Expenses & Workflow
Expense Reports
Accounting Software

Ramp VS. Expensify – Which Software is Better in 2024?

by Envoice
8 min read

Submitting expense receipts can be tedious – more so when you’re using a clunky tool to send expense reports for management approval. If you’re spending hours on a single expense report or the idea of completing one makes your blood boil, it may be time for a change.

When it comes to expense management apps that are simple and easy to use, two options come to mind – Ramp and Expensify.
Since both apps share many similarities, it pays to know how Ramp stacks up against Expensify.

A lady browsing her phone to view how Ramp stacks up against Expensify.
Source: Canva

Ramp Vs. Expensify – An Overview

Founded in 2019 and named 2022’s Most Innovative Finance Company, Ramp disrupted the finance space with its innovative finance automation platform. With the mission of using intelligence and automation to extend the lifespan of businesses, Ramp has a diverse customer base.

Today, the company works with start-ups and small businesses as well as publicly listed companies and enterprises. On average, Ramp helps companies cut time spent on month-end close by almost a week and reduce expenses by about 3.4% a year.

Expensify was a concept born from its founder’s desire to help the masses by giving them a debit card linked to his account. Banks rejected the idea, but he pitched the concept at TechCrunch50 as “The Corporate Card for the Masses.” The warm reception for the expense management solution led to the actual creation of Expensify – the company that introduced the first receipt scanning technology called SmartScan.

Over the years, Expensify increased the scope of its products to include expense approval workflows and expense reimbursement. In 2019, Expensify added a corporate card which also paved the way for introducing a rewards system through Karma Points and 10% of the card revenue goes to the company’s charitable arm.

Ramp Vs Expensify – Snapshot of Key Features

Ramp Expensify
Entry Level – Pricing Free Free
Features
  • Free Corporate Card
  • Multi-level approval
  • Manage spend and real-time insights
  • Issue unlimited virtual and physical cards
  • Free plan includes expense management tools
  • Employee prepayments and fast reimbursement processing
  • Free Corporate Card
  • Multi-level approval
  • Manage spend and real-time insights
  • Auto-export expenses
  • 24/7 customer support
  • Subscriptions include all integrations
Integration Limited, fee-based Included in App
Security AES-256 Encryption, HTTPS Connection, PCI-DSS Compliance AES-256 Encryption, HTTPS+TLS Connection, PCI-DSS Compliance
Cloud storage Yes Yes
Interface SaaS/Web/Cloud/Mobile SaaS/Web/Cloud/Mobile
Customer Support Chat, Email, Phone support Request form, Phone Support 7 AM to 10 PM EST
Reviews 4.9 out of 5 [1] 4.7 out of 5 [2]

Ramp Vs. Expensify Comparison of Key Features

Ramp and Expensify compete in the expense management space. While these two apps have similar robust features that streamline financial operations, one app may be better than the other in addressing unique and complex expense management needs.

Here’s a breakdown of the top features for each platform.

Corporate Card Program

Out-of-policy spending often happens when employees use their personal cards to pay for expenses. Ramp and Expensify both offer a corporate card program to address this need. You can issue a physical and virtual credit card with both platforms. The virtual card functionality can be especially useful for one-off expenses or recurring subscriptions.

 A close-up of a hand swiping a credit card on a payment machine
Courtesy of Canva/Photoboy

Multi-Level Expense Approval

Expense requests may require the approval of more than one person, depending on the type of expense or the amount. Ramp and Expensify allow companies to customize approval workflows depending on the level of approval required by your expense policy. If your policy requires the approval of your manager and then the final approval by the finance department or another person, you can create a similar workflow whether you’re using Ramp or Expensify.

Ramp – Additional Features

With Ramp, users can also look forward to using the following spend management features:
Feature 1: Reimburse and prepay employees for corporate spending.
Feature 2: Customize rules to limit spending and approve vendors for each employee
Feature 3: Achieve full visibility into all your bills to improve cash flow forecasting

Expensify- Additional Features

Expensify boasts of these expense tracking features:
Feature 1: Support third-party corporate cards from other providers
Feature 2: Free accounting software integration for each card
Feature 3: Integrated apps for booking trips

Ease of Use

Ease of use is among the top features cited for both Ramp and Expensify. Since Ramp has more basic features, some users may find it simpler to navigate compared to Expensify, which has more tools for tracking spending.

Integrations

Ramp integrates with thousands of apps, including Sage, QuickBooks, Xero, and Oracle NetSuite for accounting automation. You can also connect bank feeds from financial institutions like Citi, Capital One, Wells Fargo, Bank of America, and more. Collaboration apps like Asana, travel apps like Lyft, and security apps like Okta also integrate with Ramp. Discover more apps that integrate with Ramp through their website.

Screenshot for Ramp website
Screenshot Ramp.com

Like Ramp, Expensify also integrates with thousands of apps. Since it’s been around longer, it also integrates with more apps. For accounting and finance, Expensify supports Oracle, QuickBooks, Oracle NetSuite, Sage, Xero, Microsoft Dynamics, and Certinia. Other integrations include Gusto and Workday for HR, IRIS Practice Engine and Thomson Reuters for practice management, and Kayak and TravelPerk for business travel. Explore more platforms that link directly to Expensify through their website.

Pricing

Ramp offers the following plans:

  • Ramp at $0 per user per month
  • Ramp Plus at $12 per user per month
  • Ramp Enterprise with pricing available upon request

The free plan includes basic expense tracking. All plans include unlimited cards and spend control, but with Ramp Plus, you can assign advanced user roles and customize controls.

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Expensify offers a free plan to split bills and receive or send money. However, if you need to manage expenses, you can choose between these two plans:

  • Collect at $5 per user per month
  • Control at $5 per user per month

The control plan is best for small businesses with ten employees or less. If you have 10 to 1,000 employees, it’s best to go for the Control plan. Both plans are also available for annual subscription.

Who is it For?

Ramp is best for mid-sized companies looking to improve financial processes like controlling spending, matching receipts, and reducing time spent on pre-accounting.

Expensify, on the other hand, caters to a wider range of clients from freelancers looking to track personal and business expenses to larger companies with thousands of employees.

Security

Ramp supports Single Sign-Single Sign-On via providers like Okta and Google. The app also uses encryption-in-transit like HTTPS and all data stored uses AES-256 for superior encryption. For extra sensitive data, Ramp uses in-field encryption. Meanwhile, cards and CVV numbers use tokenization to substitute sensitive data. Ramp complies with PCI DSS standards and SOC 2 standards.

Like Ramp, Expensify complies with Payment Card Industry Data Security Standard as well as SSAE 16. Expensify uses HTTPS+TLS to encrypt every step of the process. The app also complies with GDPR and implements multi-factor authentication to improve account security.

Screenshot for expensify website
Screenshot expensify.com

Claim to Fame

Ramp prides itself for providing users on their free plan with 5% cost savings across all corporate spending. Companies can control spending without paying any monthly subscription fee.
Meanwhile, Expensify boasts of wide compatibility with many apps, integrations are free, and partners tend to have fewer restrictions compared to other providers. With Expensify, you can also support its charitable arm and earn 2% from the cashback program.

Conclusion

Growing businesses looking to speed up accounting processes and improve expense tracking by using a corporate card can streamline processes with Ramp. Automation capabilities will allow your finance team to manage spending without adding headcount. The card has no annual fee and users can take advantage of offers, discounts and cashback.

Heavy travelers may find the card features lacking in terms of lifestyle and travel perks. Ramp is also not designed for freelancers and sole proprietors.

Expensify, on the other hand, ranks high as a dedicated expense card and for pre-accounting. Freelancers and business owners looking for a card that integrates with an app could benefit the most from using the Expensify app. Larger companies with complex invoice approval requirements can also benefit from using Expensify’s advanced features.

While Expensify comes with many benefits, it can be expensive to use the app if you are not using the Expensify card. While there is a free plan, users can only scan up to 25 documents a month.

A man using envoice app
Courtesy of Canva/BG Stock

While Ramp and Expensify cater to an almost similar market, both apps are best for companies planning to use the corporate card that comes with the app. Businesses that are already satisfied with their existing corporate card may have to look elsewhere if they’re trying to find an effective way to manage expenses.

If that’s the case, it’s time to find an alternative that allows you to track expenses regardless of the card used to make the purchase. Envoice, an automated expense management software, uses AI technology to capture invoice data and set up a workflow to speed up invoice processing and approval.

Get in touch with Envoice today to make expense reporting less time-consuming and discover how automated expense reporting makes it easier for employees to comply with expense policies and for finance teams to keep track of all expenses.

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