Abacus

Fast expense reimbursement for small businesses

get it
#4 Product of the DayFebruary 05, 2014
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3990
Ted PowerHunter@tedp · Co-founder, Abacus
Hi! I'm a co-founder of Abacus, and would love any questions or feedback about what we're building
Ryan HooverPro@rrhoover · Founder, Product Hunt
Thanks for jumping in, @tedp. Me (and everyone else) hates expense reports. I once had 6 months of receipts backed up so I had someone from TaskRabbit do it for me. I know, very lame but it was worth the money. Why are you working on Abacus? I know it's a broad question but I love hearing entrepreneurs' answer to this.
3990
Ted PowerHunter@tedp · Co-founder, Abacus
hey @rrhoover glad to hear we're working on a problem you've experienced — We're working on Abacus because a lot of our friends run small businesses / organizations and we wanted to make better tools for them. @omarqari and I used to work at Foursquare where we brought in a few small businesses every week for research, and headaches around managing expenses and cash flow were some of the most common issues that they brought up. Also, I manage expenses for a house boat that I own with some friends (believe it or not) and cobbling together checks, spreadsheets, and Venmo wasn't really doing the trick.
3990
Ted PowerHunter@tedp · Co-founder, Abacus
Also, with Abacus you shouldn't need a taskrabbit — creating an expense takes ~10 seconds, and then you can throw away the receipt. We encourage people to submit each expense the day it occurs, so you don't wind up with the shoebox full of paperwork. You might even get paid back before you get home, with our fast ACH processing times (we handle the reimbursement, direct to your bank account)
Ryan HooverPro@rrhoover · Founder, Product Hunt
Yeah, TaskRabbit certainly isn't ideal. :) @tedp - There are several apps in this market (Expensify, Lemon, and dozens of others). How are you standing out in the market and acquiring users?