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How Poshmark exceeded their free cash flow goals with Ramp
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At Poshmark, efficiency is always in style. As a global fashion marketplace with ambitious growth goals, the company’s finance team isn’t just responsible for tracking spend—they’re considered the guardians of profitability.
In order to grow responsibly, they had to get serious about efficiency.
For the finance team, every process, every system, and every decision is designed to help the company grow sustainably and quickly. But when it came to expense management, the team found themselves drowning in manual processes.
“We sat down and asked ourselves: What are the paper cuts? What’s slowing us down that doesn’t add value?” recalls Kaustubh Khandelwal (KK), Poshmark’s VP of Finance. “Expenses were a big paper cut.”
For a company with nearly a thousand employees dispersed throughout the U.S., Canada, and India, tracking and reconciling expenses wasn’t just a nuisance—it was a roadblock.
“I would fill out a Google sheet form with memos and categories filled out. Then that form was submitted to accounting, where it was processed,” recalls KK. “It was painful, it was time-consuming.” But worse, the process was error-prone and required constant human intervention.
The volume of expenses alone made it a huge burden for the accounting team. “Every month, we had 50-100 expense reports that had to be manually processed and input into payroll,” explains Assistant Controller Carolynn Yipp. “That took up to half of one full-time employee’s workload.”
And it didn’t stop there. Managing corporate cards across multiple banks and card providers was also a challenge. With employees spending across global entities, the finance team was forced into a tangle of manual tracking and intercompany reconciliation.
“There was so much friction. We needed clarity.”
“Closing the books at month-end was a stressful, time-consuming process,” says KK. “We had a four-day close mandate, and the only way to hit that goal with our old system was to hire more people.”
Expense reporting added even more pain.
“When the finance team is trying to put a forecast together, we want to understand what our spending patterns have been, especially on the expense side,” says KK. But emails and receipts were being submitted so late, it was nearly impossible to understand what the spend was.
To get the information they needed, the team would chase down employees for receipts. The process impacted the team’s work relationships.
“We were constantly asking, ‘Has everything been submitted? Are we seeing the full picture?’” KK remembers. “There was so much friction. We needed clarity.”
Every year, as part of goal setting, Poshmark’s finance team identifies the tasks that drain time without adding value—then works toward automating or eliminating them.
Managing expenses had long been one of the key bottlenecks for the finance and accounting teams. So when KK heard about Ramp, he was intrigued.
“What stood out was the automation,” he says. “I wasn’t just looking for another corporate card—I needed a system that would eliminate the inefficiencies blocking our cash flow progress.”
Poshmark quickly implemented Ramp across its teams.
“One of the key things we look for when we are transitioning from one system to another is a partner that'll go along with us in a journey and help us along the way. It’s important that they have experience that can actually add value.” says KK. “Ramp was exactly the partner we were looking for.”
The onboarding process was seamless, Carolynn recalls. “It’s very easy to use, very intuitive, and requires almost zero training,” she says.
Ramp wasn’t just helping the finance teams, it was helping everyone who submitted receipts.
Before, submitting receipts necessitated long email chains packed with spreadsheets and attachments. But with Ramp, that became a simple card swipe and an SMS. “I get a text message saying, can you attach the receipt? And I can do it right there,” says KK. “Sometimes it can even suggest the memo.”
What started as a simple fix for expense management inefficiencies became a transformation in how Poshmark optimized cash flow, forecasting, and financial strategy.
“As Ramp solved expense management inefficiency for us, we unlocked a lot of capacity in the team,” says KK. That shift had an immediate impact.
Instead of chasing receipts or manually reconciling expenses, the team redirected their focus to strategic growth-driving work like vendor negotiations and contract renewals. The time they once spent on administrative work was now fueling real financial gains.
“With this new capacity, we were able to achieve our free cash flow goals within seven months instead of 12,” says KK. Ramp’s cashback rebates also made a material impact for Poshmark’s cash flow, quickly adding up as they paid for millions of dollars in expenses each year. “We actually exceeded our goals.”
Expense management was no longer a burden—it had become a lever for smarter decision-making, proactive cost savings, and long-term financial health.
By eliminating roadblocks in expense management, Poshmark’s finance team wasn’t just saving time—they were reclaiming their role as profitability guardians, helping drive the company’s next stage of growth. Now they’re expanding Ramp to their Canadian business, bringing improved efficiency to their international colleagues and better real-time visibility for the business.
“Ramp automates our manual processes and increases our accounting accuracy. Having cards denominated in the local currency eliminates the entire backend process we had to do before,” said Carolynn. “Ultimately we will just have one consolidated corporate card across our global business, and we’re looking forward to experiencing the benefits of that.”
Scaling globally is no small feat, but Poshmark knows smarter financial management is always a good fit.
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