B2B Payments

Abacus Streamlines T&E Data Into NetSuite

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Real-time expense management tool Abacus has completed its integration into B2B software suite NetSuite, according to an announcement made by the companies on Wednesday (Dec. 9).

Abacus now allows its corporate users to synchronize expenses and reimbursement, corporate card spending and other similar data into the NetSuite platform, allowing companies using NetSuite’s enterprise resource planning tools to automatically integrate that expense information into its own processes.

In a statement, Abacus Cofounder Omar Qari said that the solution aims to meet the needs of larger, mid-market companies that are already using NetSuite.

“For larger organizations, reconciling the books is incredibly time-consuming,” he stated. “It requires pulling information from multiple sources.”

Qari added that by automating the data entry of Abacus expense and financial data into NetSuite‘s ERP platform, corporate managers can save time and gain greater insight into that data.

“We wanted to eliminate the complexity of month-end reconciliation so that finance teams can spend more time focused on tasks driving meaningful business value, instead of wasting it on manual data entry,” the executive said.

While Abacus automates the data sync process into NetSuite, the company added that business users can customize the type of data they want the two platforms to share between each other. Additionally, Abacus already integrates with thousands of corporate card issuers, meaning businesses can gain visibility into spending on those cards through a single portal. That information can then be uploaded into NetSuite as well.

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