How Eight Sleep took back control of their SaaS subscriptions
Eight Sleep is a direct-to-consumer technology company specializing in smart mattresses and other high-tech sleep accessories. The company's flagship product is The Pod. This all-foam mattress offers dynamic temperature regulation and intelligent sleep tracking to provide optimal sleep to members when paired with Eight Sleep's technology.
Eight Sleep was feeling bogged down by manual expense reporting and missing critical insight into company spend. Then, the Eight Sleep team discovered Ramp and was able to automate expense reporting and automatically find thousands of dollars in savings opportunities.
We spoke with Irish Rose - Financial Controller at Eight Sleep - to hear more about how switching to Ramp was like a dream come true for their finance team.
Ramp is a real game-changer. It's made us more efficient and helped us better manage our subscriptions and company burn rate.”
Irish Rose, Financial Controller at Eight Sleep
Zombie SaaS subscriptions and tedious expense reports
As a leading D2C company with a sophisticated software stack and 1000s of transactions each month, Eight Sleep was looking for an easier way to track all their company expenses.
A popular vendor of spend management software left the Eight Sleep finance team unable to track subscription costs for all software tools in use, even after employees left the company. Without spend insights, Irish often discovered rogue SaaS subscription charges for software no longer in use.
Expense reporting also turned out to be an accounting nightmare. The legacy reporting software in place was inflexible and made it difficult to edit cards after issuing them to employees. Irish states, "Our previous reporting tool didn't allow us to edit the general ledger account that the card was coded to after it was issued. It was like set it and forget it! The only way to correct that was manually via an accounting journal entry."
Employees had their own challenges with end-of-quarter expense reporting. They were using a previous expense management software interface that felt unintuitive. Questions such as "I don't know what I did" and "I don't see my expense, where did it go?" became common, and Eight Sleep needed a solution that helped everyone become more efficient.
Automated accounting with unlimited cards
Eight Sleep made the switch to Ramp and never looked back. Irish raved about the onboarding experience after setting up an accounting integrating with Quickbooks, stating, “It was incredibly quick and easy. I'm pretty sure all I did was spend a few buttons and clicked a few buttons."
But that was just the beginning. Ramp’s all-in-one spend management platform helped Eight Sleep take back control of company spend and make every employee more efficient and financially fit.
Automated receipt matching
Ramp’s automated receipt matching freed Eight Sleep employees from the dreaded expense report. No complicated reports, apps, or convoluted flows, Eight Sleep employees would text or email receipts from wherever they are and Ramp’s machine learning matches their receipts to the correct transaction every time.
Cards that maximize control
With the ability to issue unlimited virtual and physical cards, Irish gained unprecedented control over the company’s card program. She was able to issue cards with recurring limits to departments, teams, and even individual employees with visibility into every transaction across the company.
AI-powered spend insights
With Ramp’s advanced reporting capabilities, Irish was able to cut down time spent on weekly burn rate reports from hours to minutes. And with actionable savings insights, Irish identified ways to cut Eight Sleep’s Amazon Web Services bills by thousands.
Modern, intuitive user experience
Ramp’s user interface was intuitive and easy to use. Compared to traditional finance software, Irish stated, “I love how user-friendly Ramp is. You can tell customer needs are understood every step of the way. You just look at it and you know what to do.”
An expense reporting dream come true
It’s a new dawn for the folks over at Eight Sleep. With Ramp, now everyone in the organization is empowered to spend company dollars responsibly. Meanwhile, Irish and the Eight Sleep finance team can rest easy knowing they’re saving time and money by automating expense reporting and accounting.
Ramp’s savings insights are killer. We were automatically notified of duplicative spend and were able to save more than $5,000 on AWS!"
Closing the books with Ramp is effortless. Now, most of our expenses, payments, and accounting are all accurate and integrated within one platform."