Dive Brief:
- New York-based fintech startup Ramp announced Wednesday that it is expanding its offerings to the accounting industry with the launch of an artificial intelligence operating system that will tackle basic accounting tasks.
- Dubbed “Ramp Stack,” the product’s use cases range from handling the monthly close to reconciling cash and managing code transactions and post journal entries, according to an email from a company spokesperson.
- The high accuracy and auditability that the system provides isn’t possible with general purpose large language models, according to the spokesperson. “The firms we work with aren't asking for another AI tool to prompt,” Geoff Charles, chief product officer at Ramp said in a statement. “They need something that actually does the work, with every decision reviewable and auditable. That's what Stack is built to do.”
Dive Insight:
The launch comes as Big Four firms are seeking to tailor AI offerings themselves. Earlier this month, KPMG announced it had signed a global partnership with Anthropic to provide new capabilities for certain clients.
Ramp said its product outperformed general purpose models on more than 200 accounting tasks. The release included a statement from Tyler Otto, president and owner of Specialized Accounting, saying the tool is eliminating or reducing the amount of time the company spends on a month-end close by 50% on some clients.
Founded in 2019 Ramp is a corporate card and expense management company that has said it is raising $750 million at a valuation of more than $40 billion before the investment, The Wall Street Journal reported earlier this month, citing people familiar with the matter.
The new product marks the company’s entry into the accounting firm market which is estimated to be a roughly $150 billion industry, according to the release.
