Ramp has launched a new accounts receivable tool designed to automate the invoice-to-cash workflow. The platform uses artificial intelligence to convert contracts into invoices, draft follow-up communications, and reconcile payments with financial records. This update aims to reduce manual data entry and minimize errors associated with managing receivables across fragmented systems like spreadsheets and email.
The release addresses challenges faced by small and medium-sized businesses, where manual processes often lead to payment delays. According to Federal Reserve data cited by Ramp, 56% of small businesses struggle with operating expenses, and 51% face issues with uneven cash flow. PYMNTS Intelligence research indicates that one-third of SMBs still rely on manual AR processes, while 32% identify payment speed as a significant operational pain point.
This product launch follows Ramp's recent expansion into the United Kingdom, where the company introduced its corporate cards, expense management, and bill pay services. The firm has established a dedicated team in London to support its international growth strategy. Ramp aims to provide businesses with a unified platform to manage both revenue and costs simultaneously.
