Q2 Ramp Rewind: New AI and Ramp edition to free finance teams from busywork

Editor’s note: We publish quarterly Ramp Rewind posts to get you up to speed on the latest product features and updates. Check out our new Product Announcements page for more frequent updates.

‍

The arrival of August means fall and pumpkin-spiced lattes are around the corner. For those of you who are looking at your to-do list and wondering where this year has gone, Ramp is here to help. From AI capabilities to new Ramp editions, our latest innovations are designed to help you streamline even the most complex finance operations and recoup time for valuable work. 

‍

Catch up on what we’ve released in recent months. 

Get the best price for your software

‍

Got vendor details scattered across spreadsheets? Missing important contract renewal deadlines? Ramp’s Vendor Management solution auto-tracks your vendors and contracts in one place so you can easily uncover spend insights and stay on top of critical contract details, such as renewal dates. 

‍

The solution includes built-in Price Intelligence and we’ve been delighted by your enthusiastic response to the feature. Customers are using Price Intelligence to lock in fairer pricing for the most popular software vendors. If you haven't already, give it a try: Ramp uses spend data provided by thousands of businesses and millions of Ramp transactions to help you compare pricing down to individual SKUs and cost per seat. If you find that you’re overpaying, we'll even negotiate with your vendors. Businesses using Ramp’s negotiation service have saved an average of 17.5% on software contracts (about $21,500). Try Price Intelligence →

“Being armed with that benchmark data, that will ease the mental gymnastics I go through but more importantly, it will save our company real dollars.” - Michael Guiney, Director of Finance, Greynoise

Speed up your month-end with Ramp Intelligence 

We’ve continued to add to our roster of AI features. In addition to Price Intelligence, you can now use new GPT-powered capabilities for receipt collection and month-end coding. 

‍

‍

For instance, Ramp can now auto-generate IRS-compliant receipts for transactions under $75, freeing up hours for your team each week. Turn on auto-generated receipts → 

‍

‍

Ramp helps your employees save even more time when they’re coding transactions with AI-powered GL account suggestions, based on thousands of past transactions on the platform. These suggestions have helped finance teams automate up to 20% of manual coding and ensure consistent categorization. 

‍

Ramp also saves admins time by proactively suggesting rules to automate repetitive coding.  Surfaced on the Accounting tab, these rules are based on how you’ve previously coded past transactions and other accepted practices. Learn about Ramp Intelligence →

‍

‍

We’ve rolled out new actions for Ramp’s smart assistant Copilot to help you perform faster analysis. Use the keyboard shortcut CMD+K to trigger Copilot. You can use plain English input to quickly navigate to different areas of Ramp or execute actions, like “View reimbursement requests for Yunyu Lin.” Go to your Ramp dashboard to try Copilot → 

Scale complex finance operations with Ramp Plus

‍

We heard your requests for increased flexibility, scale, and deeper integrations with existing systems. To support these needs, we’re excited to share that a new edition of Ramp’s core platform is coming this September.

‍

Called Ramp Plus, this edition will allow you to:

• Control spend with a new procure-to-pay solution. Teams can capture spend requests in one centralized location, loop in the right teams for approval, and track purchase orders through to payment.
• Operate anywhere in the world with global expenses and payments. Manage domestic and international entities with consolidated global spend and support for multiple entities, multiple currencies, tax reporting, and debiting (for CAD, UK, and EU). 
• Drive efficiency by automating complex workflows. Use Ramp’s rules-based workflow builder to automate everything from employee onboarding to procurement and payment approvals. 
• Prevent overspending with enhanced controls and policy enforcement. Ramp monitors transactions on your behalf and flags only out-of-policy expenses that require additional review. Auto-lock cards if employees don’t submit their receipts and mandate manager transaction reviews.
• Deepen integration, with a wide suite of HRIS and accounting solutions. 

‍

Ramp Plus will be available in September as an optional, paid plan. Our flagship product consisting of Ramp’s corporate card and accounts payable automation remains free. As a thank you to our early customers whose feedback has helped us build up Ramp over the years, existing SMBs and mid-market business customers will automatically get a complimentary upgrade to Ramp Plus for one year. Register for our webinar to learn more → 

Never miss another Ramp update 

These are just a few of the innovative features we’ve added in the last three months and we’re excited to continue to build more to set your finance team free from busywork. Check out our brand new Product Announcements page to stay on top of all of our product releases, including the following: 

• Easier international spend management. Issue card limits and spend programs in non-USD currencies, and set a default currency for your entities.
• New conditional filtering for your accounting fields. Create rules to control the fields that your team sees when coding transactions, based on fields such as category, location, and department.
• Backup approvals when you’re away for transactions, card requests, reimbursements, and accounts payable authorization to avoid disrupting your employees’ work. 
• In-app commenting capabilities to help you discuss specific transactions, bills, reimbursements, and more with your team directly in Ramp. 
• Smoother reconciliation for reimbursements. Have employees include attendees and set up automated coding rules, just like you can for transactions. 
• Faster bill payments with same-day ACH payments for a $10 flat fee.
• More flexibility with Ramp Flex. Apply cashback to Flex fees to unlock more working capital. Choose how you want to pay off your Flex purchases—either partially or in full.