TriNet Acquires ExpenseCloud
Leading Provider of On Demand HR Services to Provide Expense Management Solution to Client Base
SAN LEANDRO, CA, May 10, 2012 (MARKETWIRE via COMTEX) — TriNet, a trusted on demand HR partner to small businesses and entrepreneurs, announced today that it has acquired ExpenseCloud, a leading expense management solution. TriNet will incorporate ExpenseCloud’s offering into its client service platform later in 2012, including adding additional features in job costing, travel management and employee reimbursements.
Los Angeles-based ExpenseCloud will operate as a business unit of TriNet, with its name and brand remaining intact. The ExpenseCloud senior management team, including co-founder and CEO, Eric Sikola, and co-founder and CTO, Dan Fritcher, will remain in leadership positions in the new business unit and will continue focusing on expanding their customer base via the company’s existing business development activities.
“We’re enthusiastic about the acquisition of ExpenseCloud because their industry-leading expense management technology will enable us to provide new valuable services to our clients,” said Burton M. Goldfield, CEO of TriNet. “Small to mid-sized businesses in the TriNet family will soon have access to a powerful tool for efficiently managing their expenses. We’re also thrilled about the unique user acquisition model ExpenseCloud has built, which will create new channels of revenue for TriNet and drive awareness of our best-in-class on demand HR Services.”
ExpenseCloud provides everything companies need to manage the entire expense reporting process online or from a mobile device. The three-year-old, cloud based solution allows users to create, submit, and approve expense reports online and then either reimburse employees or invoice clients via integration with leading SaaS accounting solutions. The system seamlessly connects with many popular online solutions specifically tailored for small to medium size businesses such as FreshBooks, NetSuite, Intacct, and Intuit QuickBooks. ExpenseCloud can also import expenses from thousands of credit cards and bank providers as well as receipt scanning and capture directly from iPhone, iPad, Android and BlackBerry devices.
“We’re excited to join the TriNet family because of their strong reputation for being an invaluable resource to its clients, who will soon gain the ability to manage their expense reporting process online through TriNet’s HR platform,” said Eric Sikola, founder and CEO of ExpenseCloud. “We’re also thrilled about the resources TriNet will bring to bear in order to fuel our growth and accelerate our product roadmap to both existing TriNet customers and companies utilizing other HR platforms.”
“TriNet’s acquisition of ExpenseCloud helps us meet an important business need for the companies we work with,” said Jimmy Franzone, vice president of corporate development of TriNet. “TriNet continues to lead the PEO (professional employer organization) industry in finding innovative ways to provide value to clients. We are dedicated to constantly enhance our service offering as the leading provider of HR outsourcing solutions.”
About TriNet TriNet is a trusted partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet’s solutions help contain costs, minimize employer-related risks and relieve administrative burden to keep an entrepreneur’s focus on core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet’s PEO expertise is integrated with every facet of a client’s business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com .
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
Contact:
Matthew Meigs
510-875-7320
matt.meigs@trinet.com
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Last week a new feature was released for batch exporting up to one thousand expense reports (including all the expense data) to a CSV format. We’ve even added a second format called “Report Summary” meant for payroll and improved the search capabilities for finding the expense reports. Here’s how it works:
If you want to export data for yourself, go to the Reports > View page. If you want to export data for all company users, go the Reports > Company page (Requires a premium subscription). Search by sender, data range (new) or report name. You can also filter the reports by their state (Paid, Unpaid, Pending, Rejected, Approved or All). Select the expense reports you want to export and the Export Report link. Choose the format (Report Summary or Report Detail) and the Download CSV button. Your done!
Another cool feature we added is the ability to edit the payment for more than one report. Just select the reports and the Edit Payment button – choose the date, payment methods and any notes associated with them payment.
We’re planning to add more features around the batch export, including new file formats or support for our SaaS integrations. If you have ideas how this could be used for your business, please ping us at support@expensecloud.com. We’re always looking for feedback! We’ve already seen some companies exporting this data to run more detailed analytics on their company spending habits with other HR or Sales related data. Check out an older post here from GoodData giving an example.
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Bunch of new features were just released for companies sending expense reports to Intacct. Here are some highlights: Multi-Currency – We now support sending expense reports entered in the same base currency within ExpenseCloud to Intacct. Just make sure the base currencies match up between the ExpenseCloud company (subsidiary) and entity your sending the reports [...]
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ExpenseCloud has made mileage tracking and calculations a complete breeze using our new Google Maps integration. Just enter the address where you started and ended, and we’ll do the calculation automatically. Once saved, total mileage driven will be calculated against the reimbursement amount set up in the user’s account. We even allow users to select [...]
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We’ve updated our integration with Intacct Financials & Project Accounting this last week. It’s been two years since we first released our integration with Intacct’s Time & Expense module. The new update includes a feature to split the expense report based on which expenses are reimbursable/non-reimbrsable, then record them to either Accounts Payable or Time [...]
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Today we added a powerful new feature; User Roles. This new feature allows you to add multiple ExpenseCloud administrators to help manage the company users or company settings. In addition, we added a role for an internal or external bookkeeper or accountant. This roles includes viewing all the expense reports and company spend analytics, including [...]
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We’ve added a whole bunch of new features to our QuickBooks integration (both Online and Desktop). First off, employees can select billable customers and jobs from QuickBooks for each expense entry in ExpenseCloud. This speeds up the time to invoice and get paid. Second, is the ability to split an expense report into two QuickBooks [...]
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Is your business able to recover taxes (eg. VAT) on expenses you incurred? Or do you need to track taxes in order to generate a client invoice? Our Tax module can help you! Taxes can be tracked by individual expense, by expense report or by date range for all users throughout your company. Set up [...]
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If you didn’t notice in ExpenseCloud’s May 16h release (Version 3.0), we added a really cool feature to manage company expense policies. The goal was to give companies a very simple way to add, manage and enforce expense policies when users file an expense report. We also know the every company runs their business differently, [...]
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We’ve been quite busy the first halve of this year. That’s because we undertook the largest project since we started ExpenseCloud in 2008. We basically lifted up the house we’ve built the last few years, ripped out the foundation and gave ExpenseCloud an entirely new one. So what exactly does that mean? It means we [...]
