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To me this seems to double the effort - first you approve every single expense using Abacus, later you go over all the bills and receipts again and try to match
by danbruc 13y ago
To me this seems to double the effort - first you approve every single expense using Abacus, later you go over all the bills and receipts again and try to match them with what you approved earlier. At least to me it seems simpler to just go over the bills and receipts once. And if you want to avoid that your employees have to wait for their money just hand them credit cards - they don't even have to spend their own money, expenses are approved by default - which is hopefully the common case - and just in the uncommon case of unjustified expenses you have to take actions and deduct the amount from the salary or compensate in a different way.
- tedpower 13y agoI'm not sure what you mean by the second step 'later you go over all the bills and receipts again and try to match them with what you approved earlier' With Abacus, the payments are automatic. We also sync directly with your accounting software. We automatically create a bill (with the expense info) and the bill payment (from your companies connected bank, which gets auto-debited) so there's no reconciliation. The two cancel each other out, it's totally on auto-pilot. Also, with corporate cards, you're still required by the IRS to save receipts for expenses over $75, so there's still a reconciliation process. We're building the ability to import your card expenses straight into Abacus, so you can add the note, receipt etc. all in the same place.