Designed to provide automation in the finance and spending side of any corporation, Ramp is a platform that helps firms and companies save time and money. Using a variety of tools such as AI, integrating with automated billing and a novel approach towards traditional financial services, Ramp’s clients save an average of 3.5% in their first year.
However, savings is not the only benefit that Ramp offers. The corporate solutions that work at the broad corporate level, right down to the individual employees, also helps firms complete their monthly financial closing 5 days earlier with an average time spent on the activity a mere hours, sometimes as low as 2 hours per month.
The Old Way and the Ramp Way
Money management, spending and bookkeeping is a part and parcel of any organization, whether a startup or a multinational corporation. No wonder there are dedicated departments in organizations that handle each cent flowing in and out of the company. While maintaining all of this is necessary, the traditional approach even in the most technically advanced companies, consists of policy enforcers and an army of accountants who keep track of the cash flow, approve expenses and keep all associated records.
Ramp automates this completely, allowing for near instant management in a frictionless and smooth manner.
VISA Powered Cards
Gain access to either virtual or physical VISA cards that are globally accepted. Create branded cards that reflect the firm’s image and allow employees to spend on approved expenses. The cards can be customized to restrict to specific vendors and locations, along with fine-tuned control for each employee. Card restrictions, limits and spending can be updated in real time through the Ramp software.
Use the automation power of Ramp to pre-set spending policies. From travel expenses to meals or personal expenses. Each expense can be set with its own approval rule, such as employees requiring submitting prior authorization and receipts. The powerful automation allows for instant approval through any connected device, such as mobiles. Simple scans of receipt are automatically linked with the expense, saving recordkeeping activities.
Simple scans of invoices is all you need. The Ramp AI extracts all the necessary information and maps it to the right ledger category. If any data is not picked up by the scan, Ramp automatically requests the vendor to provide it. Bills are sent to approvers without any intervention and the approved payment is made on the agreed date.
Accounting and Auditing
All accounting data is presented in the most user-friendly manner for the accounting department. The data can be exported or synched with different data and accounting software such as SAP, Sage, Xero and more. With all entries handled automatically, this also makes internal and external audits a breeze as all finance trails exist in books.
Ramp does not only use accounting software integrations, but has thousands of other software compatibilities that can affect a firm’s finances. From small (but crucial) connections with emails and team management tools for auto receipt handling to security software such as Okta and Google SSO, Ramp makes finance and expense handling faster, secure and much more efficient.
Helping Companies at All Levels
Ramp is designed with the company in mind, but that doesn’t mean that it only offers advantages to the firm as a whole, but to all employees too.
For the top management, Ramp has obvious benefits, helping CFOs and CEOs reduce their costs (time and manpower) and gain scalability at the same time. Faster and efficient, it reduces the overall time required to log the transactions and the automation cuts down on the number of employees needed to maintain the data.
For Treasures and finance controllers, Ramp reduces their headaches as they gain insight to the spending, allowing them to understand key pain areas and take control of the finances. The real time data display allows them to proactively seek out rising expenses and bring them under control before it becomes a nightmare.
Ramp is the best friend accountants can have. Integrating data such as numbers, receipts, invoices, payment slips and even salary disbursements, Ramp reduces manual labor. The automation also helps in maintaining the data and pointing out any discrepancies.
Employees using Ramp cannot be more happy. No expense claims to fill out and wait for the money to be reimbursed. Either using the VISA powered cards or uploading the scanned receipts, all expenses are processed and repaid (if within the set policies). For out of the way expenses, approvals are made faster, giving end employees a breath of fresh air.
Ramp Helping All
Ramp’s innovative and out of the box approach towards redefining how finances are handled has helped industries from all walks of life. From aerospace, to healthcare to tech, the platform has helped save more than $300 million so far.
For more information, visit the website: https://ramp.com/