Episode 12: ROC Monthly Mastermind Call
Episode 12: ROC Monthly Mastermind Call
Streamlining Expenses, Accounting, and Bills for Your Drug and Alcohol Center with Ramp
This month we spoke with Ryan McCormick, who is in Business Development at Ramp.
Ramp offers different ways to help businesses better serve clients. The platform provides a way to track and manage all expenses with the intention of saving time and money. It operates through a system of corporate credit cards that are tied to accounting systems and an expense management solution. With Ramp, you can have specific cards with specific purposes and built-in restrictions.
For instance, each credit card can be tied to specific stores or specific categories of purchases. Each swipe of the card triggers data collection, which is uploaded to an expense reporting tool and your accounting software. This allows you to track and pay your bills all in one solution.
You can onboard different people, including clients, staff, and contractors. The Ramp platform also integrates with your HR systems to import employee data.
In the reporting sections, you can see all the data that’s been gathered from purchases across your company. For instance, you can select an employee and see all of their transactions. When setting up cards, you can set limits, set the frequency that a limit refreshes, and stipulate where people can and cannot make purchases. For example, you can set controls to only allow purchases at grocery stores. This means that all other purchases will be rejected.
All purchases trigger a text prompt to the card owner to send a picture of the receipt. The software then takes the receipt picture, deduces info from it, and associates it with the appropriate transaction.
Ramp helps provide transparency for money being spent. Expense cards are the number one area of theft when employees charge personal transactions to business cards. Getting a hold of the situation is key to persevering and will help businesses experience less shrinkage.
Ramp cards function as 30-day charge cards. There are no revolving lines of credit, no interest rates, and no APRs. At the end of the 30 days, you get a bill for the amount charged across all cards. You then pay off the card with the connected bank account.
Another great feature is that you can connect Ramp to your email or Amazon account and the platform will automatically pull receipts, integrate it into the platform, and associate them with the appropriate transactions.
Additional features of Ramp:
Ramp is totally free and typically results in 3.5% cost savings and 56 hours per month for accounting team work saved.
Application process takes about 15 minutes and there’s no personal liability.
You are free to give it a try without uprooting your current cards.
Ramp offers 1.5% cashback on all transactions.
There are no costs associated with any card.
You have the ability to create unlimited virtual cards.
Physical cards are branded and typically arrive within 72 hours.
Contact information
If you are interested in a personal demo, learning more, or submitting an application, you can contact Ryan at:
rmccormick@ramp.com
949-204-9980
Admissions mastermind
The group also discussed the creation of an admissions mastermind group that will meet on a regular basis and focus on admissions, including:
Best ways to convert leads
Tracking
Sharing ideas
How to run a business development team
How to run an admissions team
More details about the new group to follow!
Click here to access the meeting recording.
Access code: B7S1h%$A
If you are interested in joining the ROC community, please complete this form for consideration: https://tinyurl.com/5btxe39z