Ramp

Don't spend one more unnecessary second on expenses. Text Ramp (447-267) a photo of your receipt, and let us take it from there. 👉 Share your biggest expense headaches in the comments! We'd love to hear how we can make your life easier.

Here’s EVERYTHING You Need to Know about Accounts Payable (AP) 👇 This is a HUGE are of Finance & Accounting… and is a crucial piece to master is you want to grow to the CFO role one day. ➡️ Watch the FULL tutorial over here: youtu.be/w-j599WHQkU Let’s begin todays session 🧑🏫 ➡️ What exactly is Accounts Payable? AP represents money that a company owes to its suppliers and vendors for goods and services purchased on credit ➡️ How does it affect your accounting? AP shows up on the Liabilities section of the Balance Sheet (since it’s something you owe to a creditor). It does UP with a credit, and down with a debit. ➡️ Why is it important? To me, it comes own to Cash Flow Management - a higher AP balance can mean that you are utilizing favorable cash flow measures for the near future, however it’s important to keep track as the amount can catch up with you ➡️ What are some Common AP formulas? The most common I see is Days Payable Outstanding (DPO) Represents the average number of days it takes a company to pay its suppliers. Formula: Accounts Payable / Purchases on credit * Number of days. Alternate formula: Average AP / COGS * Number of Days 💡A Lower DPO means the company is paying off it’s AP balance more quickly ➡️ How do you do Accounts Payable Right? A lot to be said here… Step 1️⃣ → use an AP software. My favorite is Ramp. With an AP software you can… ✅ automatically forward bills from your inbox ✅ utilize ai features to pull in details from the bill automatically ✅ assign for approval ✅ process payment Step 2️⃣ → Set a schedule for when you’ll process AP. Most companies do this one a week Step 3️⃣ → be METICULUOUS Even the slightest disconnect in your AP process can wreak havoc. Keep your internal controls strong, and double check every movement. === Those are my notes on Accounts Payable - the key is to ensure your AP function operates EFFICIENTLY…and ERROR free. But there’s much more to say about the topic! What would you add? Let us know in the comments below 👇 PS: A huge thanks to Ramp for sponsoring this video! We use Ramp with so many of our clients, and could not be more happy. Get $250 cash back when you sign up at: ramp.com/yourcfoguy

TODAY: Is your startup's financial roadmap setting you up for success? Join our webinar with Erin Dohan (Attivo Partners) and James Boland (Donnelly-Boland and Associates) to go deep on the complexities of startup accounting and the importance of strong financial management infrastructure. RSVP here: https://bit.ly/3Wmy7EA

Day 2 of our CAS Meeting started with a breakfast session from our Inspiring Partner Sponsor Ramp. Christian Bennett and Logan Wongsuwan shared ways in which our members can get the most from their vendor partner relationships. Thank you both for joining us this week! Congratulations to the gift card winners Terra Milliken, CPA and Jamie Jabouri. #sponsorspotlight #CAS #cpaiCAS #cpamerica

Stifel Bank’s venture practice specializes in venture debt financing, treasury management, and capital raising strategies that empower tech startups to thrive. To provide their venture clients with a top-notch corporate card offering, Stifel partnered with Ramp. Together with Jim D'Elisa, CTP, Meghan Curtin McKenna, and their teams, we're helping tech startups scale smarter and faster. Learn more about our partnership here: https://lnkd.in/gvnERaNU

11 years ago, our founders Eric Glyman and Karim Atiyeh started on their entrepreneurial journey. What will you start today?

Honored to make our debut on the Forbes Cloud 100 list. This recognition, just years after our founding, reflects our team's hard work and the trust of our partners and customers. Thank you to everyone who's been part of this journey, and to Richard Nieva for a great piece on what we've been up to. https://lnkd.in/g9QGMta3

Startups: Curious about how to build a financial roadmap that supports your growth and attracts investors? Join us this Thursday for a conversation with Erin Dohan of Attivo and James Boland of Donnelly-Boland and Associates, two experts in the accounting industry. Register at the link in the comments. See you there!

We temporarily interrupt our programming of Olympics memes Eric Glyman has built Ramp into a $7.6B powerhouse Turns out they’re all about data & AI - both for the benefit of their customers and internally to radically increase productivity, across all functions We chat about it here: YouTube: youtu.be/yGcXDNHYlbs Spotify: tinyurl.com/tj62tpfd Apple: tinyurl.com/35p3khbd

Your vendor partners should be screened as if they're core hires for your startup. As an early-stage startup, there are way too many problems to solve while finding product market fit. Hence the need to scope down on what you’re solving for in your go-to-market vs what you plan to solve for at scale. In my experience as a founder at CoverPanda and also as a multi-unit franchisee with Crumbl, I've seen the impact a strategic vendor partnership can have on a business in the early days (for better or for worse). If you pick the wrong partner, the relationship might inadvertently overcomplicate your business model, and hurt your client's perception of your product offering. The right partner can have the opposite effect. This picture shows some of our early team at CoverPanda and our partners at Ramp- Logan Wongsuwan & Christian Bennett. Our Ramp partnership has helped CoverPanda in a variety of ways: - Ramp is a multi-billion dollar company, but it iterates like an early startup. They keep a short feedback loop and seem to roll out product updates regularly. - Their product prioritizes the user experience both for the end-users (aka CoverPanda clients) as well as the user-experience for Ramp partners (aka- CoverPanda’s accounting team). This has helped our team cut down the cognitive load required for both our clients and internal team to learn yet another new tool to simplify business processes. - They continue to help our team shorten the sales cycle with new clients onboarding to CoverPanda. Ultimately, Ramp simplifies the overall workload and value proposition CoverPanda shares with each client. Logan Wongsuwan & Christian Bennett have helped us to customize their software experience for franchisees and offer a service that I dreamed of having as a new franchisee owner. What vendors have helped you grow your early stage startup or venture? Tag them below!