How Poshmark exceeded their free cash flow goals with Ramp

At Poshmark, efficiency is always in style. As a global fashion marketplace with ambitious growth goals, the company’s finance team isn’t just responsible for tracking spend—they’re considered the guardians of profitability.

In order to grow responsibly, they had to get serious about efficiency.

For the finance team, every process, every system, and every decision is designed to help the company grow sustainably and quickly. But when it came to expense management, the team found themselves drowning in manual processes.

“We sat down and asked ourselves: What are the paper cuts? What’s slowing us down that doesn’t add value?” recalls Kaustubh Khandelwal (KK), Poshmark’s VP of Finance. “Expenses were a big paper cut.”

The problem

A maze of manual processes

For a company with nearly a thousand employees dispersed throughout the U.S., Canada, and India, tracking and reconciling expenses wasn’t just a nuisance—it was a roadblock.

“I would fill out a Google sheet form with memos and categories filled out. Then that form was submitted to accounting, where it was processed,” recalls KK. “It was painful, it was time-consuming.” But worse, the process was error-prone and required constant human intervention.

The volume of expenses alone made it a huge burden for the accounting team. “Every month, we had 50-100 expense reports that had to be manually processed and input into payroll,” explains Assistant Controller Carolynn Yipp. “That took up to half of one full-time employee’s workload.”

And it didn’t stop there. Managing corporate cards across multiple banks and card providers was also a challenge. With employees spending across global entities, the finance team was forced into a tangle of manual tracking and intercompany reconciliation.

“There was so much friction. We needed clarity.”

“Closing the books at month-end was a stressful, time-consuming process,” says KK. “We had a four-day close mandate, and the only way to hit that goal with our old system was to hire more people.”

Expense reporting added even more pain.

“When the finance team is trying to put a forecast together, we want to understand what our spending patterns have been, especially on the expense side,” says KK. But emails and receipts were being submitted so late, it was nearly impossible to understand what the spend was.

To get the information they needed, the team would chase down employees for receipts. The process impacted the team’s work relationships.

“We were constantly asking, ‘Has everything been submitted? Are we seeing the full picture?’” KK remembers. “There was so much friction. We needed clarity.”

The solution

An automated, centralized expense management platform

Every year, as part of goal setting, Poshmark’s finance team identifies the tasks that drain time without adding value—then works toward automating or eliminating them.

Managing expenses had long been one of the key bottlenecks for the finance and accounting teams. So when KK heard about Ramp, he was intrigued.

“What stood out was the automation,” he says. “I wasn’t just looking for another corporate card—I needed a system that would eliminate the inefficiencies blocking our cash flow progress.”

Poshmark quickly implemented Ramp across its teams.

“One of the key things we look for when we are transitioning from one system to another is a partner that'll go along with us in a journey and help us along the way. It’s important that they have experience that can actually add value.” says KK. “Ramp was exactly the partner we were looking for.

The onboarding process was seamless, Carolynn recalls. “It’s very easy to use, very intuitive, and requires almost zero training,” she says.

Ramp wasn’t just helping the finance teams, it was helping everyone who submitted receipts.

Before, submitting receipts necessitated long email chains packed with spreadsheets and attachments. But with Ramp, that became a simple card swipe and an SMS. “I get a text message saying, can you attach the receipt? And I can do it right there,” says KK. “Sometimes it can even suggest the memo.”