What are finance teams’ least favorite things to do? Reconcile corporate cards? Chase expense reports? Work with disconnected software tools?

What are these beleaguered teams supposed to do?

The answer is found in comprehensive cloud-based tools integrated with AI intelligence and automation in accounting and financial record keeping.

Ramp Rides To The Rescue

Ramp is a multinational fintech company with an array of solutions designed heavily around automation and AI, including its flagship Ramp (AI) Intelligence. The following shows you why Ramp is such a good idea.

  • Customers save an average of 5% on non-essential and duplicate costs.
  • Automation frees over 40 hours of work monthly.
  • Clients report a 75% reduction in time spent on credit card reconciliation.

Real-time data and AI picks up anomalies, like overspending, as soon as it happens. So, you can act quickly to freeze the payment and zero in on the person responsible.

What Do You Get For Your Investment?

Here’s a look at some of the solutions available.

Corporate card & expense automation

A nifty feature geared to facilitate safe spending while automatically recording each transaction. It can detect patterns or trends in spending, which helps identify areas of concern.

You get:

  • Unlimited virtual and physical cards with merchant and category restrictions. 
  • Overspending is curbed while judicious spending is rewarded with 1.5% cash back. 
  • It’s easy to upload receipts from mobile devices, which are automatically matched, categorized, and posted.

One of the niftiest features is the automated identification and declaration of missing receipts. This means there are no unpleasant surprises come month-end.

Efficient bill payment processes

Keep a weather eye on accounts payable (AP) so you always pay invoices on time, ensuring good relationships with suppliers and vendors. Features include:

  • Users can upload vendors invoices, set approvals and pay by check or ACH (Automated Clearing House).
  • Transactions are synced to your company’s accounting software. 
  • Three-way invoice matching for purchase orders (POs), invoices, and receipts.

Automation ensures all documents and logs are present and accounted for, so your books are always audit-ready.

Multi-entity management facilitates spend control & procurement

Spend management is a key focus area, especially when it comes to growth and complex demands. This is where multi-entity management earns its stripes.

Multi-entity management includes:

  • Control of spending internal departments and external locations.
  • Consolidated views and role-based permissions.

Custom approval flows include:

  • Route company expenses and bills according to policy rules, departments, or dollar thresholds.
  • Comprehensive oversight on all spending.

Ramp also has specific vendor management tools for procurement and travel industries. For instance, it tracks spend by vendor and sends timely reminders for renewal dates. It saves time with an auto-populate feature that prepares purchase requests based on buying history.

A really handy cost-saving feature highlights duplicate vendors and suggests more cost-effective alternatives.

Seamless Accounting Integration

Ramp’s accounting tools integrate with Sage Intacct, QuickBooks, and NetSuite, automatically mapping to General Ledger (GL) codes and vendor records. This ensures:

  • Expenses and card transactions are synced to the GL.
  • Categories, receipts, and transactions flow into finance systems.

Manual entry is eliminated, which reduces human error, ensures accuracy, improves efficiency, and enhances productivity. Replacing legacy systems with tools like this saves time because you don’t have to wrangle spreadsheets and rely on month-old data to make decisions.

Ramp & TydeCo™ double your chances of success

TydeCo™ is a certified Ramp Professional Services Partner, which means that purchasing Ramp through the business ensures all features operate at maximum efficiency. So, while you could, in theory, implement Ramp without professional assistance, professional assistance focuses on the advanced workflows that best suit your business’s financial needs.

You should also consider that Ramp has a 4 – 6 week turnaround time. Do you have someone in your company with that kind of time and skill to ensure a successful rollout?

TydeCo™, on the other hand:

  • Develops a rollout plan and manages the full implementation process.
  • Covers things like accounting integration, card policy setup, and workflow configuration.
  • Provides team training that keeps disruption to finance operations to a minimum.
  • Provides on-going support and system optimization.

Comprehensive Services & Operations

Ramp can benefit almost all businesses and industries, but it really shines for businesses that need daily, real-time spend visibility and control across departments and cards.

This is great for TydeCo™ and its sectors that include, Nonprofit, Health & Medical, Financial and Professional Services, and Equipment Rental.

If your financial workflows could use some tidying up, especially when it comes to transitioning from legacy systems to more efficient software, you could do worse than Ramp.