New on Ramp: June edition

If you haven’t yet explored Ramp’s bill pay suite, you’re missing out on a suite of tools that save time and money for both customers and vendors. Already, Ramp’s automated accounting workflows have helped teams streamline their processes with:

• 95% of customers reporting that Ramp Bill Pay delivers stronger visibility and control over their AP processes
• Nearly 70% of AP teams reducing bill creation time by at least 2.5 minutes

This month, Ramp took the product to new heights with improved capabilities around collecting vendor information, controlling payments, and making everything secure.

Here’s what’s new on Ramp in June.

Keep your vendor records in sync between Ramp and your ERP

Let’s start with better collecting and managing critical vendor information. Maintaining vendor information across multiple systems is always a challenge. To address this, Ramp now supports two-way vendor syncing with NetSuite, Sage Intacct, Xero, QuickBooks Online and other solutions—so changes made in one place instantly reflect in the other. That means fewer duplicate records, fewer instances of double entry, and no more hours wasted reconciling mismatched vendor data.

Collect W-8 forms without chasing vendors

It’s also now easier to collect forms from vendors. On top of our current W9 collection capabilities, foreign vendors can now upload W-8 paperwork as part of their onboarding flow. No more hunting through inboxes or tracking document requests in spreadsheets. Tax compliance becomes centralized and seamless, and your finance team gets peace of mind that you’re collecting all of the right paperwork at the right time.

Require vendor approval before new vendors are created

To better control vendor payments and break down silos, Ramp’s new vendor approval workflows now let specific teams or managers review every new vendor created in the system. That means unauthorized or rogue vendors never make it into your ledger, procurement policies are enforced without Slack threads, and finance teams gain confidence in the knowledge that only properly vetted suppliers are ever paid.

Let vendors send invoices directly into Ramp

We’ve also made heavy investments in securing and streamlining the workflows around each transaction. With invoicing via the Vendor Portal, vendors can now draft and submit templated invoices inside the same portal where they track and manage their profiles. Ramp automatically turns those submissions into editable draft bills, complete with pre-filled line items. You skip the inbox clutter, your AP team skips the data entry, and the whole process speeds up from first click to final approval.

Manage SWIFT and IBAN details directly on Ramp

Ramp’s Vendor Portal also now allows international suppliers to enter and manage their own SWIFT/IBAN details directly—so there’s no more need for finance teams to manually chase down wire info. The details stay current and accurate, updates propagate instantly to connected customers, and payments go out correctly the first time.