Ramp product overview
Ramp is a finance automation platform designed to save time and money. It consolidates corporate cards, expense management, bill payments, accounting, and reporting into one simple solution.
Ramp allows businesses to get started in minutes, issue cards in seconds, and save hours each month so they can focus on strategy and worry less about savings. Companies that use Ramp can save an average of 3.3% in their first year and close their books faster.
Organizations that use Ramp include startups like Ro, Faire, Marqeta, ClickUp, and Applied Intuition, to established businesses across the US like Bristol Hospice, Walther Farms, Douglas Elliman, and Planned Parenthood.
Pros of Ramp
- Ramp continuously analyzes expenses for duplicates and unclaimed rewards.
- It enables users to find every instance of overspending automatically. Users can see insights into spending patterns across merchants and vendors and dig deep into rising spend and take action to cut costs.
Cons of Ramp
- The platform is available only to businesses registered in the US.
Breakdown of core features
Ramp empowers companies to harness AI to process hundreds of invoices in seconds and pay vendors via card, ACH, or check. It can also extract vendors, line items, amounts, and payment details with high accuracy. Businesses can create approval policies and let the software chase the right people down before scheduling payments.
The platform allows users to access, explore, export, or sync enriched data across cards, bills, and reimbursements. Accounting teams can import their chart of accounts, add rules as they close, and automate up to 95% of the work going forward. Ramp categorizes and syncs pending and cleared transactions. It brings complete audit trails, so books can face any scrutiny.
Automatic expense submission
The automatic receipt matching feature saves time for both employees and finance teams. Users who make purchases can take a picture of their receipt and send it to Ramp. Then, the system takes care of matching receipts to the correct transactions. Finance teams no longer need to waste time chasing down receipts and reconciling expenses.
Ramp gives a dynamic look at the business. It boosts ROI with real-time reporting, trends, insights, analysis, and forecasting. It also surfaces actionable insights that highlight duplicate subscriptions, increases in spending, and unused partner rewards. In addition, users can get full visibility by using its Search feature across every data point and look ahead with month-over-month trends.
(Last updated on 04/06/2022 by Liz Laurente-Ticong)