How Eight Sleep took back control of its SaaS subscriptions

Eight Sleep relies on technology to keep the company going. As such, the finance team needs to keep company spend on software in check.

A popular vendor of spend management software left the Eight Sleep finance team unable to track subscription costs for all software tools in use. Without transparent insights into employee spend, Financial Controller Irish Rose often discovered rogue SaaS subscription charges for unused software, including subscriptions purchased by employees who had since left the company.

For the employees’ part, expense reporting was often confusing and unintuitive. Employees constantly peppered the finance team with queries about their expenses, and the finance team struggled to navigate inflexible legacy expense management software.

“Our previous solution didn’t allow us to edit the general ledger account a card was coded to after it was issued. The only way to correct that was manually, via an accounting journal entry.”

- Irish Rose, Financial Controller at Eight Sleep

Eight Sleep needed a better way to manage subscriptions and streamline what had become a complicated and inefficient expense reporting process.

The company switched to Ramp, whose all-in-one spend management platform helped Eight Sleep regain control of company spend. Ramp’s unlimited cards offered unprecedented visibility over employee spend, and its user-friendly digital platform automated the expense reporting process.
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With the ability to issue unlimited virtual and physical credit cards, Irish and her team gained unprecedented control over the company’s card program. They could issue cards with recurring limits to departments, teams, and even individual employees, then maintain visibility into every transaction across the company. This effectively eliminated Zombie subscriptions and helped the finance team identify actionable savings insights.
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Moreover, Ramp’s automated receipt matching freed Eight Sleep employees from the unwieldy and inefficient expense reporting process. Employees can now text or email receipts from wherever they are, and Ramp’s machine learning technology automatically matches their receipts to the correct transaction every time. This saves time and effort for the employees using corporate cards and the finance team members tasked with reviewing expenses.

Since implementing Ramp, it’s a new dawn for the team at Eight Sleep. The user-friendly platform has empowered each employee to spend company dollars more responsibly. Moreover, Irish and the finance team have streamlined their processes and identified opportunities to save time and money.

“Ramp’s savings insights are killer. We were automatically notified of duplicative spend, and we were able to save more than $5,000 on Amazon Web Services.”

- Irish Rose, Financial Controller at Eight Sleep

Ramp has allowed Eight Sleep to focus on growth without worrying about complicated, costly corporate spend and inaccurate reporting. “Closing the books with Ramp is effortless,” said Irish. “Now, most of our expenses, payments, and accounting are all accurate and integrated within one platform.”

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Are you ready to simplify your spend management process? Learn more about Ramp today.