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Ramp Features and Benefits
Ramp Intelligence is a powerful tool that brings the future of AI to finance. It offers a broad set of solutions that help businesses save time, reduce costs, and uncover opportunities. Here are some key features and benefits:
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Expenses: Ramp can automatically generate receipts and categorize them, ensuring error-free expense submission. It can collect and match receipts automatically, saving hours each week. It also eliminates guesswork by generating fields, categories, and memos using AI. It can flag non-compliant expenses and notify employees of out-of-policy spend.
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Vendor Management: Ramp's Price Intelligence feature uses transaction data to help businesses understand if they are overpaying for software. It provides crowd-sourced data from real transactions for price comparison. It can also benchmark prices and provide cost-per-user detail across multiple software SKUs for better negotiation.
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Smart Accounting: Ramp's auto-coding feature can process thousands of transactions and only flag expenses that require review. It can automatically collect, code, and categorize each employee receipt. It learns from user actions and expert accountant insights to suggest precise coding.
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Copilot: This smart assistant uses AI to answer questions, build approval workflows, and suggest ways to reduce costs. It provides detailed transaction data and recommendations for faster analysis. It also offers full transparency into the financial data that supports its answers.
These features not only save time but also improve accuracy and provide valuable insights into business performance. They help finance teams operate more efficiently by automating mundane tasks and democratizing transaction data for the benefit of businesses everywhere. With Ramp Intelligence, businesses can experience fair software prices, faster and more accurate month-end closing processes, and automated insights into business performance. It's a game-changer for finance teams, reshaping financial operations and delivering tangible savings.
Ramp Pricing
Ramp Intelligence offers a variety of pricing options to suit different business needs:
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Ramp Free: This plan costs $0 per user per month and includes features like unlimited cards and smart controls, travel booking, automated expense management, vendor management and accounts payable, accounting software sync, and real-time saving insights.
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Ramp Plus: This plan costs $15 per user per month (or $12 per user per month if billed annually). It includes everything in the Ramp Free plan, plus custom controls and advanced user roles, unlimited customizable workflows, procurement automation and PO management, advanced ERP integrations with multi-entity support, and international capabilities with multi-currency card limits and spend programs.
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Ramp Enterprise: This plan offers enhanced security, compliance, and dedicated support to operate efficiently. The pricing for this plan is available upon contacting sales.
Each plan offers a different set of features to cater to the unique needs of businesses of all sizes. It's important to choose the plan that best fits the needs and budget of your business.
Payment Method
Ramp Intelligence offers a variety of payment methods to ensure vendors are paid fully and on-time. Here are the different payment methods available:
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Paying by Card: Ramp Bill Pay allows the use of both existing cards and Single-use Ramp card to pay bills. This is a great way to take advantage of earning cashback if the vendor accepts Visa cards.
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Paying by ACH: ACH payments to vendors have never been easier or faster with Bill Pay. Regular ACH payments take either 2 or 5 business days, depending on Bill Pay usage to-date and information about the limit and connected bank accounts. Ramp also offers same-day delivery for eligible ACH bill payments.
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Paying with Flex: This is another payment method offered by Ramp.
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Paying by Check: Ramp also allows payments to be made by check.
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Paying by Wire: Wire transfers are another payment method supported by Ramp.
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Paying Cross-Border: Ramp supports cross-border payments.
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Paying Outside of Ramp: Payments can also be made outside of Ramp.
These diverse payment methods make it easy for businesses to manage their finances efficiently and effectively. They also ensure that vendors are paid on time, which helps maintain good business relationships.
Ramp FAQs
Ramp Alternatives
Here are the top 10 alternatives to Ramp Intelligence:
- QuickBooks Online: A cloud-based accounting software that helps small businesses track their income and employee expenses, send invoices, and pay bills from a single account.
- TravelBank: An end-to-end expense management solution that improves expenditure visibility, speeds up expense reporting, and automates data entry.
- Zoho Expense: A personal and business expense tracker that provides businesses with automated expense reporting, streamlined approvals, and instant reimbursements.
- Spendesk: A smart spend management software built for both finance teams and employees. With flexible payments, approvals, automated receipt capture.
- Brex: Provides corporate cards with no personal guarantee, a best-in-class expense management system, and simple integrations into accounting systems.
- Webexpenses: A highly configurable expense management solution that can be tailored to fit the unique needs of any business.
- BILL Spend & Expense: A comprehensive, real-time spend management platform that connects companies, employees, and business software.
- Precoro: A spend management software that provides an easy way to control and streamline the company’s expense management and approval processes.
- Expensify: An expense management system that provides businesses with real-time data and reporting, and integrations with HR and accounting software.
- Concur: An integrated travel and expense management solution that combines easy travel booking with automated expense reporting.
Each of these alternatives offers unique features and benefits that may suit different business needs. It's important to evaluate each option carefully to find the best fit for your organization.
How To Open A Ramp Account?
To open an account on Ramp Intelligence, follow these steps:
- Visit the Ramp website.
- Navigate to the Getting Started section.
- Follow the instructions provided for Administrators. This includes applying and getting approved.
- After approval, migrate card vendors and set up the account.
- For employees, there are guidelines on how card requests and limit increases work, and how to submit reimbursements.
- Bookkeepers can learn how to upload bank statements to Ramp.
Remember, each role has specific onboarding resources and live training sessions available. Make sure to check out these resources for a smooth setup process. Enjoy the benefits of AI in finance with Ramp Intelligence!