I’m not sure he could have foreseen this disaster, but reading Jason’s book will at least give him the comfort of knowing lots of other people have gotten screwed from tech blog politics, too. And I’ll be sending Omar a copy of Jason Kincaid’s new PR book. This company is amazing, we’re proud investors and more people need to hear about it. The company had a bunch of press lined up to write about this yesterday but someone (who only publishes a private subscription service) accidentally broke the embargo and then absolutely no one wrote after that. Oh, and if you’re wondering why I’m writing this here on Uncrunched when you don’t see this news anywhere else, here’s why. The company has raised a $3.5 million seed round led by Bessemer Venture Partners and General Catalyst, with participation from Bloodstone, CrunchFund, FundersClub, Google Ventures, Homebrew, Sherpalo, Patrick and John Collison of Stripe, Josh Reeves of ZenPayroll, Jeff Epstein, former CFO of Oracle and DoubleClick, Naval Ravikant of AngelList, Andrew Kortina and Iqram MagdonIsmail of Venmo, Adam Erlebacher of Simple, Nas and Paul Buchheit of Y Combinator. And investors therefore love Abacus, too. Companies love Abacus because employees love Abacus. From here, to enter costs that you do want to pass through to the clients, so that they appear on their client invoice, so that they reimburse you for these costs, we're going to use the costs and adjustments function. Other very large companies are using Abacus but haven’t yet agreed to be announced publicly. And that’s why more than 150 companies are already using Abacus, including Pinterest, Foursquare, Coinbase and Betterment. That’s the way expenses are supposed to be. And you get reimbursed immediately – meaning you don’t float the company for 30-60 days while your create your report and it goes through the system. That’s most of the pain gone right there. Abacus does that for the company automatically. Once the money clears, Abacus automatically syncs transaction information with the company’s accounting software.
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