Streamlined expense management results in approved invoices to be recorded accurately and paid quickly.
Our Process - Accounts Payable
Here is how Expense Focused will apply our process to your organization
Ramp accounts payable feature is a modern, automated solution designed to simplify and optimize payment workflows for businesses. Included in the accounts payable solutions platform include a customizable expense policy, expense reports, vendor management, and efficient payments to vendors and employee reimbursements . These feature provides end-to-end support for managing invoices, expenses, and vendor payments with unparalleled efficiency and control.
Ramp’s accounts payable solutions help businesses save time, reduce costs, and maintain greater control over their financial processes.
Implementing a customizable expense policies, ensures compliance and control over spending. These policies are seamlessly integrated into the platform, allowing for real-time enforcement and automatic flagging of policy violations.
Ramp automates the expense reporting process, replacing outdated manual methods. Employees submit expenses effortlessly, and the system organizes and presents them for quick review and approval, saving time and improving accuracy.
Vendors can be easily managed with tools enabling businesses to track, organize, and maintain relationships with vendors in one centralized location. This results in accurate record-keeping and enhances communication with suppliers.
Ramp supports fast, secure payments to vendors and tracks each transaction in detail. Integration with accounting software ensures seamless reconciliation, keeping financial records accurate and up to date.
Here is how Expense Focused will apply our process to your organization
Implementation starts with designing the expense policy that would include the approval workflow and payment processing schedule
The approval workflow process would include the method invoices should be received, determining how invoices would be approved, and when a second or department approval is required. The payment processing schedule outline how often payments would be issued after approval.
The expense policy is the foundation of the accounts payable process and can result in enhanced financial oversight while minimizing administrative time and effort.
Expense management is the practical implementation of the organization’s expense policy.
Reviewing invoices, obtaining invoice approvals, research invoices with vendor or internally, issue payments to vendors, and syncing approved expenses to the accounting software are all part expense management.
Streamlined expense management results in approved invoices to be recorded accurately and paid quickly.
Maintenance and adjustments are minor changes within the accounts payable process that need to happen quickly and will not impact the expense policy.
Updating the vendor information, researching payments issued to vendors, following up on rejected invoices, and obtaining W-9 information from vendors would all be considered maintenance and adjustments.
Updating the accounts payable process by promptly addressing maintenance and adjustments quickly allows for the process to operating smoothly.
Reporting generates high level information to support oversight for accounts payable.
The accounts payable aging report assists to determine the short term cash requirements for the company. Payments amounts to vendors are tracked and can easily be included annually on 1099 forms.
Reporting provides valuable information to assist with the company’s cash flow and government requirements.
Feedback empowers ownership or management to make adjustments to the expense policy.
Changes in approval process with employee or internal method, updates in the company structure, employees, company policies, amendments to the approval workflow (overall or certain vendors) need to occur in order to maintain the streamlined accounts payable process. In addition to changes to the expense policy, changes to communication can also be implemented to continue to reduce administrative time and effort.
Updating the expense policy ensures that accounts payable processes remain efficient and streamlined.