Introducing Multi-Subsidiary Expense Management with Connected Orgs
Abacus is excited to announce the arrival of Connected Orgs, a platform update that empowers mid-sized companies to manage expenses across multiple subsidiaries or instances.
With Connected Orgs, which is available to customers on our Enterprise plan, teams can now implement everything they love about Abacus—from granular controls to custom workflows to automated accounting sync—across multiple subsidiaries and instances in a cohesive way.
Not only is Connected Orgs the first multi-subsidiary expense management solution designed specifically for mid-market teams, it is the only one that powers accounting systems with real time data.
Setting a new bar for mid-market expense software
Connected Orgs is an important part of Abacus’ ongoing mission to redefine the expense management landscape. At the beginning of 2018, after having doubled our number of customers and become the #1 ranked expense management software in mid-market, we committed to providing mid-size companies with capabilities that were formerly only available at a prohibitively high cost.
One of the most important enhancements was to support organizations managing multiple subsidiaries and instances. These finance teams face a number of unique challenges, such as struggling to ensure that accounting entries are created in the right instance, keeping related card programs appropriately segregated, and enforcing different sets of expense policy controls.
Traditionally, expense management software that solved these challenges was only available to large enterprises. Companies had to either pay six-figure sums for labor-intensive customizations or deal with flimsy, work-around feature sets.
We knew that if we could get Abacus to support a true multi-subsidiary architecture right out of the box—with one administrator able to manage a number of independent but connected instances—it would multiply the value of Abacus for those customers and offer something truly unique in mid-market expense management software. We spent the first quarter of 2018 laying the groundwork on the back end. And now, Connected Orgs is the first major launch resulting from this project.
How Connected Orgs amplifies Abacus’ existing features
Abacus already automates key parts of the expense management process with features like suggested expense creation, expense policy rules, approval routing, automated accounting sync, and more. This functionality is what allows Abacus teams to review expenses 80% faster than traditional expense reports and approve 83% of expenses exactly as submitted.
The benefits of our existing features are exponentially multiplied when applied across several instances. Connected Orgs leverages Abacus’ existing configurable workflows, flexible data, and robust controls to accurately sync with multiple ERP instances.
Here’s how Connected Orgs empowers a multi-subsidiary organization when combined with our core functionality:
- Entity-specific approval routing ensures that expenses are properly routed based on which entity the employee is submitting in.
- Automated accounting sync to each ERP instance ensures data accuracy in complex multi-subsidiary setups. Expense managers no longer have to risk error by manually recording expenses in more than one accounting instance. Our integrations with NetSuite, Intacct, QuickBooks, and other software map everything to its respective entity correctly.
- Separate sets of controls can now be automated for each subsidiary. You can give each organization its own expense policy and rest easy knowing that each one is being enforced automatically.
- Card programs organized by entity means you can manage corporate card programs in multiple organizations simultaneously, without confusion or overlap.
- Live Reports become even more efficient across multiple organizations. These custom, dynamic reports allow you to segment expenses and surface exceptions for more contextual review and approval. The time savings add up quickly when applied to multiple organizations at the same time.
Power your multi-subsidiary ERP configuration with real time data
In addition to all these benefits, Abacus is still the only provider of real time expense reporting. That means not only will Connected Orgs align enterprise-level automation to multi-subsidiary ERP instances, but it will also supply the entire accounting stack with real time expense data.
And because Connected Orgs is so flexible, a variety of customers are able to use it:
- Finance teams with multi-subsidiary ERP instances.
- Organizations that want to manage different locations’ expenses separately, but sync to the same GL.
- Third-party accountants and bookkeepers who manage expenses for multiple clients.
Connected Orgs strengthens the foundation of Abacus and offers finance teams functionality that has, until now, been exclusive to large companies. It’s yet another way in which Abacus is helping our customers scale with accessible, powerful expense software.