Ramp Expense Management System Review: Is It Worth It?

Efficient financial management is essential for businesses, no matter their size. Thanks to advancements in technology, organizations now have an array of tools at their fingertips to simplify and optimize financial workflows. One such platform is Ramp, which offers a comprehensive expense management solution. But is the Ramp expense management software legit and worth your money? A review of Ramp’s features will answer that question.

What Is Ramp and How Does It Work?

Ramp is an expense management platform that combines multiple financial management tools in one user-friendly solution. From automated expense tracking to accounts payable management, Ramp centralizes financial operations and helps businesses save time and money. At the core of Ramp expense management, businesses can access tools for budgeting, invoicing, and managing corporate cards with cashback rewards.

Unlike traditional accounting software, Ramp is not a full accounting system. Instead, it focuses on expense management, bill payments, and integrating with accounting software to provide a seamless financial workflow.

Key Features of Ramp

1. Expense Tracking and Automation

One of Ramp’s most powerful features is its automated expense management. The platform leverages advanced OCR technology to sort transactions automatically according to preset guidelines. Users can take photos of receipts and upload them via email or text. The system will digitize invoices and categorize them, saving businesses a lot of time on manual entry.

2. Corporate Cards with Cashback Rewards

Ramp’s corporate card offers businesses up to 1.5% cashback on most purchases. It also includes security features like spending alerts and customizable vendor restrictions. This can help businesses control their expenses and ensure compliance with internal spending policies.

3. Accounts Payable and Vendor Management

Ramp helps streamline accounts payable by allowing businesses to upload invoices, create approval workflows, and pay bills using ACH, card, or check. You can even schedule recurring payments, ensuring that routine vendor payments are automated.

4. Real-Time Spending Insights

With Ramp expense management, users gain access to real-time savings insights. The platform offers insightful analytics, empowering businesses to pinpoint opportunities for cost savings and smarter spending.

5. Integration with Accounting Software

Ramp effortlessly integrates with widely used accounting software like QuickBooks, Xero, and Netsuite, ensuring smooth synchronization of financial data. This allows businesses to close their books more quickly and streamline financial reporting.

Ramp Pricing: How Affordable Is It?

Ramp offers three pricing tiers designed to meet the needs of different types of businesses.

1. Free Plan

The Ramp free plan offers the basic tools needed to manage expenses, track bills, and use the corporate card. This plan delivers substantial value to small businesses and startups without any cost. It includes expense automation, approval workflows, and up to 1.5% cashback on purchases.

2. Ramp Plus

For businesses that need more control and customization, Ramp Plus costs $15 per user per month. This plan adds advanced features like multi-currency support, custom workflows, and procurement automation.

3. Enterprise Plan

Designed for large organizations, the Enterprise plan offers bespoke solutions such as advanced ERP integrations, premium support, and SOX compliance customizations. Pricing is provided upon request.

Pros and Cons of Ramp

When evaluating Ramp as an expense management tool, it’s essential to consider its strengths and areas for improvement. Here’s an overview of what it offers.

Pros of Ramp

1. Easy-to-Use Interface

Ramp’s dashboard is simple to navigate. Whether you’re tracking expenses or approving bills, everything is easy to find and manage. This makes it great for business owners and teams that don’t have a dedicated finance department.

2. Automates Expense Management

Ramp saves you time by automatically categorizing expenses using OCR technology. You can also upload receipts through email or text, and Ramp will do the rest. This reduces the need for manual data entry.

3. Cashback on Corporate Cards

Ramp offers up to 1.5% cashback on purchases made with its corporate card. It’s an effective solution for controlling company spending while saving on everyday costs.

4. Simple Bill Payments

Managing bills is easy with Ramp. You can pay vendors, set up recurring payments, and sync everything to your accounting software, making cash flow management simpler and more efficient.

5. Integrates with Accounting Software

Ramp seamlessly connects with widely used accounting tools like QuickBooks, Xero, and Sage, enabling automatic updates to your financial data. This integration streamlines bookkeeping tasks and simplifies the process of closing your books.

6. Free Plan

Ramp provides a no-cost plan packed with valuable features, making it an excellent choice for startups or small businesses seeking an affordable solution to streamline expense management.

Cons of Ramp

1. Limited Customer Support

One downside of Ramp is that customer support is only available via email. There’s no live chat or phone support, so if you need immediate help, you’ll have to wait for a response.

2. Not a Full Accounting Solution

Ramp is excellent for expense management, but it’s not a complete accounting system. You’ll need additional software for things like payroll or advanced invoicing.

3. No Balance on Corporate Cards

Ramp doesn’t allow you to carry a balance on its corporate cards. While this can help avoid debt, it might not be ideal for businesses that need to manage cash flow through credit.

4. Limited Customization

While Ramp lets you customize some features like workflows, it’s not as flexible as some other platforms, especially for larger businesses with complex needs.

5. No ApplePay Support

ApplePay is not supported, which could be a drawback if your business relies on it for payments.

Ramp vs. Competitors: How Does It Compare?

Ramp competes with several other expense management tools. To better understand its place in the market, let’s compare it to some of its alternatives.

As shown in the table above, Ramp’s pricing is competitive when compared to other options. Its free plan delivers excellent value for startups and small businesses in need of a user-friendly expense management system. While platforms like QuickBooks offer more comprehensive accounting tools, they come with a higher price tag.

How Secure Is Ramp?

Ramp prioritizes data security by utilizing advanced encryption and fraud prevention measures to safeguard financial information. Its ACH Payment Processing is secured with multi-layered security protocols, ensuring that transactions are well protected. The corporate cards issued by Ramp also feature built-in fraud detection to reduce the risk of unauthorized transactions. Furthermore, Ramp’s integration with security tools like 1Password and Okta adds a layer of protection for businesses.

The Verdict: Ramp is Legit & Worth It

Ramp is a legitimate and highly functional expense management solution that offers significant value, particularly for small businesses and startups. With its automated features, cashback corporate cards, and seamless integrations with accounting software, Ramp makes it easy to manage expenses and streamline financial workflows.

While it isn’t a complete accounting system, Ramp excels in areas like bill payments, expense tracking, and providing real-time insights to optimize spending. For businesses that need a simple, cost-effective way to keep financial processes in check, Ramp is definitely worth considering.