Get More Company Expense Insights in Abacus
Reviewing and approving is only the beginning of the story for submitted expenses, which is why we are excited to roll out our new Insights feature in Abacus.
The new companion to Live Reports, which launched last quarter to improve review efficiency, Insights is a powerful way to drill down into your expense data and conduct meaningful analysis. These summaries and charts help you answer questions around how money is being spent in your organization.
How Insights can help you
See travel spend by vendor to negotiate more cost-effective travel
By looking at company travel spend over the last year, you can surface popular vendors your employees are using for airfare, hotels, car rentals, etc. Next, research what kinds of discounts, rewards, and incentives are available to negotiate lower costs.
Analyze quarterly department spend to prepare more accurate budgets
Before you prepare next quarter’s budget, review historical department spend for trends, anomalies, and other indicators of change. You can see which categories and vendors are repeat purchase and plan accordingly.
Summarize spending by client and project
Compare spend across multiple projects and drill down into repeat vendors in order to find ways to optimize project costs by creating a purchasing strategy or developing vendor relationships. Summarize your spending by client to export detailed reports that supplement invoices.
Check out our 1-minute video on Insights
Insights is another feature Abacus is adding to the finance team’s toolkit to empower them as a more strategic company resource. Our goal is to bring these enterprise-level features to growing and mid-size companies, without sacrificing ease of use. Learn more about how to use Insights in our support article.