July 27, 2022
News

Announcing 2022 Q1 Spending Benchmarks: See how your company's finances stack up

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As a business leader, you’re being asked to make tough decisions about your company’s spending these days, with so much volatility in the market. At Ramp we have a unique vantage point and can see where and how companies are spending their dollars in real time. Our mission is to help businesses maximize their most valuable resources—time and capital—so we’re making our insights available today with the release of our new 2022 Q1 Spending Benchmarks report

The report aggregates anonymized transactions on Ramp cards to identify trends in Q1 (February to April 2022). While transactions recorded on Ramp are just one element in a much larger and more complex story, we can see how companies are adapting to a changing financial landscape, including some shifts that may surprise you. We hope this data will help you make more informed decisions for your business.

What you’ll find 

Data on how business spending has shifted since last year

Transaction volume in Q1 of 2022 as compared to one quarter before seesawed between expansion and contraction. Spend data shows the supply chain lagging, while in-person events, meetups and travel are bouncing back, as seen by increased travel and entertainment spend. Check out the full report to see where else business spending rose and fell.

A closer look at T&E spend on Ramp cards over time

Average T&E expenses rose 46% per business in Q1 vs. Q4, with large SMBs seeing the biggest increase. In the full report we compare T&E spend by company size, top industry, and category. 

Insights on how companies are adjusting their ad mix

Businesses on Ramp spent less of their budget on ads in Q1 than they did a year ago. Coming out of the Q4 2021 holiday season, the share of spending related to ads decreased from 33.5% of total transaction volume to 28.4%. Download the full report to learn which ad platforms saw the largest increase in spend, and where companies dialed down their budgets.

Trends in software and cloud computing spending 

Businesses might have cut back on ad spend in Q1 but spending on software and cloud computing rose, especially for large SMBs. Software spend was driven by increases in industries like diversified consumer services, diversified financials, and software & services. See the full report to find out which ten SaaS vendors captured the most dollars from Ramp customers.

Get the full report

If you want to see how your company spend stacks up against other businesses of your size or industry, download the full report today. Stay tuned for Q2 data coming soon. 

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Ian Macomber
Head of Analytics Engineering & Architecture, Ramp

Ian leads the data team at Ramp, which is responsible for developing Ramp’s data platform and improving analytics for Ramp’s Growth, GTM, and Risk teams. He currently lives in Boston (go Sox). Prior to Ramp, Ian led data teams at Wayfair and Drizly.

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Issue instant cards.
Unlimited virtual and physical cards with built-in spend limits, instantly available for everyone in your team. Define spend rules and let your smart cards enforce your policies automatically. No more surprises or under-the-radar spending.
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Stop waiting on monthly statements or manual spreadsheets. Find, browse, and download real-time transactions from any employee, department, or merchant – on any device.
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An accounting experience by finance teams, built for speed and efficiency. Automate manual processes and start enjoying instant reconciliation – Ramp does all the heavy lifting.
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Trim wasteful spend.
Ramp analyses every transaction and identifies hundreds of actionable ways your company can cut expenses and alerts your team via email, SMS, or Slack. It’s like having a second finance team, laser-focused on cutting costs.
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Ramp makes it easy to reimburse your employees for any incidental out-of-pocket expenses. Review, approve, and pay employees back for anything that didn’t make it onto a card with the rest of your Ramp transactions.
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