Looking for Ramp Alternatives? Check Out Our Top 5

There are many ways to manage spend and streamline procurement and expensing. The right expense management software tool can greatly improve the efficiency of your internal process while helping the organization save money and reduce waste. 

Ramp is one such tool for managing spend of all kinds. It has a solid reputation amongst small and medium businesses looking to create more efficient purchasing and expensing. But is it the best option for your business? Only research can answer that question.

To help users confidently decide on a solution, we’ve compiled helpful information about Ramp and some of its closest competitors. Read on to learn what Ramp is and its main features, strengths, and challenges. We’ve also compiled the pros and cons of other top tools. 

Download The Free Ebook: 5 Ways Your Purchasing Process Is Leaking Cash (and How to Fix It)

What does Ramp do?

Ramp is a SaaS accounting and expense management tool. It offers a suite of finance and AP automation features that help small and mid-sized businesses streamline and digitize their accounting and expense management. The cloud-based management platform is designed to provide all-in-one solutions for finance teams wanting to digitize and automate their operations.

Ramp offers features for end-to-end spend management strategy, including: 

• Global corporate card services 
• Expense management
• Centralized procurement
• Accounting automation
• AI-enhanced reconciliation

Ramp pros & cons

Ramp offers a strong mix of features for small to medium-sized companies, earning it high ratings on sites like Capterra and G2. However, buyers should be aware of some drawbacks to the platform when evaluating their options.

Pros

• Ramp offers cash back on purchases and benefits for using partner brands. 
• The platform allows users to email or text receipts for easy reconciliation and expense reporting.
• The mobile version offers app-enabled spend approvals and expense reporting features. 
• Virtual credit cards give finance leaders the ability to enable employee self-service spending. 

Cons

• Virtual card reserves are tied to cash flow in bank accounts, which can present purchases unexpectedly. 
• Some users have described difficulty adding virtual cards to Apple Pay, which can prevent authorized purchases in the field.
• The development roadmap is slow to add user-requested features. 

10 Features to look for in spend management software

Spend management is a fast-growing segment of the SaaS business, with over 10 percent growth projected from 2022 to 2030. That means a lot more options and data to sift through. Finding a spend under management solution with the right blend of features and capabilities is essential to meet your company’s current and future needs. 

When researching options, look for tools that have each of the following 10 key features:  

1. Centralized spend controls: Accurate expense control relies on teams being able to order, track, reconcile, and analyze spend from wherever they are. Look for a solution that brings data on providers and transactions. This allows for real-time visibility into spending and the ability to set limits and controls.

2. User-friendly interface: Many stakeholders interact with spend management software, so an appropriate solution must be easy to learn. Look for spend management and accounting software with an intuitive interface for fast adoption with minimal training. A strong, well-organized, customizable platform makes onboarding easier for employees. 

Ebook

5 Ways Your Purchasing Process Is Leaking Cash (and How to Fix It)

Download the ebook to learn how a comprehensive, software-driven purchasing platform can plug the holes and turn your P2P process into a strategic advantage.

Download the free ebook

3. Integrations: AP management doesn’t happen in isolation. Look for a system that integrates seamlessly with existing accounting or enterprise resource planning (ERP) systems. This creates data consistency and workflow efficiency for finance and other teams.

4. Spend guidance: Spend management tools help leaders maintain budgetary control while enabling self-service purchasing. Look for a platform that automatically enables spending guidance and limits, reducing manual management and preventing out-of-policy spending.

5. Reporting tools: Real-time reports are essential for managing spend. The right tool allows companies to make informed decisions based on up-to-date data. Real-time reports keep budgets on track, enable proper resource allocation, empower better negotiations, and provide insights for improved decisions.

6. Mobile access: Given the increasing trend of remote work, mobile access to spend management has become more important than ever. This feature allows employees to conduct procurement activities, track expenses, or approve purchasing requests from anywhere.

7. Customizable workflows: Every business has unique needs and processes. Spend management software should offer customizable approval workflows to fit the company's unique processes and hierarchy. Customizable features also allow the platform to evolve with the company as it grows and changes. 

8. Security: Given the sensitive nature of financial data, robust security measures are table stakes in choosing spend management software. Encryption, two-factor authentication, and regular audits are some features to look for.

9. Vendor management: Managing vendor information within a central platform simplifies processes and improves relationships. Look for a tool that lets users easily review supplier information and conduct vendor-specific analysis.

10. Scalability: As a business grows, so should its spend management solution. Look for a software option that scales with company needs without compromising performance or functionality. 

5 best Ramp alternatives of 2024

We’ve reviewed some of the most advanced and user-friendly alternatives to Ramp to consider when selecting a spend management solution. Read on to learn more about each. 

1. Order.co

Order.co offers companies of every size access to tools to track spending, improve budgetary control, and optimize procurement and spend management processes. The platform enables every buyer in the organization to initiate purchases with preferred vendors through a curated catalog. 

Pros

• Order.co takes a vendor-agnostic approach to purchasing, allowing buyers to integrate any supplier into the platform. 
• Curated catalogs make it easier for buyers to find their favorite suppliers and reorder common supplies easily. 
• This is one of the only platforms to offer financing for procurement with up to $500k for flexible cash flow. 

Cons

• Order.co doesn’t work for RFP or bid processes.
• Software subscriptions can't be purchased directly within the platform, but users can manage, report on, and pay for software spend.

2. Bill Spend & Expense (Formerly Divvy)

This spend management tool creates easy expense reporting, management, budgeting, and reimbursements. The platform features a free tier and virtual card options to help buyers complete purchases and track expenditures.

Pros

• The platform integrates with accounting tools, including Quickbooks, to centralize spend data efficiently. 
• Users have access to phone-based customer service for questions and issue resolution. 
• The easy-to-use platform makes adoption easy for even casual users. 

Cons

• Users report issues with the ACH and bill pay process, resulting in declined vendor bill payments. 
• Physical cards often have an extended delivery timeline, which can slow down replacements or new employee onboarding. 

Ebook

5 Ways Your Purchasing Process is Leaking Cash (and How to Fix It)

Download the ebook to learn how a comprehensive, software-driven purchasing platform can plug the holes and turn your P2P process into a strategic advantage.

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3. Brex

Brex offers web-based and mobile-ready billing, expense, procurement, and payment management. It caters to small and medium businesses and enterprises seeking streamlined processes for managing spend and controlling expenses. 

Pros

• Brex offers partnerships with other relevant brands, such as TravelBank and Lift, to provide rewards and benefits for using preferred partners. 
• The platform allows users to upload receipts and documentation via the web or text, making it easier to report expenses. 
• It offers user-friendly interfaces to help employees get up to speed with the mobile app quickly. 

Cons

• Funding depends on available account cash, which can cause variability when many users rely on the same funding source. 
• Some reports that the funds available calculations aren’t transparent and make it hard to predict available funds. 
• Dispute resolution procedures are more stringent than other card issuers, making these processes more time-consuming and intensive. 

4. Airbase

Airbase spend management and accounts payable automation offers mid-market companies centralized tools for budgeting, expense tracking, and spend optimization. It makes spend visibility easier through real-time insights into financial data. 

Pros

• Customer support is reportedly friendly and efficient when addressing concerns or walking users through issues. 
• The app is intuitive and intelligent, making it easy to manage expenses and streamline the reporting process. 
• It integrates with popular mid-market tools like Quickbooks for automated reporting and easier month-end closing. 

Cons

• Despite other popular integrations, the system doesn’t integrate with the widely used expense automation app TripActions.
• Prepurchase requests with the virtual card may be confusing and require some individualized training. 
• Some users feel that more reconciliation tools for certain categories (prepaid accounts and amortizations) would improve month-end activities. 

For a more in-depth look at Airbase, check out our full comparison.

5. Xero

This business accounting tool is built for the needs of small businesses as an alternative to other options like Quickbooks. It offers quick, secure access from any device and enables common processes like cash flow management, payments, expense tracking, and inventory management,  

Pros

• Xero’s app helps users track invoices and estimate profits on the go. 
• The platform makes it easy to submit expenses and check reimbursements. 
• Xero is structured so external stakeholders such as accountants and lawyers can access the app to support internal processes. 

Cons

• The platform only offers payroll through an integration with Gusto. 
• Deleting or removing incorrect transactions is a difficult manual process. 
• The company offers no phone-based customer support, which can make it challenging to resolve some issues. 

Streamline procure-to-pay with Order.co

Order.co offers the strongest, all-in-one procurement and accounting automation solution available. It gives users of all stages and company sizes access to AP process automation, AI enhancements, spend management, invoice reconciliation, approval automation, and innovative financing options. Order.co enables compliant purchasing for every employee, helps companies save money, streamlines procurement processes, and enhances spend analyses.

To learn more about sealing up the gaps in your spend management process, check out our free ebook 5 Ways Your Purchasing Process Is Leaking Cash (and How to Fix It).