Ramp Launches Accounts Receivable Product to Streamline Business Payments
Ramp has introduced a new product called Ramp Accounts Receivable designed to help businesses manage and accelerate the payment process for invoices. The feature automates tasks such as invoice creation, follow-up drafting, payment matching, and revenue recognition using AI technology. This launch addresses common challenges faced by finance teams who often spend significant time manually tracking payments across various platforms like contracts, emails, spreadsheets, and bank feeds. The product aims to reduce delays in B2B invoicing, which has been a persistent issue with 43% of U.S. invoices being overdue last year. By streamlining the invoice-to-cash lifecycle, Ramp hopes to improve cash flow for businesses, particularly small ones that struggle with uneven revenue and operational expenses. The service is currently available to U.S.-based single-entity companies using QuickBooks Online or NetSuite. This product launch follows Ramp's recent expansion into the UK market offering corporate cards and expense management tools.
