Last month we were excited to announce the ability to sync employee expenses from Abacus to QuickBooks Online in accrual method. This month, we’re expanding that capability to our customers who are using Xero.
How Accrual Sync for Xero Works
With our accrual sync, Abacus will create a new purchase transaction for each expense against an Abacus Clearing account. This will enable us to sync each expense based on the date the expense was incurred, rather than the date the reimbursement was sent.
When the expense is reimbursed, we will create a bank transfer transaction in the amount of the associated debit from your bank register to the Abacus Clearing account so everything “Xero’s” out. An additional benefit of this method is that expenses will be tracked by vendor.
Why We’re Building Accrual Sync
We feel that accrual sync is an important feature because it provides a new level of clarity into employee spend. For companies using spreadsheets or software that relies on the traditional “expense report” method of submission, recording employee expenses in accrual method is a big challenge. The finance team has to manually break up each expense report to record the individual expenses under the date they were incurred rather than submitted.
At Abacus, we believe that removing the expense report from the workflow offers our customers and their employees a better experience. It becomes easier and faster to submit expenses and, once your data is free from the walls of the expense report, you can curate your own workflow. Because our system doesn’t arbitrarily bundle expenses together, our customers have the flexibility they need to run a more fluid expense process.
Doing month end reconciliations and reporting is now, not only easier, but requires less data entry and corrections. More than just automation, Abacus lets you dictate the process.
Interested in learning more about accrual sync for Xero or QuickBooks Online? Contact firstname.lastname@example.org.