Ramp enables your business to implement its expense policy right into the platform. This enables businesses to properly control spend across the company. Here are the different components of your expense policy and how to set them up. You can manage any of the below using the Spend Controls tab in the Settings bar in your Ramp dashboard.
- Upload your Expense Policy Document - requirements to sign an expense policy document.
- Define Approval Workflows - approvals for card issuance, reimbursements, and bills.
- Define your Spend Guidelines - alerts that will trigger if employees spend on the wrong thing.
- Define Submission Requirements - rules for submitting receipts, memos, and other info.
- Transaction Reviews - requirements for managers to review their team's expenses.
- Employee Handbook - view policies and procedures
1/ Upload Policy Document
Ramp enables you to upload your company's expense policy straight to the Ramp platform and ask your employees to sign the expense policy when they join the company. This ensures that employees are aware of all the requirements when spending on behalf of the company. Upload your company expense policy by going here.
2/ Define Approval Workflows
See: Approval Policies
Approval policies on Ramp govern the steps required to approve card issuance, card edits, reimbursements, and bill payments. You can define who needs to approve what and when, as well as keep certain people informed via notifications - by going here. Admin self-issuing cards and self-reviewing transactions are automatically enabled and can be toggled off under their respective tabs.
Ramp makes it easy to customize approval workflows so admins can define the right set of people to approve expenses based on the amount. Approval policies cover:
- New Card Requests (and Card Edits)
- Bill payments
3/ Define Spend Guidelines
See: Spend Guidelines
Spend guidelines are rules that admins can implement to define what is allowed to be purchased on Ramp Cards. These guidelines can be set here. These rules are triggered automatically after the transaction happens. There are two types of rules:
- Flags (for policy enforcement) - these are identified transactions that are out of policy. When a transaction gets flagged, an email will be sent to the cardholder and finance team to have a conversation and remediate.
- Alerts (for visibility)- these are alerts that can be sent to a specific person to increase visibility on the spend on the Ramp platform. For example, maybe your Head of IT wants to know whenever a Software purchase over $1,000 is charged.
When it comes to Policies, there are two types of Policies on Ramp:
- Travel Policy - this governs what is allowed to be purchased when it comes to travel, including per diem, hotel nightly rates, advanced booking requirements, etc. For more information on implementing a Travel Policy, check out: Travel Policy
- General Spend Policy - this governs general spend on Ramp. Rules can be defined across any dimension including amount, category, merchants, departments, etc.
For preventative spend controls (e.g. controls that decline transactions), please visit this document that outlines card level controls: Controlling Spend with Ramp Cards.
4/ Define Submission Requirements
See: Submission Policies
Submission requirements, or required fields, are the rules that employees must follow to properly submit receipts, memos, and other items after spending on Ramp.
Ramp makes it easy to implement these rules and for employees to submit the necessary information. After an employee transacts on a Ramp card, Ramp will automatically notify the user when they need to submit receipts or memos for their card transactions.
5/ Transaction Review Process
See: Transaction Reviews
For companies that require an additional review by managers on the card transactions of their teams, Ramp enables you to set up this workflow. Navigate to Settings > Spend Controls > Transaction Review. Click "New Approval Layer" for each layer you'd like to add. After saving changes, transactions that fall under the settings you've selected will trigger a review.
With Ramp, finance teams have unparalleled control over their company spend. Employees have access to the necessary information to understand the policies and procedures within the Employee Handbook. And your company is able to maximize every dollar and every minute. Sections include:
- Policy Document
- Travel Policy
- Submission Requirements
- Approval Structure