquisition of Abacus, which enables companies to deal with expenses in real time.
ABACUS EXPENSE APPROVAL BEFORE PURCHASE FULL
To mitigate the risk of a failed debit, we’ll wait for the full debit/credit cycle to complete.Īs withdrawals are successfully completed, your company will build a good standing reputation with Abacus, and we will be able to speed up the reimbursement processing. Occasionally a withdrawal will fail due to insufficient funds or a change in the company’s bank account information. This is to ensure that the withdrawal completes successfully. Variability in reimbursement turnaround timeįor the first few reimbursement cycles, we will aim to build up the reputation score of the organization by waiting for the withdrawal on the company bank account to fully settle in the escrow account before issuing payments to employees. The transfer to the employee’s bank account takes 1-2 business days. If an employee has more than one expense approved on the same day, he or she will receive one payment for the sum of those approved expenses. Once settled, the funds are automatically transferred (credited) into the bank accounts of the employees who submitted the corresponding expenses. This sum is transferred into an escrow account and can take up to 6 business days to fully settle.
At the end of each day, Abacus makes a batch withdrawal (debit) on the company bank account for the sum of all approved expenses from that day.
Once an expense is approved by an admin, the reimbursement process is automatically triggered. Expenses are reimbursed via ACH ( Automated Clearing House) transfer. The full lifecycle of a debit and credit can take up to 8 business days.
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