But the idea that the employee gets the money immediately/overnight upon approval at the end of the trip, or maybe weekly (for long trips), instead of waiting weeks for a paper check, is huge. As is offloading a lot of the accounting 'grunt work' of it to another company. And snapping photos of receipts with location and time data and categories directly attached, and not having to worry about where they're stored (it's all in the app and on servers) is a huge convenience too.
Sounds like an exciting idea.
Maybe the incumbents are good for the enterprise and Abacus is for small/medium business?
I think you guys under estimate how valuable a managers time is and that this doesn't actually save them time but puts the hassle of expenses from the employee to the manager.
Funnily enough the least painful expense report I've ever had to send simply involved filling in a spreadsheet, which lacked the abundance of compulsory fields that software designed for proper expense auditing seems to have.
The automated bank account monitoring sounds like the biggest potential timesaver, but it also sounds like something I really don't want to grant to my employer.
I hear you on not wanting to grant your employer access to all your card data. Your employer will only be able to see the transactions that you pass through to them as business expenses.
It's particularly inept at dealing with international situations like different currencies or compliance requirements, but the interface as a whole is an archaic mess.
The news that someone, anyone, wants to walk in and disrupt this nonsense is music to my ears.
Having more transparency into incoming expenses is proving to be helpful for managers. What frequently happens in companies today is that people sit on receipts for months on end. As a manager, when you get receipts from two months ago, how do you know if that is a valid expense? And how do you budget for expenses when there is so much delay? Many managers have to hunt down their teammates and remind them to get expenses in before they close the books, because all this delay makes bookkeeping harder.
As an employee, when you're entering expenses from a trip 2 months ago, how do you remember what the expense was for? What if you lose the receipts?
My previous companies were super rigid about expense reports to avoid any of these problems so I never knew they were problems for some people. You only had so long after your trip was complete, so there would be no "expense report from 2 months ago", and only a minimal delay before getting the quarter's numbers for travel and training. If you had a corporate card, it had to be reconciled each statement for accounting to directly pay the card, otherwise you were on the hook for the balance and responsible for getting it reimbursed to you.
This just isn't true. You can approve expenses through Concur's app: https://www.concur.com/en-us/mobile
Abacus is built to submit and approve expenses in real time, and we'd never charge you for that speed and convenience.
Xero has an app which scans receipts but as far as I can tell doesn't do expenses.
Shoeboxed does tonnes of stuff with receipts (including parsing them and integrating with Xero) but doesn't seem to do expenses (is that right?)
All I want is one app that integrates with Xero, scans a receipt, parses it and lets me classify it as a business receipt or a personal one (to go on an expense form). I know that's not what this app does (it's expenses only) but it feels like it should already be out there - am I missing something?
Using it on my iPhone combined with a corporate Amex account I can import my credit card transactions and tie them to expenses, snap photos of receipts, etc. I can easily add receipts as non-Amex expenses and it tracks it in the report.
At the end of my trip my manager approves the report and I get two disbursements - one a direct deposit to me for personal expenses and one an automatic corporate payment to Amex to balance the corporate card.
Last time the roundtrip from trip end to payment was 48 hours.
One feature I would like to see is better integration with my calendar. Nexonia will figure out my mileage based on the addresses I enter, but it would be nice if would simply pull this information in from my calendar, and perhaps take a guess at what meeting I just attended based on my current location.
It seems that your focus is exclusively on small businesses. Is that the case?