Product Overview of Ramp
Ramp is a comprehensive financial operations platform designed to streamline and automate expense management, corporate card issuance, and financial processes for businesses of all sizes. Here’s a detailed look at what Ramp does and its key features:
Core Functionality
Ramp combines corporate cards, expense management, and accounting integration into a single platform. This integration enables businesses to centralize all their spending data, track expenses in real-time, and make informed decisions to optimize their spending and reduce overspending.
Key Features
Corporate Cards
- Ramp allows businesses to issue both physical and virtual corporate cards to an unlimited number of employees at no additional cost. These cards can be locked or have specific spending limits and restrictions set, ensuring compliance with company policies.
Expense Tracking
- The platform automates the process of tracking expenses through Ramp cards, eliminating the need for manual data entry and reducing the risk of errors. It also provides features like automatic receipt capture and categorization of expenses based on predefined rules.
Real-Time Insights and Reporting
- Ramp offers real-time insights and reporting capabilities, allowing businesses to quickly identify trends, track expenses, and make informed decisions to optimize their spending. The platform consolidates reporting for company-wide spending analysis and provides specific reports such as card expenses and global payments.
Accounting Integration
- Ramp seamlessly integrates with popular accounting software like QuickBooks Online and NetSuite, ensuring that financial data is accurately synchronized and reducing the need for manual data entry.
Budget Builder and Expense Policy Enforcement
- Businesses can create budgets for responsible spending, set limits, and establish submission requirements for employees and cards. Custom spending limits, restrictions, and approval workflows can be set to enforce company expense policies.
Vendor Management
- Ramp facilitates vendor payments across 185 countries in 40 different currencies, allowing businesses to track vendor payments accurately and analyze spending patterns.
Mobile App
- The mobile app enables employees to report expenses with receipt capture, use virtual cards to pay bills, and manage expenses on the go.
Ramp Intelligence
- This feature, powered by GPT-4, introduces AI-driven solutions such as vendor price intelligence, effortless expense reports and audits, and an accounting copilot. It automates tasks like expense reporting, suggests memos based on receipt context, and provides a smart assistant to answer financial questions and take actions based on user input.
Savings Features
- Ramp offers various features to help businesses save money, including automated expense tracking, real-time insights, expense policy enforcement, vendor negotiation tools, and cash back rewards on certain purchases.
Deployment and Accessibility
- Ramp is a cloud-hosted platform, ensuring easy deployment and accessibility. It is designed with a user-friendly interface that is intuitive and easy to navigate, making it simple for businesses to adapt and start seeing results quickly.
Pricing
- Ramp offers a free base plan with unlimited cards and expense management features. The Ramp Plus plan is $15/user/month, and the Ramp Enterprise plan, designed for large corporations, is quote-based.
In summary, Ramp is a powerful tool for finance automation, designed to help businesses streamline their financial processes, reduce spending, and make informed decisions through centralized data management, real-time insights, and advanced AI-driven features.