Abacus is looking to serve the expense management needs of the mid-market and will integrate into a popular ERP system for the target base, reports said this week.
In an announcement Wednesday (Dec. 14), Abacus revealed an integration with cloud-based ERP system Intacct, enabling mid-sized enterprises to gain insight into finances via the real-time movement of data between Abacus’ expense management system and the ERP platform. According to the firms, expenses used on a corporate card or those submitted for expense by an employee will automatically land within the Intacct ERP system to accelerate month-end close processes.
To support the integration, Abacus has also launched new approval routing features to support a more streamlined expense management process. Abacus automatically checks that an expense is in line with corporate spend policy and then sends expenses that have requested reimbursement to the appropriate personnel based on dollar amount, category and other criteria.
“Today’s finance teams are looking for ways to automate back-office processes but cannot sacrifice accurate and complete information,” said Intacct CFO and Head of Business Development Mark Linden in a statement. “The integration between Intacct and Abacus will provide joint customers with a completely automated solution for ensuring that employee expenses are properly reviewed and accurate before they enter the financial system.”
The companies noted that their integration supports the individual review of each expense to ensure transactions are authorized and approved by the appropriate person, easing the friction associated with having a manager look at an entire expense report to approve only certain transactions.
Doing so can also accelerate the reconciliation and auditing process, the firms added.
“Intacct customers can now use industry-leading automation to correctly check and route expenses through approval channels and directly into their financial system,” Abacus CEO Omar Qari said in another statement. “They can be confident in the data they are using to run reports and close the books, all while speeding up the process from start to finish.”