October 25, 2022
News

How Ramp is bolstering the global workforce with modern finance experiences

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Too many finance teams are trapped by antiquated tools and processes. These deficient systems are causing them to waste their employees’ valuable time. The issue gets even worse as companies grow internationally. Today we’re excited to share the biggest expansion of our product capabilities to date—one that is focused on all of your employees, no matter where they’re located.

Over 10,000 businesses and 300,000 employees around the world rely on Ramp to control spend, automate tedium, and unlock time for more strategic work. Why do cutting-edge companies like Webflow trust Ramp? It boils down to our unparalleled user experience.

With more employees going remote, an effortless user experience across your tech stack has never been more critical to keep your organization agile. Finance teams need to equip team members with applications that serve them well, instead of making them jump through hoops when they’re spending for the business. 

Our latest update equips you with powerful, yet easy-to-use features that you can use across multiple entities. With Ramp, you can now roll out a seamless, efficient financial experience any place where you have employees. 

Intuitive spend management, built for the boundless employee 

Workforces are becoming more multinational. Ramp provides your finance team with all the tools they need to manage your remote employees’ spending needs. Today’s release enables you to do the following. 

1. Reimburse your employees no matter where they’re located 

Usually, employees living outside of the U.S. get a subpar experience working for U.S. companies. Reimbursements can take weeks, putting unfair pressure on their personal finances. 

Now you can offer each of your employees the Ramp experience, no matter where they’re located, with our new international reimbursements. Have a team member relocating somewhere warmer for the winter? They can work with confidence, knowing they can be paid within two days for any out-of-pocket expenses in their local currency. With our Ramp mobile app, employees have instant access to your expense policies and spend requests, so you can easily keep tabs on their spend.

International reimbursements unlock huge opportunities for where businesses can source talent. From the sharpest designers to developers, you can now hire employees from anywhere, without any worries about how you’ll pay them.

2. Send vendor payments in over 175 countries and 80 currencies

The U.S. dollar is rising and businesses are once again benefiting from working with international vendors. Except this time you don’t have to endure painful issues like delayed payment statuses, expensive fees, and hard-to-reconcile transactions that usually accompany cross-border commerce. 

With Ramp's international payments, you can now pay global vendors in USD and, soon, popular currencies like euros and pounds in as little as minutes. This is especially useful if you’re a U.S. business with multiple entities because now you can now partner with a whole new segment of vendors—and easily pay them. 

Candid—known for their high-quality dental aligners—is leveraging Ramp to scale their business:

“When we expanded our operations to Mexico last year, it was important to us that we maintained trust with our employees and our vendors. The last thing they should be worrying about is when they’ll get paid or reimbursed and in what currency.

With Ramp, our employees across the U.S. and Mexico can use our corporate cards with built-in controls and our vendors know that they can expect timely payments without any hassle. Best of all, we can track our domestic and international payments in one place, giving my team peace of mind that we’re staying lean and within compliance and regulatory requirements.”

- Dmitriy Lavrenkin, CFO, Candid

3. Enable your employees with preset budgets

Traditional expense management is reactive, leading to a lack of control and awkward conversations if employees spend out of policy. 

We’re taking a radically new approach to spend management—one focused on empowering employees with preset amounts they can use for things like working from home, an international business trip, or their annual education stipend. With Ramp's new spend limits, employees will have the flexibility to spend against a set amount using their virtual card, physical card, or reimbursements. No matter how employees choose to spend, managers and finance teams stay in control over the amount. 

4. Give your employees the magic of zero-touch expenses

Your employees are back on the road. Our mobile app lets them submit expenses and reimbursements the moment they swipe their card anywhere in the world. All they need to do is submit a quick photo of their receipt and memo, which are then matched with the correct transaction. 

And even that’s not needed in some cases. With Ramp's receipt integrations with Gmail, Amazon Business, and Lyft, and our upcoming integration with Microsoft Outlook, your employees won’t have to lift a finger. All of these receipts automatically get submitted and matched in Ramp.

Over the last 30 days, Ramp has automatically processed 37,633 receipts on behalf of busy employees. At an average of three minutes per receipt, that’s over 47 weeks of work saved.

Scale finance operations with your global team 

Now that you can reimburse employees and pay vendors anywhere, you need an operational platform that enables you to track, classify, and reconcile payments easily—no matter the currency, entity, or tax requirement. This is where the magic of Ramp’s software embedded into your payments truly shines. 

Ramp's accounting integrations help teams automate tedious busywork and save time closing their books every month. Our NetSuite integration is among the most powerful in the industry, following the recent release of multi-entity support and new capabilities that include:

  • International tax reporting: Many businesses don’t even bother claiming the input tax credits, leaving valuable money on the table in times of compressed margins. Now you can easily track VAT and GST paid on non-US purchases in the local currency, so you can file accurate returns.
  • Multi-currency: Sync international transactions and reimbursements to NetSuite in the original currency
  • Amortization: Ramp now connects directly to NetSuite’s amortization templates so you can set up, schedule, and record amortized payments seamlessly in Ramp Bill Pay.

As always, Ramp provides real-time reporting across all spend. With international bill payments and reimbursements flowing into Ramp, your centralized view across all spend just got a whole lot bigger.

"At Webflow we are remote first and Ramp’s modern solution allows us to quickly issue cards to anyone who needs them, keeping our finance team lean and efficient as the business scales and empowering our team members to take ownership of company finances."

- Ivan Makarov, VP of Finance, Webflow

Expense management to power your global workforce

Your growing, decentralized workforce wants systems that work with them, not against them. Exceed their expectations with Ramp. With these updates, we’re making the Ramp experience available to all of your employees, whether they’re global or local. Sign up for Ramp today to equip your employees with the best financial tools for their work.

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Geoff Charles
VP of Product, Ramp

Geoff has been building financial services for over 10 years, ranging from management consulting at Oliver Wyman to product development at LendUp, Nomis Solutions, and Mission Lane.

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Learn more about Ramp

Streamline approvals.
Review requests, pre-approve expenses, and issue general expense cards in a few clicks – or directly in Slack. Delegate approvals and empower your team leads to spend on the things they need and control their team’s expenses.
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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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See spend as it happens.
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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Close your books 5x faster.
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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Consolidate reimbursements.
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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