Emburse, a new consolidation of several corporate expense management platforms, now supports instant reconciliation of business expenses at the moment the transaction occurs.
The new Emburse Cards work with Emburse’s Abacus expense-management service to supply users with a virtual or physical corporate Visa or Mastercard, enabling them to submit and get approval for expenses in real time, according to a recent press release.
When a user pays for a business expense with an Emburse Card, the platform immediately sends an email requesting any necessary supporting details, such as the purpose of the transaction or a photo of the receipt.
Assuming the expense meets corporate policies, Emburse Card closes the expense on the spot, eliminating the need to file a separate expense report later.
“Many organizations have long struggled with the challenge of gaining real-time visibility into purchases made on corporate cards, and as a result they were unable to get an accurate and timely picture of employee spend,” said Ted Power, Emburse’s chief product officer, in the release.
Emburse, with headquarters in Los Angeles and Portland, Maine, was established in January 2020 from the $1 billion-plus merger of six different global expense management and AP automation platforms by K1 Investment Management.
In addition to Abacus, Emburse owns the corporate expense and AP services Captio, Certify, Chrome River, Nexonia and Tallie. Emburse Cards will be available natively to most of those in coming months, the release said.
