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Loom usually claims its place in the 'Software' expense category, under the 'Video Communication and Collaboration Software' subcategory.
Role of the Expense in Business
Loom is a leader in video messaging, offering an innovative platform for asynchronous communication, essential for businesses and teams seeking efficient and engaging ways to communicate.
Practical Example
A team using Loom for creating and sharing video messages for internal communication would categorize these expenses under 'Video Communication and Collaboration Software'.
Specialized Expense
For individual professionals using Loom for personal video messaging, it might be categorized under 'General Communication Tools'.
Conclusion
Loom's robust approach to video communication and collaboration firmly places it within the 'Software' expense category, particularly for its unique asynchronous communication capabilities.
The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.
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Audrey Carroll
Senior Manager, Accounting, Ramp
“As we scale we need tools that are built to scale with us - we need to see expenses real time, we need to see duplicate spend. These types of insights are important to the health of our business.”
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SVP Finance & Strategy, Barry's
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