Financial operations platform
"Ramp has always helped businesses control the money going out. With Ramp Accounts Receivable, we can now help them manage the money coming in. This has been a top request from our customers," said Geoff Charles, chief product officer at Ramp, in a statement. "Finance teams today spend too much time chasing payments for outstanding invoices. Ramp's AI turns contracts into ready-to-review invoices, prepares informed follow-ups, and matches payments back to the books."
Ramp Accounts Receivable automates the full invoice-to-cash workflow using a trio of AI agents to take care of the manual work between an agreement and a matched payment. Users upload a contract, purchase order or order form and Ramp pulls out the billing details and creates a draft invoice for the team to review before sending. The platform also automates collections followup: People can set their collection rules, specifying things like when to follow up and how the message should sound after so many days overdue, and the AI uses the invoice status and customer-response history to prepare the next message. The team reviews, edits if needed, and sends the email themselves. Finally, once the payment arrives, the AI identifies the matching open invoice associated with it and applies the payment itself, versus teams needing to search bank deposits and update invoice records by hand.
The solution also features a dashboard where teams can see every sent invoice, open balance and planned follow-up in one place. Further, it supports both one-off invoices and recurring billing schedules and revenue recognition. Companies choose which payment methods to offer during setup: customers can pay by credit card, ACH debit, ACH credit or check, based on the methods enabled.
Ramp AR currently connects with QuickBooks Online and NetSuite. During setup, users can import customers, products and services, and open invoices from their accounting system. As they create invoices and apply payments in Ramp, that activity syncs one way back to QBO or NetSuite. Other ERP connections will be available soon. Currently, the solution does not support CRM connections. Ramp is also not currently available as a standalone product, as Ramp AR is designed to work alongside the finance workflows people already run in Ramp.
Ramp AR includes a free tier for businesses that need to create and send invoices, accept payments, follow up on overdue balances and apply incoming payments to open invoices. The free tier includes the invoice-creation, collections, and cash-application agents, plus accounting sync for supported workflows. Those with more complex billing needs can pay for an add-on that includes subscription billing and metering, automated revenue recognition, and tax integrations. For customers with multi-entity or multi-currency businesses, Ramp Plus is required.
Ramp Accounts Receivable is now available to U.S.-based, single-entity businesses with QuickBooks Online and NetSuite integrations.
