When it comes to managing expenses, there are a plethora of options available in the market. Two of the most popular expense management tools are Ramp and Expensify.
Both Ramp and Expensify offer a range of features to help businesses track and manage their expenses efficiently.
However, choosing between the two can be a daunting task, especially if you're not familiar with their features and pricing structures.
In this article, we'll compare Ramp and Expensify to help you make an informed decision about which tool is right for your business.
We'll cover their pricing structures, pros and cons, key features, and more.
When it comes to choosing between Ramp and Expensify, it can be challenging to decide which one is the best fit for your business.
Pricing: Ramp offers a free plan, while Expensify starts at £4 per user per month. However, Expensify's paid plans offer additional features such as advanced policy enforcement and custom branding.
Credit Card Integration: Both Ramp and Expensify offer credit card integration, allowing users to easily import transactions and receipts.
Receipt Scanning: Ramp and Expensify both offer receipt scanning features that allow users to capture and store receipts digitally.
Mobile App: Ramp and Expensify have mobile apps that allow users to manage expenses on-the-go.
Automated Expense Reporting: Both Ramp and Expensify offer automated expense reporting, saving users time and reducing the risk of errors.
Bank Account Integration: Ramp offers bank account integration, allowing users to import transactions from their bank accounts. Expensify, on the other hand, does not offer this feature.
Both platforms offer features such as receipt tracking, expense categorisation, and reporting.
Ramp, however, also offers a corporate card that integrates with the platform, allowing for real-time tracking and control of employee spending.
Expensify, on the other hand, focuses solely on expense management and does not offer a corporate card.
Ramp is targeted towards small businesses and startups, while Expensify is geared towards larger corporations.
Ramp's pricing model is based on a flat monthly fee, making it more affordable for smaller businesses.
Expensify, on the other hand, charges per user, which can quickly add up for larger companies.
Ramp is a relatively new player in the expense management market, but has quickly gained popularity due to its user-friendly interface and affordable pricing.
Expensify, on the other hand, has been around for over a decade and has established itself as a reliable and robust expense management solution.
If you're a small business looking for an affordable and easy-to-use expense management solution with a corporate card, Ramp may be the better option.
If you're a larger corporation with more complex expense management needs, Expensify may be the better choice.
Expensify offers four different pricing plans: "Track", "Submit", "Collect", and "Control".
Ramp offers two pricing plans: "Ramp Expense" and "Ramp Corporate Card".
The pricing for this plan is not publicly available on their website and interested users are required to contact Ramp's sales team for a quote.
When it comes to pricing, ExpenseOnDemand, Ramp, and Expensify offer different plans to cater to various business needs and budgets.
ExpenseOnDemand offers a simple pricing structure with a monthly fee of £5 per user, which includes unlimited expense reports and receipts, as well as bank integration and VAT handling.
Ramp, on the other hand, offers a free plan that includes basic expense tracking and receipt capture. For more advanced features such as corporate cards and automated accounting, businesses can upgrade to Ramp's paid plans.
Expensify offers a range of plans starting from £4 per user per month for basic features such as receipt scanning and expense tracking.
For more advanced features such as corporate card management and custom integrations, businesses can opt for Expensify's higher-tier plans which start at £8 per user per month.
Ramp is a popular expense management tool that offers several advantages and disadvantages.
Here are some of the pros and cons of using Ramp for your business expenses:
Ramp is a good choice for businesses looking for an easy-to-use expense management tool with real-time tracking and automated receipt capture.
However, its limited reporting options and lack of a mobile app may be drawbacks for some users.
When it comes to managing expenses, Expensify has its own set of advantages and disadvantages.
Here are some of the pros and cons of using Expensify:
Expensify is a solid expense management solution that offers a range of useful features.
However, its limited free plan and high cost may make it less accessible for some users.
ExpenseOnDemand has a simple and user-friendly interface. The dashboard is easy to navigate, and the process of submitting expenses is straightforward.
Ramp has a modern and sleek interface that is easy on the eyes. The software has an intuitive design, and the dashboard is customizable.
Expensify has a cluttered interface, which can be overwhelming for some users.
ExpenseOnDemand has all of the features you need and more such as expense tracking, receipt scanning, and reporting. The software also offers integrations with accounting software like QuickBooks and Xero.
Ramp offers features such as virtual cards, spend tracking, and automatic receipt matching.
Expensify has a wide range of features such as automatic expense tracking, receipt scanning, and reimbursement processing.
ExpenseOnDemand has email support, and the response time is usually within a few hours.
Ramp has email and phone support, and the response time is usually within 24 hours.
Expensify has email and chat support, and the response time is usually within one business day.
Both Ramp and Expensify offer expense tracking features, but there are some differences between the two.
Ramp's expense tracking is integrated with its corporate card, making it easy to track expenses in real time.
Expensify, on the other hand, allows you to track expenses from multiple sources, including credit cards and receipts.
Expensify has a unique feature that allows you to capture receipts using your smartphone's camera. This feature can save time and reduce the risk of losing receipts.
Ramp also offers receipt capture, but it requires you to manually upload receipts.
Ramp's reporting is focused on providing insights into spending patterns and trends.
Expensify's reporting is more detailed, allowing you to drill down into specific expenses and categories.
Expensify has a wider range of integrations with other software tools, including accounting software and HR systems.
Ramp's integrations are more limited, but it does offer integrations with popular accounting software like QuickBooks and Xero.
ExpenseOnDemand is a cloud-based expense management solution that offers a range of features to help you manage your expenses efficiently.
Some of the key features of ExpenseOnDemand include:
If you're looking for a reliable and efficient expense management tool, ExpenseOnDemand is a great option. Here's how you can get started with it today:
ExpenseOnDemand excels as a top-tier option, seamlessly integrating with Xero and other leading accounting software. The flexible custom report builder facilitates effortless expense and receipt integration into any accounting software, offering a wide array of functionalities from policy enforcement to AI receipt scanning. The platform's rich features are complemented by user-friendly video tutorials for easy training.
Their pricing model is the most competitive, ensuring you pay only for what you use, backed by a flexible rolling contract that demonstrates confidence in their service. Implementation is complimentary, and they invest ample time to ensure your team fully leverages the platform. With a support team addressing minimal issues, ExpenseOnDemand maintains a consistently higher consumer rating, visible in reviews on G2 and Gartner.
Both Ramp and Expensify offer a range of expense management features, including receipt capture, categorisation, and reporting. However, Ramp stands out with its real-time expense tracking, which allows you to see your spending as it happens. Expensify, on the other hand, offers more advanced reporting and analytics features, making it a better choice for businesses with complex expense policies.
Ramp offers cashback on all purchases made with its card, with up to 1.5% cashback on all purchases. Expensify, on the other hand, does not offer a cashback system. If earning cashback on your expenses is important to you, Ramp is the clear winner in this category.
Both Ramp and Expensify offer mobile applications for on-the-go expense tracking. However, Ramp's app is more user-friendly and intuitive, with a simpler interface and more streamlined expense tracking process. Expensify's app offers more advanced features, such as GPS tracking and mileage tracking, making it a better choice for businesses with employees who frequently travel.
Both Ramp and Expensify offer receipt capture and management features. However, Expensify's receipt management capabilities are more advanced, with the ability to automatically categorise and tag receipts based on their content. Ramp's receipt management is more basic, but still functional for most users.
Both Ramp and Expensify offer customisable expense policy controls, allowing businesses to set spending limits and approval workflows. However, Expensify offers more advanced policy controls, including the ability to set up custom approval workflows and expense policies for specific departments or teams. Ramp's policy controls are simpler, but still effective for most businesses.
Expensify offers a time tracking feature, allowing employees to track their time and expenses in one place. This feature is particularly useful for businesses with hourly employees or those who bill clients by the hour. Ramp does not offer a time tracking feature, making Expensify a better choice for businesses with time tracking needs.