Abacus Updates

Reviewing (and Approving) 2016 at Abacus

This last year has been an exciting time for Abacus. Since the beginning of 2016, our company has gotten bigger, better, and here at HQ, a lot more crowded. Abacus today is twice as big, and optimizing expenses for twice as many customers, as we were this time last year.

Even though our specialty is helping businesses think in real time, we can’t pass up the year-end opportunity to kick back and remember the good times. Here’s a look back at the features and partnerships that made 2016 a huge success for Abacus.

The best features of 2016

Our product work in 2016 focused on making Abacus the centerpiece of an efficient, insightful, real time expense workflow for both employees and finance teams. Of all the features we built this year, these five offer a snapshot of important capabilities added to Abacus this year.

  • Accrual accounting allows admins to toggle between syncing expenses to accounting software on an accrual or cash basis.
  • Auto-approval rules eliminate the need to process pre-authorized expenses. It made our approvals more efficient and helped reviewers spot anomalous expenses easier.
  • Approval routing lets you direct expenses to specific approvers, as the expenses flow in. Admins can determine routing based on criteria like dollar amount, submitter, custom expense field, and more.
  • Split Expenses gives employees the ability to divide a single receipt into multiple expenses. If a hotel bill includes the cost of the room and a meal, this feature lets employees specify the amount that went to lodging and the amount of the meal. Finance teams are able to code and categorize in more detail.
  • Suggested expenses predictively drafts expenses on employees’ behalf by matching behavior analytics with transaction data. The system populates the expense with information, then serves it up to the employee for one-click submission.

In general, this year’s product updates sought to give admins more control over their expense reporting while automating as much of the process as possible. Some of these features, like accrual accounting and approval routing, are only possible because Abacus does not use expense reports. And we’ve only scratched the surface.

The year in integrations

Abacus significantly expanded our place in the ERP ecosystem this year, building more integrations in 2016 than the previous two years combined.

  • Salesforce: Customers can now use Salesforce data to populate expense fields in Abacus. We’re also excited to have Salesforce as a new investor.
  • Slack: As a launch partner of Slack’s interactive buttons feature, we were the first full-featured expense solution available on the messaging platform. Now teams can submit and approve expenses without leaving Slack.
  • Zenefits: We partnered with Zenefits for their Z2 brand launch and built an integration that uses existing employee and company data to instantly onboard teams to Abacus.
  • Lever: The integration with the applicant tracking system automates the process of reimbursing interview candidates. We were also excited to participate in the Lever Talent Innovation Summit.
  • ERPs: After building one new integration and updating two more, Abacus now syncs seamlessly with four of the industry’s leading accounting solutions: Intacct, Netsuite, QuickBooks, and Xero.

As Abacus continues to empower real time business insights, we’ll always be looking to connect different systems and fit even more seamlessly into the modern ERP stack. Look for more on the way next year.

The customer satisfaction leader in 2017

Last month, Abacus was rated the leader in customer satisfaction among all expense solutions entering 2017. It was a great validation of our product and our team. With a growing user base and expanding product, customer experience was a particular area of focus this year. We’re thrilled to continue learning more from our customers and growing more relationships.

To all of our customers, partners, and investors, we can’t wait to show you the big things we have coming down the pike in the new year. Thanks for helping us along the way. We couldn’t have done it without you.

 

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