By providing control, visibility, compliance, and documentation spend management software assists organisations in cutting costs, eliminating wasteful spending, and making on-time payments to suppliers and employees.
Businesses set aside money for a number of things, including insurance, capital equipment, and inventory replenishment. Budget leaks, however, hurt your company’s profit margins when the expenditure is left unchecked.
Additionally, if the firm expands, these problems will become more prevalent and provide a profitability challenge. Because of this, companies of all sizes utilise a spend management programme to monitor money leaving the organisation and keep it within the budget.
What Is Spend Management Software?
Managing all company purchases and supplier payments are known as “spend management.” The main objective is to acquire the best value for every dollar that leaves the corporate account.
All spend-related actions, from source to vendor settlement, should be automated and integrated by spend management policies. Such meticulous procedures ought to guarantee that the company’s stakeholders’ plans for procurement are carried out. The contract compliance procedure also enforces payment to suppliers, contractors, and other third parties.
The significance of spending management
The following benefits are provided by the usual spend management activities:
- Increasing business efficiency by automating laborious and error-prone spend and cost tracking procedures that would otherwise be handled by staff.
- Reduce risks and expenses since the tool provides information about the goods being purchased, the seller, and the price related to the purchase.
- When you use a digital app in conjunction with a standard spend management approach, you may improve communication between corporate resources and outside partners.
- By removing employees from menial activities and allowing them to do jobs that generate income for your business, you may see long-term increases in productivity.
The greatest spend management software is those listed below because they help you control all of your spending and get the most bang for your buck:
Another well-liked cloud-accessible business spend management (BSM) solution is Coupa. It may control expenditure in a variety of company sectors, including treasury, supply chains, payments, and procurement. For easy spending management, three tool stacks are available.
The applications make up the top tool stack. This stack includes all the necessary modules, including contract management, strategic sourcing, spend analysis, invoice, expense, and pay.
The BSM platform, which prioritises user privacy, profile, data security, and integrations, is the second stack. A linked core, cloud access, integrations, a graphical user interface (GUI), and other features are included.
Lastly, the Coupa business community makes up the third stack. It has characteristics including a community AI system, an open business network, and Coupa advantage.
Integrations and Optical Character Recognition are only two of the numerous practical and simple features that Spendesk offers (OCR). Your business may be able to automate all of the regular costs with the help of this solution. Additionally, it is strong enough to quickly match expenditure claims to the appropriate invoice.
Spendesk is a versatile solution that businesses may modify to fit their specific spending management strategies. You may provide each employee with a different debit card for certain purposes. Additionally, you may give out virtual credit cards for one-time usage.
Additionally, it has a point-in-time overview of spending, an extensive spending overview dashboard, push alerts for payment validation, and a tool connection for accounting.
For early-stage firms, small businesses, mid-market organisations, pre-IPO corporations, and enterprises, Airbase is a complete spend management application. Numerous cutting-edge spend management, auditing, and oversight solutions are provided.
For instance, the module for receipt management provides compliance enforcement, simple receipt attachment, dedicated emails, sharing receipts from another device, etc. To enable card control, card restrictions, card blocking, fraud detection, fraud notification, encrypted exchange of virtual card data, etc., there are security and fraud detection modules as well.
4. Mesh Payments
Another piece of software you may use to avoid expenditure leakages is Mesh Payments. First of all, its Spend Insights capability provides you with insightful data analysis at the right time. Every time you see a spent item in the mobile app, it automatically displays future savings chances, spend forecasts at the current rate, etc.
Second, with its Spend Controls module, you can control spending, cancel subscriptions from a single interface, and stop vendor payments with a single click. Spend optimization, real-time reporting, and automated payment processes are further noteworthy features.
Emburse provides large international corporations and startups with full expense management capabilities. A few of its products are audit, trip management, data dashboards, automated purchasing, accounts payable, and cost management.
Through the use of a technology called Emburse Spend, Emburse provides virtual cards that may be issued directly through its website. Virtual cards from Emburse are fully compatible with the accounting and AP teams’ preferred software, whether it be Emburse Chrome River, Emburse Certify, or one of the other solutions they provide. Travel managers may keep a careful check on their travellers’ spending with the use of products like Emburse Go.
Depending on the size of the firm, Emburse’s modular approach to business spend management is the best. emburse Tallie is effective for small to medium-sized businesses. For businesses located in the US, Emburse Certify works effectively. Emburse Chrome River is effective for big businesses with operations no matter where the office is located. The software from Emburse is used by well-known companies, including Microsoft, Nike, and Estee Lauder.
Brex focuses on accelerating financial business processes while adhering to the organization’s spending and expenditure guidelines. Brex fosters a culture of financial discipline inside the business and among its human resources by making it easy for the employees to submit correct expenditure reports and the accounting team to easily audit the spending.
Credit cards, business accounts, expenditure monitoring, integrations, and other solutions for managing business expenses are now available from Brex. Additionally, it is adding the Brex Empower subscription’s spend management software.
Start, Scale, Streamline, and Save are the four main components that makeup Ramp business spend management software. You can handle several cards, bill payments (ACH/checks/cards), real-time spending tracking, and precise spending accounting using the capabilities included in the Start module.
You may enforce company expenditure and cost regulations with the Scale module. To enforce these expenditure limitations, for instance, you might employ spend controls and cost policies.
You may use the Onboarding, Collaboration, and Accounting procedures in the Streamline module to automate spend management and combine it with other business systems. Finally, the Save module is available to meet your demands for spending classification, pricing intelligence, savings insights, and other functions.
Your business’s spend management sector may benefit from improved automation. It consolidates employee SaaS subscriptions and vendor subscriptions into one location. As a result, you do not need to purchase unique software for each spending head.
On PayEm, you may choose a point of contact for spend management and create and issue virtual credit cards for various third-party businesses. A similar approach may be used with software subscriptions.
Furthermore, PayEm gives you complete control over your spending. In order to eliminate overpaying on software subscriptions, delete any unused applications or former employee accounts from any apps that are already installed.
The well-known human capital management platform, Workday, has begun to provide straightforward and clever solutions to control corporate expenditures. For spend management from a single centralised platform, it has a user-friendly, lightweight, and simple graphical user interface.
Its three primary tabs are Source to Pay, Inventory, and KPIs. The Source to Pay module offers useful data insights on supplier spending, managed vs. unmanaged spend, supplier performance, invoice processing, etc. It’s also a cloud-based tool, allowing you and your business stakeholders to monitor corporate spending from any location and on any device with an internet connection.
10. JAGGAER ONE
JAGGAER ONE is another well-known brand for source-to-pay operations that consolidate all spending from several verticals for simple oversight of corporate expenses. You can control both indirect and direct spending with its intelligently designed software.
By fusing artificial intelligence with robotic process automation, it provides extremely sophisticated data analytics and insights (RPA). As a result, you may obtain useful information to reorganise the spend management procedure, such as by developing an enterprise-wide procurement catalogue.
The cloud-based solution from Teampay puts the finance teams in charge so they can see every expenditure made across all of your company’s divisions. A real-time picture of routine expenditure is also provided to company stakeholders, who can then quickly set spending restrictions as necessary.
Additionally, it provides a conversational user interface (UI) so that staff members may get real-time help from the finance team to understand the purchasing process or get transaction approvals. Additionally, you don’t have to wait until the following month’s payment to know how much money your staff is spending. You’ll receive up-to-date information about recent expenditures.
When you use RealPage to handle suppliers, invoices, and purchases, you can become more productive and cost-effective. It’s more than simply a tool for tracking spending.
It compiles expenditure and revenue information for all of your company’s business portfolios and provides analytical insights for wise purchasing. Additionally, it enables you to automate all purchase orders (POs) and the procedures for their approval while providing a real-time data flow to a centralised dashboard for spend management and monitoring.
13. Concur Expense
Concur Expense is a spend management solution provided by SAP, a well-known producer of business operations ERP software. By connecting many Source-to-Pay transactions, the software aids in the integration and automation of company spend management.
Both the employee and the employer can use the tool to their advantage. For instance, mobile devices can be used by field workers to submit their expenditure vouchers. To help you approve the expense more quickly, Concur’s clever programme will automatically validate the expense and notify you.
By using spend management software, you may close the loopholes that unintentionally drain funds and protect your business’ profit margin. If your company has to refund regular payments made by workers or vendors, you could also need one of the finest expenditure trackers.