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What expense category does Plaid fall under?

Audrey Carroll

Senior Manager, Accounting, Ramp

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Answer

Plaid is categorized under the 'Software' expense category, specifically in the 'Financial Services and Data Integration Software' subcategory.

Role of the Expense in Business

Plaid provides technology that enables applications to connect with users’ bank accounts for financial data, widely used by fintech companies and financial services for secure data integration.

Practical Example

A fintech startup using Plaid for integrating banking data into its app would categorize these expenses under 'Financial Services and Data Integration Software'.

Specialized Expense

For businesses using Plaid on a limited scale for specific financial integrations, it might be categorized under 'General Financial Tools'.

Conclusion

Plaid's specialization in financial data integration places it within the 'Software' expense category, particularly for financial services and data integration.

The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.

“Accurate classification of expenses is vital for businesses as it forms the backbone of financial reporting, tax compliance, and strategic decision-making. It enables businesses to track and analyze their spending patterns, identify cost-saving opportunities, and assess the profitability of various operations or projects. Having a single source to turn to for accounting classification suggestions, such as the Ramp Expense Classifier tool, is immensely helpful as it provides consistency, reduces ambiguity, and streamlines the expense classification process.”

Audrey Carroll

Senior Manager, Accounting, Ramp

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1. We calculate average savings as a percentage of an illustrative customer's total card spending when using Ramp features designed to reduce business expenses. Keep in mind that this percentage is an estimate, not a guarantee. Ramp delivers savings from more than just card spending; savings can also come from non-card expenses so we may factor decreases to non-card spending into our calculation. For example, savings may result from reduced time spent on manual expense tracking, the financial benefit of cash back or other rewards, smarter expense monitoring, and eliminating costs associated with alternative solutions. Our calculations are based on platform data, industry research, customer surveys, and info on alternative options. Your actual savings may vary.

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Ramp Payments Corporation - NMLS 2371465, Ramp Financing Corporation - NMLS 2431387