Expense Management Implementation

Challenge: The camp’s owners and directors had limited control over spending and lacked a systematic approach to a critical financial process: Spend Management. Their existing approach was manual, time-consuming, prone to errors, and generally did not meet the complexities of a summer camp. Without a proper spend management system, the  leadership team struggled with limited visibility into where funds were being allocated. This inefficiency not only increased the risk of overspending but also led to higher accounting costs due to the additional time required for manual bookkeeping.

Solution: Bowline stepped in to address these challenges by deploying customized Spend Management and Reporting Process that met the needs of an overnight camp.  The primary tool implemented was  Ramp, a modern spend management platform designed to provide full control and visibility over camp spending. Ramp’s integration with QuickBooks Online allowed us to streamline the camp’s financial operations, significantly reducing manual bookkeeping efforts and enhancing overall financial clarity.

What is Ramp? Ramp is an all-in-one corporate card and spend management platform that offers powerful features like automatic transaction categorization, customizable spend limits, and real-time expense tracking. By integrating directly with accounting software like QuickBooks Online, Ramp simplifies financial processes, reduces manual work, and provides leaders with greater visibility and control over spending.

Implementation Process:

1. Ramp Setup and Integration: We started by setting up Ramp to align with the camp’s financial structure. This included creating specific spend categories, setting up approval workflows, and integrating Ramp with their existing QuickBooks Online system. Ramp’s seamless integration allowed transactions to be automatically categorized, eliminating the need for manual entry and reducing the likelihood of errors.
2. Zapier Automation: We used Zapier to automate the process of sending confirmations to leadership around expense submissions. Additionally, Zapier was configured to pull receipts directly from OpenPhone SMS, creating a streamlined and singular point for digital receipt submissions. This automation not only ensured that leadership was promptly informed but also simplified the process of managing receipts, reducing the administrative burden on staff.
3. Enhanced Communication: We implemented OpenPhone for more streamlined communication, allowing team members to coordinate spend approvals and queries more efficiently. The integration with Zapier ensured that all receipt-related communication was captured and processed smoothly.
4. Document Management: Google Drive was utilized to create a centralized repository for all financial documents. This made it easy for the camp’s leadership to access and review spending reports, invoices, and other critical documents from anywhere, at any time.

Results:

• Improved Spend Control: With Ramp’s robust spend management features, the camp gained complete control over how funds were being allocated. Customizable spend limits and approval workflows ensured that all expenses were authorized and within budget.
• Autonomous Spending for Seasonal Staff: Leadership was able to empower seasonal staff to spend autonomously without needing leadership’s physical presence. Ramp’s security protocols, with customizable restrictions, allowed for this autonomy while maintaining control and reducing the risk of unauthorized spending.
• Reduced Risk of Lost or Stolen Cards: By utilizing virtual cards, the camp significantly decreased the security risk associated with lost or stolen physical cards. This also streamlined the management of nearly half a million dollars in expenses.
• Significant Time and Cost Savings: In the first 7 months of the year, the camp processed $435,000 in total spend across over 2,000 unique transactions (an average of 294 per month). Ramp’s auto-coding feature saved a minimum of 69 hours of bookkeeping time, equating to over $5,300 saved by not incurring additional accounting costs.
• Simplified Receipt Management: With Zapier pulling receipts directly from OpenPhone SMS, the camp eliminated the need for college-aged staff to keep up with physical receipts, a common challenge at that age. This simplification not only improved accuracy but also reduced the administrative burden on staff.

Conclusion: The implementation of a customized Spend Management Process, led to substantial time and cost savings. The camp’s owners and its directors now enjoy enhanced security through virtual cards and improved visibility into their financial operations, allowing them to manage nearly half a million dollars in expenses more effectively. By addressing their specific needs, we were able to make a meaningful impact on their spend management practices without overwhelming the team.