Managing business expenses efficiently is crucial for financial health. The global market for expense management software is expected to grow from $7.64 billion in 2024 to $16.48 billion by 2032, showing how companies are investing more in automation.
Ramp and Expensify are two popular tools that help businesses track spending, manage reimbursements, and integrate with accounting systems. But which one is the right choice for your company?
What You Need to Know About Ramp and Expensify
Ramp is an expense management platform that provides corporate cards, automated expense tracking, and integrations with accounting software like NetSuite, QuickBooks, and Xero. It focuses on helping businesses reduce costs with AI-powered insights.
Key Features of Ramp
- Businesses can issue unlimited virtual and physical corporate cards with specified spending limitations.
- Automates expense tracking by categorizing and approving expenses without manual input.
- The platform works with common accounting software such as NetSuite, QuickBooks, and Xero.
- AI-powered savings feature helps identify unnecessary spending.
- Employees can submit out-of-pocket expenses for reimbursement and approval.
Expensify is a receipt and cost-tracking application for organizations of all sizes. It enables employees to submit expenses, receive approvals, and interface with various accounting systems. Unlike Ramp, Expensify does not provide corporate cards.
Key Features of Expensify
- Receipt scanning uses OCR technology to extract data from receipts.
- Employees can submit expense reports for approval.
- Multi-currency support makes it ideal for international businesses.
- The platform integrates with NetSuite, QuickBooks, Xero, and Sage for accounting.
- Per diem and mileage tracking help manage travel expenses efficiently.
Ramp vs Expensify: How They Compare
Ramp and Expensify are two popular expense management platforms, each offering unique features for businesses. Here are the key differences to help you decide which one best fits your needs.
User Interface
Ramp has a clean, modern design that’s easy to navigate. The simple dashboard makes expense management straightforward, even for beginners. On the other hand, Expensify offers a more detailed interface with many options. While powerful, some users find it harder to use due to its complexity.
Expense Tracking
Ramp offers real-time spending tracking with automatic categorization and receipt matching, which eliminates the need for manual data entry. Expensify also offers real-time tracking and includes SmartScan OCR for scanning receipts and mileage tracking.
Corporate Card Management
Ramp provides unlimited real and virtual corporate cards, enabling organizations to set spending limitations and automate policy enforcement. In contrast, Expensify does not provide corporate cards but integrates well with third-party cards.
Integrations
Ramp supports key integrations like QuickBooks and NetSuite, but some features, such as Ramp NetSuite cost, may require extra fees. Meanwhile, Expensify works with multiple accounting tools, including QuickBooks, Xero, and NetSuite, at no additional cost.
Automation
Ramp uses AI to automate tasks like bill payments, spending insights, and receipt uploads via text or email. On the other hand, Expensify automates expense reporting with SmartScan but still requires more manual work compared to Ramp.
Policy Enforcement
Ramp allows businesses to set spending rules by category or vendor, ensuring compliance before purchases are made. Expensify, however, provides customizable approval workflows and more advanced policy controls.
Customer Support
Ramp offers phone and email support with quick response times but lacks live chat. Meanwhile, Expensify provides 24/7 live chat support along with dedicated onboarding assistance.
Pricing
Both Ramp and Expensify have free plans.
Ramp’s pricing starts at $15 per user in the Plus Plan and a custom price for the Enterprise plan.
Expensify’s cost depends on the features and number of users. It offers a free plan with basic features for individuals. The Collect Plan starts at $5 per user/month, making it suitable for small businesses. For more automation and advanced tools, the Control Plan starts at $9 per user/month.
Which Expense Management Tool Should You Choose?
If you’re a startup or small business seeking an affordable option with strong automation, Ramp is a great choice. It offers a free plan and includes corporate card management, making it a cost-effective solution.
For larger businesses or those needing detailed expense reports and more integrations, Expensify provides a wider range of features but comes at a higher cost.
Before making a decision, consider the size of your firm, its budget, and its special needs. Both platforms offer distinct advantages that can enhance financial management and efficiency.