2014 was a big year for us at Abacus. Our product and community grew substantially. In fact, we believe that our community was instrumental for all of our product growth. It’s with their awesome feedback that we continue to build out our service to make sure that Abacus remains the most intuitive and seamless solution for employee expense management.
We’ve talked to a lot of companies over the past year and one thing kept coming up time and time again – managing a company corporate card program is a nightmare. Nothing about accounting for those expenses has been simple or manageable. Companies were coming up with all sorts of surprising methods to track charges, receipts, business purposes, and so on. Things just kept getting harder as the team grew. Coding these expenses at the end of the month was a painful, time consuming exercise and finance teams everywhere were chasing down employees with transaction statements. We saw an incredibly broken and inefficient workflow and decided to fix it.
We are thrilled to roll out a new way to manage corporate cards that eliminates the painstaking manual reconciliation and provides a real-time view into usage.
A Whole New Approach
If you’ve ever had a corporate credit card, you know this story. You’re out on a trip charging cabs, meals, etc to your card. You’re stuffing receipts into your luggage hoping you don’t lose them. At the end of the month you’re working with the finance team to try and reconcile those receipts to your credit card statement. This manual process is often so dreaded that many companies end up doing the reconciliation only once a quarter!
We’ve taken our real-time approach to out of pocket expenses and made a brand new process for corporate card holders that enables them to stay on top of their transactions as they come in. No more delayed reconciliation, no more forgotten receipts and business notes, and no more end of month stress.
Here’s how it works:
- An employee links their corporate card to their Abacus account.
- Employees swipe their cards and we import the transactions as soon as they post to the card.
- The employee can reference their charges (in our mobile app or website) and expense them whenever convenient. No waiting and no forgotten information.
- Administrators can see these expenses come in throughout the month so they’re never blind to corporate card activity.
Total Control and Transparency for Admins
We asked company administrators what the most painful part of the corporate card process was and the response was overwhelmingly end-of-month statement checks. The exercise of downloading the card statements, checking to see who reconciled which transactions, and then chasing down employees for the un-expensed transactions.
In addition to giving the employees the flexibility to monitor their card transactions and expense them at their leisure, we are giving administrators a robust dashboard to view all corporate cards in their organization, by employee, and the unexpensed transactions per card. This level of control and visibility has yet to be available in one, easy to manage place.
Say Goodbye To Manual Accounting
Keeping track of charges and receipts was only half the battle. Making sure they were properly logged in your accounting software was just as rough. So we’ve updated our Quickbooks, Xero, and Netsuite integrations to support corporate card expenses. As soon as you approve an expense, we’ll push it right into your accounting software with all of the relevant expense details included. No added work, no data lost, no more stress. We also make data exports readily available whenever you need them.
Our real-time approach to managing corporate card expenses brings much needed flexibility to an otherwise manual process. All you have to do is submit your expenses as they trickle in and we’ll handle the rest.
For a thorough how-to on our new Card Linking feature, see this helpful support article.