NEW YORK, Aug. 12, 2020 /PRNewswire-PRWeb/ -- Ramp, the first corporate card built to help businesses spend less, announced that it has expanded into expense management. First publicly launched in February 2020, the company is already powering several hundred million dollars of purchases each year for its corporate customers, and has helped businesses cut corporate waste by several million dollars as well.
This week, Ramp is announcing that it is offering a built-in expense management platform to all customers. Ramp's customers are saving an average of 5 days of work per month by replacing inefficient expense report processes with Ramp's integrated corporate card and expense management platform.
The traditional process that companies have used to issue cards, manage expenses, and reconcile their books is complicated and wasteful. Traditionally, companies have limited controls built in to their corporate cards, must wait several days after a transaction for a bank feed to sync from their corporate card into an expense management software, and require significant work to code expenses properly. Following this, finance teams had to nag employees for receipts, and employees often footed the company bill interest free until they were reimbursed. This tedious process created a culture of expense reports that are normally completed days to weeks late, incomplete books, and limited visibility into spend until the following month.
On Ramp, companies can review/approve employee spend requests in real time on the website or via Ramp's industry-first slack integration, issue virtual or physical cards that can be restricted by merchant for one time or recurring spending, and once the purchases are made Ramp automatically codes and syncs expenses through to the company's books.
Ramp's integrated card issuance and expense management platform is more powerful than the traditional approach of splitting purchases between basic corporate cards and into a separate expense management product. "Getting started with Ramp was extremely quick and painless," said Clubhouse's senior accountant Shafak Ilyas. "Ramp has helped us automate and cut days off our month-end closing process. Before Ramp, closing the books used to take us days — now it takes about an hour a month. With Ramp, everything is quicker." Christina Cooksey, Head of Creative Production at Red Antler, noted that, "It is a point of stress and a mental burden lifted off. No more stacks of receipts sitting on my desk staring me in the face or finance charges ticking up personal cards."
Ramp has already saved millions of dollars for its customers since launching in February, and has grown through COVID-19 by delivering software that helps finance teams become more cost efficient. Companies are used to paying over $100 per employee for expense management software, and the typical cost of reviewing and processing is estimated to be an additional $50 per report in time overhead, not to mention addition risk for expense report fraud. On Ramp, sophisticated expense management software comes fully built-in and employees are able to complete their expenses in a fraction of the time, leading to additional cost savings for companies. This expense management service is another way that Ramp has been able to find its customers an average of $130,000 in annual cost reductions, and deliver the first card that helps companies spend less.
About Ramp
Ramp (http://www.ramp.com) is the first and only corporate card that helps companies spend less. The card analyzes usage to help companies identify savings, earn 1.5% cashback, enjoy high limits, and automate expense management and accounting. Founded by the team behind Paribus which was acquired by Capital One, Ramp is proudly headquartered in New York City and has raised $25 million to date.
SOURCE Ramp
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