ResourcesArticles
News
August 12, 2020

Ramp expands into expense management, is the fastest growing corporate card in America

Spending made smarter
Easy-to-use cards, spend limits, approval flows, vendor payments —plus an average savings of 3.5%.
|
4.8 Rating 4.8 rating
Error Message
No personal credit checks or founder guarantee.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Webinar: Intro to Ramp Plus
Sept. 28th, 1 PM ET/ 10 AM PT

​​Ramp​, the first corporate card built to help businesses spend less, is expanding into expense management.

While Ramp only launched six months ago, we are already powering hundreds of millions of dollars of purchases each year for our customers.

Today, we are thrilled to share that Ramp now comes built-in with sophisticated expense management for all customers. Our customers are saving an average of 5 days of work per month by replacing inefficient and costly expense report processes with Ramp.

The traditional process that companies have used to issue cards, manage expenses, and reconcile their books is complicated and wasteful.

Traditionally, companies have limited controls built in to their corporate cards, have to wait several days after a transaction for a bank feed to sync from their corporate card into an expense management software, and make employees spend a great deal of time after the fact to code expenses. Following this, finance teams spend hours manually nagging employees for receipts, and employees often footed the company bill interest free until they were reimbursed. This tedious process has created a culture of expense reports that are normally completed days to weeks late, incomplete books, and limited visibility into spend until the following month.

Ramp is more powerful than the traditional approach of splitting purchases between basic corporate cards and into a separate expense management product.

On Ramp, companies can review/approve employee spend requests in real time on the website or via Ramp’s ​industry-first slack integration​, issue physical or virtual cards that can be restricted by merchant for one time or recurring spending, and once the purchases are made, Ramp automatically codes and syncs expenses through to the company’s books.

“Getting started with Ramp was extremely quick and painless,” said ​Clubhouse’s senior accountant Shafak Ilyas​. “Ramp has helped us automate and cut days off our month-end closing process. Before Ramp, closing the books used to take us days — now it takes about an hour a month. With Ramp, everything is quicker." Christina Cooksey, Head of Creative Production at Red Antler, noted that, "It is a point of stress and a mental burden lifted off. No more stacks of receipts sitting on my desk staring me in the face or finance charges ticking up personal cards."

Ramp has become America's fastest growing corporate card by helping companies spend less.

Ramp is the only corporate card that helps its customers spend less. Since the COVID-19 pandemic has started, Ramp has identified millions in savings opportunities for its customers, finding the average customer $130,000 in annual cost reductions. With expense management built-in to Ramp, customers can cut their costs even further. Generally, companies paying over $100 per employee for expense management software, and the typical cost of reviewing and processing is estimated to be an additional $50 per report in time overhead. On Ramp, sophisticated expense management software comes fully built-in and employees are able to complete their expenses in a fraction of the time, leading to additional cost savings for companies.

We hope that in the years to come, all cards look and feel more aligned with their customers’ best interests. That’s how it should be.

Thanks for reading, and we hope you'll try us out for your company by applying at: www.ramp.com. If you have any questions, feel free to give us a shout at [email protected].

Co-founder & CEO, Ramp

Eric is the co-founder and CEO of Ramp. He previously co-founded Paribus, a digital tool that automates price protection and shipping guarantees at online retailers (acq. in 2016 by Capital One). Eric is an active New York-based angel investor. He graduated from Harvard with a BA in Economics and East Asian Studies, and was raised in Las Vegas.

Ramp is dedicated to helping businesses of all sizes make informed decisions. We adhere to strict editorial guidelines to ensure that our content meets and maintains our high standards.

FAQs

How First Tee transformed its bookkeeping and saved time with PwC and Ramp

"The efficiency of using PwC Bookkeeping Connect, coupled with the Ramp platform, has probably been about 75% time savings. Instead of every hour I would have had to spend on bookkeeping, I’m probably having to spend maybe 10 or 15 minutes.”
Dan Burke, CEO, First Tee San Francisco

How Mix Talent cut costs, gained transparency, and improved efficiency with Ramp

"I use Ramp’s functionality to examine the contracts and understand whether we’re getting the best terms, as opposed to just trying to get the bill paid. Ramp has allowed us to project cash flow so much better."
Paul Streitenberger, Accounting & Finance Lead, Mix Talent

How The Joffrey Ballet cut their month-end close time with Ramp

“One of the things I was looking for, and which Ramp has done for me beautifully, is to consolidate credit cards, ACH payments, check payments, and reimbursements into one place and give us a full picture for insights."
Gee Hoon Lim, Director of Finance, The Joffrey Ballet

How Beyond sped up reconciliation time 8x faster with Ramp

“With Ramp we close in 5-6 days, which is pretty quick for a company with four different subsidiaries."
Jake Steele, Senior Staff Accountant, Beyond

How Ramp helped Barry’s save 400 hours/month on expense report headaches

“As we scale we need tools that are built to scale with us - we need to see expenses real time, we need to see duplicate spend. These types of insights are important to the health of our business.”
Steve Padis, SVP Finance & Strategy, Barry’s

How Seed optimized card management, increased compliance, and prepared for scale with Ramp

“Ramp is helping us build a closed loop of financial feedback if you will, we’ve gained visibility, accuracy, and control.”
Sarah Bird, Controller, Seed

How Ramp enabled Glossier to save 5 hours/week and easily integrate with NetSuite

“We were in disbelief. We were not prepared for the speed of execution.”
Roxane Cosnard des Closets, Senior Manager of Financial Systems at Glossier