Spend management solution provider Ramp announced the release of Ramp Treasury, which can act as a business or investment account for users. 

Specifically, Ramp Treasury lets businesses store cash in a business account that earns 2.5% interest, or in an investment account with the potential for higher yields, all within the same platform they already use to pay their bills. 

Users can create as many business accounts as they need versus having to juggle multiple accounts and passwords. They can also set a target balance for their Ramp Business Account and top up from their checking account. Upon opening a Ramp Business Account, Ramp will pay users a monthly cash reward, calculated as a percentage of their deposited funds. They begin earning on the first dollar they deposit, and there is no cap to how much they can earn. Earnings are disbursed automatically by Ramp each month. Earnings are paid as cash, versus statement credits or rewards requiring redemption. Instead, the customer can transfer earnings from their Ramp Business Account to be used as cash elsewhere.

Customers can transfer funds in and out of a Ramp Business Account via externally linked commercial or business bank accounts. Funds that are moved may settle as quickly as the same day, but could take as long as five business days. Funds in a Ramp Business Account can be used to pay Ramp statements, Ramp Bill Pay and employee reimbursements. Payments to Ramp statements settle instantly. At this time, the Business Account cannot be used to deposit checks, receive external payments, receive transfers from bank accounts that are not linked to Ramp, or make payments outside of the Ramp platform.

The Ramp Investment Account, meanwhile, allows businesses to invest cash in the Invesco Premier U.S. Government Money Portfolio (FUGXX), a money market fund. Securities products and brokerage services are provided by Apex Clearing Corporation, an SEC-registered broker-dealer. The Investment Account is not a deposit product, not insured by the FDIC, and may lose value.

The launch is part of Ramp’s ambitions to automate more areas of the financial tech stack beyond payments.

“The old treasury playbook meant either constant micromanaging of cash positions and payment dates … or just accepting you’ll lose out on interest. The new playbook is refreshingly simple: let technology do the heavy lifting, so you don’t have to,” said Ramp CEO Eric Glyman. “This is why we created Ramp in the first place. We find every cent you deserve so you can focus on moving your business forward. It’s all about the timeless principle of making every dollar and hour work harder, and go farther.”

While the service acts a lot like a bank account, Ramp is not a bank and therefore is not subject to all the same rules and regulations of a bank (though the accounts are FDIC insured, according to the website). The Business Account is a deposit account offered through First Internet Bank of Indiana, which is the one who provides the bank services. There are no account opening or management fees, no deposit minimums, and no withdrawal restrictions. 

Ramp Treasury allows for unlimited same-day ACH, international wires and domestic wires. It also offers alerts before funds are low or if cash is available to invest. The solution provides support for fully integrated workflows from beginning to end, meaning that cash transfers and earnings automatically sync with a connected ERP system and get categorized in the correct general ledger accounts. The security features allow only authorized people to transfer or release money, and the software provides a comprehensive audit trail. Ramp also makes Ramp for Accounting Firms.

Accounting and contract management solutions provider FinQuery announced a major reshuffle of its executive team, including a new CEO, COO and executive chairman. Joe Schab—the president and chief operating officer—has been appointed to the role of chief executive officer, effective immediately. 

“It’s an honor to be appointed CEO of FinQuery,” said Schab. “I’m incredibly proud of the positive impact we’ve made on our customers, helping them simplify complex accounting processes and gain unparalleled visibility into their committed spend. I’m eager to continue building on this success and deliver even more impactful solutions that meet their evolving needs.”

Meanwhile, George Azih, founder and now-former CEO, will transition to the role of founder and executive chairman, where he will continue to provide strategic guidance and support the company’s growth.

“Joe has been an invaluable partner in building FinQuery into the successful company it is today,” said Azih. “A deep understanding of the technology industry coupled with his strategic vision and operational expertise make him the ideal leader to guide FinQuery through its next phase of growth. I am confident that under Joe’s leadership, FinQuery will continue to innovate and deliver exceptional value to our customers.”

In addition to Schab’s promotion, FinQuery also announced the promotion of Justin Smith from chief financial officer to both CFO and COO. Smith will assume responsibility for overseeing the company’s financial and operational performance. It is unknown who the replacement CEO will be. 

Overall, according to Azih, these changeups in the leadership reflect a natural evolution in people’s roles through the years. 

“This transition is about aligning titles with the roles that have already been shaping FinQuery’s success,” he said. “Joe has been serving as president and COO for several years, playing a pivotal role in driving our strategy and operations. His promotion to CEO is a natural evolution, recognizing his outstanding leadership and vision. Similarly, Justin’s move into the dual roles of CFO and COO reflects how closely these two functions have become aligned in recent years, as we prioritize both financial strategy and operational excellence to deliver greater value to our customers. As I step into the role of executive chairman, my focus will remain on guiding FinQuery’s strategic vision while empowering this exceptional team to continue simplifying complex accounting processes for our customers.” 

FinQuery, formerly LeaseQuery, has spent the last few years growing well beyond its original focus on lease accounting, prompting a rebrand early last year. The transition to FinQuery mirrors the company’s expanded vision toward providing comprehensive financial solutions. While lease accounting software remains a core part of its offering, FinQuery represents a more holistic approach to financial management. To this end, the company recently released a prepaid and accrual accounting solution as well as a contract management solution.

More states are expected to simplify their sales tax laws and leverage artificial intelligence for doing tax audits, according to a new report from Avalara, a provider of tax compliance technology.

The annual Avalara Tax Changes report for 2025, released Tuesday, predicts this could be the year for meaningful simplification in home rule states like Colorado. In home rule states, cities, counties and other local government entities have the authority to administer local sales tax, including auditing businesses, creating their own forms, and defining terms differently from the state. That can lead to more sales tax complexity for businesses selling into those states. The report noted that a handful of home rule states — Colorado, Alabama, Louisiana, Arizona, and Alaska — are making moves toward simplification, though businesses selling into home rule states still face a heavier tax compliance burden.

States are also starting to turn to AI to help with tax audits, just as the Internal Revenue Service has begun to do. New York’s State Department of Taxation and Finance has employed AI since 2022 to increase audits, even with fewer auditors. The state is reportedly “sending out hundreds of thousands of AI-generated letters looking for revenue,” and getting results.

The report also looks at state tax nexus issues for cross-border transactions. As of December 2024, in 22 states, having only $100,000 in annual sales is enough to give a remote retailer a sales tax obligation. In another 20 states, the economic nexus threshold is $100,000 in sales or 200 sales transactions. However, the transaction threshold is losing ground, with 13 states having already eliminated it. Alaska dropped it, effective Jan. 1, 2025, while New Jersey is moving to drop it in 2025. 

“States rarely comment on how they choose someone to audit or how they conduct audits,” said Scott Peterson, vice president of U.S. tax policy at Avalara, in a statement. “But it’s very safe to say they have long used tools to help in both and AI should be a natural fit.”

The report also examines the rise of e-invoicing internationally and in the U.S., in which businesses are more frequently required to submit electronic versions of audit files, invoices, credit notes, debit notes, and payment receipt data to tax authorities. In addition, it covers the phased-in threshold for Form 1099-K reporting of gig economy payments, along with other topics.