Love the blooper reel addition. Also really like the steady balance of both of you leading your own segments for breaks in between so it keeps attention and changed the pace up, watched the whole thing ^_^ Very cool!
Awe! This means a lot-so glad we kept your attention because we know this is not everyone's favorite topic by any means 😅 Also was hesitant about the bloopers, but we're glad we did them, appreciate the validation there 🙌 appreciate you!
Oh no way! Yeah the main perk of these tools are the virtual cards! Glad this could help 🙌 That said, have you considered switching from Brex to BILL Spend & Expense or Ramp? The best time to switch to the better solution is just before you start spinning up hundreds of virtual cards hahaha Here's a direct comparison of the two: efficient.app/compare/bill-vs-ramp
@@efficientapp Fair point 🤣 I haven’t considered it but you guys got me thinking about it now. After this video ramp grabbed my attention more. I’ll check out the direct comparison video as well! Thx! 🙏
Hahaha yeah exactly, that's great! Yeah, we'd probably recommend Ramp based on what you described, so long as you keep at least $70K in your business bank account or more at all times. Be sure to use this link to sign up as it lets them know we sent you and will lock you into exclusive deals on our site in the future: efficient.link/r/ramp
Ah, in that case, think you'd be better off going with efficient.link/r/bill as they will be more flexible with a sole prop, if that makes sense? Try giving that a shot?
Greetings! I found your video while looking for a simple app to use for electronically keeping/tracking of receipts (vs the high-tech shoe box method). DEXT was actually one I was considering, well, until you came along. 🙂 BILL seems a tinsel bit too involved (and possibly unnecessary?) for a small town toymaker who's just trying to keep his receipts and records straight. For a very small (Seasonal) business just trying to keep track of annual receipts and make it easier at tax time, is BILL really necessary, or is there something else out there better suited to the 'one night a year' type delivery driver? Thanks 🎅
Haha appreciate your message and can totally understand! So BILL definitely isn't unnecessary as I'm sure you're essentially using a credit card to make purchases and then match those purchases with receipts, no? That's the core thing that BILL will do for you, and in the future, if you ever decide to scale and bring on others (or to put in place accounting software), then you get a one-click sync to that (future you will be appreciative). I for example used BILL S&E as a solo business owner to do just as you're describing for 5+ years, only recently have I actually started adding on team members. At the end of the day, it's totally free and will solve the problem, and be there if you happen to scale, or just help you in your current state, so what's the downside? Have seen many businesses like yours using it-wouldn't say unnecessary at all, if that makes sense? It's free to sign up if you visit the link here: efficient.link/r/bill - so just give it a shot and see how it works for ya! 👌
Awesome to hear! Definitely be sure to use our link if you do sign up as it'll lock you in to any future course content/deals we release: BILL S&E: efficient.link/r/bill Ramp: efficient.link/r/ramp We're trying to figure out how to give the best perks to people by using our link to sign up 🙏
So the question would be - what if you were a small-mid size company - but qualify to use either Bill Speed or Ramp- which would you go too-let me add- and your focus is not on billing or creating of invoices but the focus would be about bill pay and tracking , budget
Ah in that case if you have far more than $75K in your business checking/savings and you're an SMB, I'd actually opt for efficient.link/r/ramp - and congrats for having great cashflow 👏👏👏
So just as a quick follow up to that question- is there a specific reason you lean toward Ramp- better tracking? What I am frustrated with is my CPA has an accountant that does the books.. But actually she really doesn’t - and I don’t get the quarterly reports that I have been asking for.. I have QB to integrate into and looking to see if this would be a benefit- so as far as the Virtual CC are they then running credit reports to it impacts our credit score
If you're a small business and worried about credit score (I'm pretty sure neither BILL nor Ramp run your credit score, we signed up for both and didn't get our credit score pulled, they just require you connect your business bank account for them to see the balance). In general, Ramp just has a bit more backing from the VC world and is a bit further along than BILL S&E, although they are definitely focused on more larger business features and automation functionality. For example, if you're spending a lot on software (e.g. larger business) they have some data and negotiation functionality, but that's if you're spending over say $10K on a specific SaaS tool. It's more that if you're an SMB, BILL Spend & Expense's product is going to be more geared toward your needs. If you're a growing business and expect to have more admin and expense complexity with larger teams, Ramp is building workflows for that. You genuinely can't go wrong with either, it's just if you don't value the larger business features that Ramp is building, then go with BILL. I'm saying that if we were to be starting out today and able to use Ramp OR BILL S&E, we'd personally go with Ramp assuming we will continually have the $75K bank minimum.
Thanks for that update- I just know what a scam the CC scores can be and the minute someone does an inquiry they hammer you.. just was curious if you knew
Ah, got it. Yeah BILL and Ramp are both business credit card solutions, if you have a proper business with an EIN number, there's no credit score that's pulled that I'm aware of. That's why Ramp has minimum requirements. With a business, there are other ways to see qualifications outside of an individual's credit score.
You have a business correct? If so, you shouldn't need a credit score if you try efficient.link/r/bill I'm 99% sure they didn't do a personal credit pull when we applied, it was through the business only, no credit score required.
So BILL S&E (Divvy) has a mobile app that you'd use to upload a receipt. You could just take a photo of it and add it later though. The main way you're going to be sending receipts in though is just forwarding the email receipt into receipts@card.bill.com The same goes for Ramp, although they allow you to text in the receipt to a number if you'd like. Again, 99% of our receipts are just email and are forwarded in though, so unless you have like laborers that are buying things on-the-go from random stores and needing to send a receipt in quickly, then SMS isn't all that big of a deal. In picking what's right for you, I'd determine more on the type of business you are. If you're a small business, efficient.link/r/bill or if you're a quick growing startup with millions in the bank, I'd recommend efficient.link/r/ramp
I mean their only role would be to reconcile the books, but that's really just ensuring everything equals 0. We have a bookkeeper now, well Gelt: efficient.link/r/gelt but I reconciled my own books because BILL Spend & Expense made things so seamless for years. Depends on your other needs and such, though for some companies, there's more to book keeping than expense matching. But yeah, for many it should serve as a replacement on 80% of things. What type of business do you have and what is the current complexity of your books/reconciling and how are you currently doing things? TBH receipt matching is a low value use for a book keeper.
Hey Alex, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
Hahaha so true, aren't you supposed to punch upward? I guess the problem is if Brex ran ads against how it's better than Ramp or BILL Spend & Expense, it would just be too comedic, so Expensify gets the bullying 🙈
Oh wow, that's great to hear! That said, with $50K in your bank, how large of a credit limit are they giving you? Something like $5K/mo? Love Ramp, but we did get a larger credit limit with BILL S&E: efficient.link/r/bill Actually talking with Ramp's team now and they said maybe we can send over our tax returns/accounting docs and they'd maybe raise our limit higher, so experimenting what that might look like. You should be able to expect a credit limit of somewhere around 10% of what you have in your bank though with Ramp. With BILL we're more like 20-30%.
@@efficientapp with Ramp it’s currently 10-30% of what the business has in the bank so in the best case for someone that has $50k in the bank, it would be a limit of $15k. Happy to connect with you or anyone about Ramp!
Did you hear about expense management software before this video? 🚀
Best Expense Management Software: efficient.link/expense
↳ 🥇 BILL Spend & Expense: efficient.link/r/bill (free)
↳ 🥇 Ramp: efficient.link/r/ramp (free)
↳ Expensify: efficient.link/r/expensify (free trial)
↳ Brex: efficient.link/r/brex (free)
🤔 *Take Quiz*
For personalized software recommendations:
↳ efficient.link/quiz
FULL control over your spend and budgeting 🙌 thanks for the mention, Alex & Andra!
Course! We're happy customers back from the Divvy days 🙏 excited for what you're building!
Love the blooper reel addition. Also really like the steady balance of both of you leading your own segments for breaks in between so it keeps attention and changed the pace up, watched the whole thing ^_^ Very cool!
Awe! This means a lot-so glad we kept your attention because we know this is not everyone's favorite topic by any means 😅
Also was hesitant about the bloopers, but we're glad we did them, appreciate the validation there 🙌 appreciate you!
Whoa! Great tip with the virtual cards. I’ve been using Brex for our software company and didn’t think to leverage virtual cards this way. Thx! 🙏
Oh no way! Yeah the main perk of these tools are the virtual cards! Glad this could help 🙌
That said, have you considered switching from Brex to BILL Spend & Expense or Ramp? The best time to switch to the better solution is just before you start spinning up hundreds of virtual cards hahaha
Here's a direct comparison of the two:
efficient.app/compare/bill-vs-ramp
@@efficientapp Fair point 🤣 I haven’t considered it but you guys got me thinking about it now. After this video ramp grabbed my attention more. I’ll check out the direct comparison video as well! Thx! 🙏
Hahaha yeah exactly, that's great! Yeah, we'd probably recommend Ramp based on what you described, so long as you keep at least $70K in your business bank account or more at all times. Be sure to use this link to sign up as it lets them know we sent you and will lock you into exclusive deals on our site in the future: efficient.link/r/ramp
Thank you so much for making this video. I run as a sole prop and use my SSN. and I don't need a credit facility, what is your suggestion?
Ah, in that case, think you'd be better off going with efficient.link/r/bill as they will be more flexible with a sole prop, if that makes sense? Try giving that a shot?
Greetings!
I found your video while looking for a simple app to use for electronically keeping/tracking of receipts (vs the high-tech shoe box method).
DEXT was actually one I was considering, well, until you came along. 🙂 BILL seems a tinsel bit too involved (and possibly unnecessary?) for a small town toymaker who's just trying to keep his receipts and records straight. For a very small (Seasonal) business just trying to keep track of annual receipts and make it easier at tax time, is BILL really necessary, or is there something else out there better suited to the 'one night a year' type delivery driver?
Thanks 🎅
Haha appreciate your message and can totally understand! So BILL definitely isn't unnecessary as I'm sure you're essentially using a credit card to make purchases and then match those purchases with receipts, no?
That's the core thing that BILL will do for you, and in the future, if you ever decide to scale and bring on others (or to put in place accounting software), then you get a one-click sync to that (future you will be appreciative).
I for example used BILL S&E as a solo business owner to do just as you're describing for 5+ years, only recently have I actually started adding on team members.
At the end of the day, it's totally free and will solve the problem, and be there if you happen to scale, or just help you in your current state, so what's the downside?
Have seen many businesses like yours using it-wouldn't say unnecessary at all, if that makes sense?
It's free to sign up if you visit the link here: efficient.link/r/bill - so just give it a shot and see how it works for ya! 👌
This video is really great, keep up the good work!
Super appreciate it! Curious if you're using BILL S&E or Ramp (or something else?)
@@efficientapp No, I had never heard of them! It seems like it could be super useful though, and I will probably look into it!
Awesome to hear! Definitely be sure to use our link if you do sign up as it'll lock you in to any future course content/deals we release:
BILL S&E: efficient.link/r/bill
Ramp: efficient.link/r/ramp
We're trying to figure out how to give the best perks to people by using our link to sign up 🙏
This is awesome, super insightful!
Thanks Darin! This is one of just a few tools that we couldn't live without in our business 🙏
So the question would be - what if you were a small-mid size company - but qualify to use either Bill Speed or Ramp- which would you go too-let me add- and your focus is not on billing or creating of invoices but the focus would be about bill pay and tracking , budget
Ah in that case if you have far more than $75K in your business checking/savings and you're an SMB, I'd actually opt for efficient.link/r/ramp - and congrats for having great cashflow 👏👏👏
So just as a quick follow up to that question- is there a specific reason you lean toward Ramp- better tracking? What I am frustrated with is my CPA has an accountant that does the books.. But actually she really doesn’t - and I don’t get the quarterly reports that I have been asking for.. I have QB to integrate into and looking to see if this would be a benefit- so as far as the Virtual CC are they then running credit reports to it impacts our credit score
If you're a small business and worried about credit score (I'm pretty sure neither BILL nor Ramp run your credit score, we signed up for both and didn't get our credit score pulled, they just require you connect your business bank account for them to see the balance).
In general, Ramp just has a bit more backing from the VC world and is a bit further along than BILL S&E, although they are definitely focused on more larger business features and automation functionality. For example, if you're spending a lot on software (e.g. larger business) they have some data and negotiation functionality, but that's if you're spending over say $10K on a specific SaaS tool.
It's more that if you're an SMB, BILL Spend & Expense's product is going to be more geared toward your needs. If you're a growing business and expect to have more admin and expense complexity with larger teams, Ramp is building workflows for that.
You genuinely can't go wrong with either, it's just if you don't value the larger business features that Ramp is building, then go with BILL. I'm saying that if we were to be starting out today and able to use Ramp OR BILL S&E, we'd personally go with Ramp assuming we will continually have the $75K bank minimum.
Thanks for that update- I just know what a scam the CC scores can be and the minute someone does an inquiry they hammer you.. just was curious if you knew
Ah, got it. Yeah BILL and Ramp are both business credit card solutions, if you have a proper business with an EIN number, there's no credit score that's pulled that I'm aware of. That's why Ramp has minimum requirements. With a business, there are other ways to see qualifications outside of an individual's credit score.
Does this allow for approval of expenses ?
It does have full expense management so it should have that, (I'm referring to efficient.link/r/bill at least).
thanks guys this is super helpful
Awe, so glad to hear! Did you end up moving forward with either BILL or Ramp?
efficient.link/r/bill
efficient.link/r/ramp
This was really good and informative but…we all want some of those EfficientApp t-shirts! 😂
Bahahaha okay yeah, Alex officially needs to stop wearing his Asana shirts and we need Efficient App swag 😁 we'll be sure to send you one when we do!
Expense managment is surely about tot ake off, especially for Art Auctioning!
So interesting! Why Art Auctioning specifically? Tell me more 👀👀
@@efficientapp lots of innovation in the space to help both artists/collectors and buyers to manage Art investment and Assets
Would that make sense for expense management though? Sounds more like a CRM could be of help there? For example: efficient.yt/crm
do you have any companies that don't require a credit score
You have a business correct? If so, you shouldn't need a credit score if you try efficient.link/r/bill
I'm 99% sure they didn't do a personal credit pull when we applied, it was through the business only, no credit score required.
What is the best way of keeping receipts on Divvy vs Ramp? Just sent a text with Ramp?😊
So BILL S&E (Divvy) has a mobile app that you'd use to upload a receipt. You could just take a photo of it and add it later though. The main way you're going to be sending receipts in though is just forwarding the email receipt into receipts@card.bill.com
The same goes for Ramp, although they allow you to text in the receipt to a number if you'd like. Again, 99% of our receipts are just email and are forwarded in though, so unless you have like laborers that are buying things on-the-go from random stores and needing to send a receipt in quickly, then SMS isn't all that big of a deal.
In picking what's right for you, I'd determine more on the type of business you are. If you're a small business, efficient.link/r/bill or if you're a quick growing startup with millions in the bank, I'd recommend efficient.link/r/ramp
Would I still need a book keeper? 🧐
I mean their only role would be to reconcile the books, but that's really just ensuring everything equals 0. We have a bookkeeper now, well Gelt: efficient.link/r/gelt but I reconciled my own books because BILL Spend & Expense made things so seamless for years.
Depends on your other needs and such, though for some companies, there's more to book keeping than expense matching. But yeah, for many it should serve as a replacement on 80% of things.
What type of business do you have and what is the current complexity of your books/reconciling and how are you currently doing things? TBH receipt matching is a low value use for a book keeper.
Hey Alex, I just watched your video and I must say that it was really informative and well-made.
I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
Thanks for the kind words! We're all set though 👌
It’s funny how Brex’s billboard focuses their attacks on how bad Expensify is.. when it’s more kettle calling the pot black😂
Hahaha so true, aren't you supposed to punch upward? I guess the problem is if Brex ran ads against how it's better than Ramp or BILL Spend & Expense, it would just be too comedic, so Expensify gets the bullying 🙈
Ramp requires you have at least 75K in your bank account.
Correct! While BILL Spend & Expense doesn’t have any bank minimum requirements. Which did you decide on? 👀
Actually went down to 50k now for Ramp, making it easier
Oh wow, that's great to hear! That said, with $50K in your bank, how large of a credit limit are they giving you? Something like $5K/mo?
Love Ramp, but we did get a larger credit limit with BILL S&E: efficient.link/r/bill
Actually talking with Ramp's team now and they said maybe we can send over our tax returns/accounting docs and they'd maybe raise our limit higher, so experimenting what that might look like.
You should be able to expect a credit limit of somewhere around 10% of what you have in your bank though with Ramp. With BILL we're more like 20-30%.
@@efficientapp with Ramp it’s currently 10-30% of what the business has in the bank so in the best case for someone that has $50k in the bank, it would be a limit of $15k. Happy to connect with you or anyone about Ramp!
I was not a fan of expensify.
We aren't either! Used it for 4-5 years and so happy to be done with it 😅 so what are you using now/what did you go with?