Spend Management Software
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Tipalti is a cloud-based accounting management solution that helps users automate their accounts payable process. It offers a variety of features, including invoice automation, payment remittance, regulatory compliance management,...Read more about Tipalti
Travelstop is a platform that helps simplify business travel and automates expense management for high-growth companies. It offers users extensive inventory, customizable workflows, and proactive support – Travelstop helps users m...Read more about Travelstop
Bellwether PO and Inventory
Bellwether PO and Inventory
Bellwether Purchasing Software is an on-premise and cloud-based purchasing and inventory management solution. Primary features include requisitions, approval routing, purchase order management, receiving, invoice matching, invento...Read more about Bellwether PO and Inventory
Kissflow Procurement Cloud
Kissflow Procurement Cloud
Kissflow Procurement Cloud is ideal for companies that are either transitioning from manual procurement management tools, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, businesse...Read more about Kissflow Procurement Cloud
Precoro is a cloud-based purchasing software that streamlines procurement processes for SMBs and Enterprises. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments, billin...Read more about Precoro
ExpensePoint is a cloud-based solution designed to help small to large businesses automate employee expense reporting. It enables users to generate, submit, approve and process reports for multiple expenses on a unified platform. ...Read more about ExpensePoint
COVALYZE is easy to use and makes procurement experts more efficient and effective in conducting complex supplier negotiations. No matter if you purchase material or services, COVALYZE is the right tool for you: - you need valid p...Read more about COVALYZE
Procurify is a cloud-based procurement solution that helps businesses track, control and manage spend. Businesses can centralize all purchasing information, while enabling team members to do their own purchasing. This real-ti...Read more about Procurify
Coupa Business Spend Management
Coupa Business Spend Management
Coupa’s cloud-native suite of Business Spend Management applications lets customers gain visibility and control over their spend and supply chains. Customers get an end-to-end process that helps drive collaboration across procurem...Read more about Coupa Business Spend Management
Spendwise is a cloud-based system that helps businesses and other organizations track, manage and control spending. Users can create purchase orders, submit them for approval, approve or reject them, and email them directly to ven...Read more about Spendwise
Planergy (previously PurchaseControl) is a cloud-based solution that helps businesses streamline the entire procurement lifecycle, from managing purchasing to receiving. It enables users to generate order requests via forms with p...Read more about Planergy
Ivalua, ALL Spend, ALL Suppliers, NO Compromises. Recognized as a Leader by Gartner & Forrester, Ivalua’s Source-to-Pay suite is leveraged by over 300 leading companies across the globe to manage over $500 Billion in direct and in...Read more about Ivalua
AvidXchange offers accounts payable software solutions and dedicated service teams that help automate your AP and payment process, replacing manual AP with a digital application suite that provides you with 24/7 on-demand, remote ...Read more about AvidXchange
Hybrent is a cloud-based solution that helps businesses in the healthcare industry such as physician offices, ambulatory surgery centers, hospitals, long term care facilities, and management groups automate and streamline supply c...Read more about Hybrent
Enterprise Resource Planning is a very effective tool to manage, control and optimize business processes. It helps in streamlining all the operations under one roof and helps in improving the overall productivity of the business. ...Read more about TYASuite
Zahara is a cloud-based purchase management solution which helps small to large-sized organizations manage invoices and control budgeting. Its key features include coding approval, workflow automation, supplier and document manage...Read more about Zahara
Fraxion provides complete spend management solutions for purchase requisition-to-PO, expense and approval management, AP workflow management and spend analysis. The solution enables mobile purchase requisition-to-purchase order f...Read more about Fraxion
Order (formerly Negotiatus) is a guided B2B marketplace with a mission to simplify buying for businesses. Order makes it easy for businesses to place and track purchases across all their vendors, control spend, and make payments i...Read more about Order
SnapAP provides AP teams with a complete Procure-To-Pay digitized workflow, from requisition to strategic payment management. The cloud-based application is immediately available in a mobile environment. SnapAP automation provides...Read more about SnapAP
Digital Purchase Order
Digital Purchase Order
Digital Purchase Order is a cloud-based solution that enables businesses to create orders requests, approve expenditures and track the entire purchase history of products. It provides mobile applications for Android and iOS device...Read more about Digital Purchase Order
Popular Spend Management Software Comparisons
Buyers GuideLast Updated: November 23, 2022
Smarter spending and increased savings are two goals shared by all companies, regardless of their size or industry. Spend management software helps companies take a big-picture view of their spending and identify opportunities to reduce procurement costs on services, raw materials, and supplies.
With so many spend management systems on the market, it can be hard to identify the product that's right for you. This buyers guide explains the features, benefits, and factors to consider when choosing a spend management software solution.
Here’s what we’ll cover:
- What is spend management software?
- Common features of spend management software
- What type of buyer are you?
- Benefits and potential issues
- Market trends to understand
What is spend management software?
Spend management software is a tool that helps businesses track, report, and manage their expenses quickly and conveniently. It provides a centralized source of expense data, integrating and automating all spend-related activities. The software helps control expenditures through rules and workflows for purchase and payment approval. Analyzing historical data identifies spending trends, which helps companies improve accounting and avoid overspending.
Common features of spend management software
While features vary from product to product, spend management software typically offers some or all of the following functionality:
|Expense tracking||Increase data visibility with real-time expense tracking. Reduce time spent on administrative work with automatic import of receipts, invoices, and other expenses.|
|Spend analysis||Review expenditures to identify cost reduction opportunities, improve strategic sourcing, and reduce procurement costs. This feature consolidates procurement spending data in one location, eliminating the need for tedious spreadsheet and paper form management.|
|Budgeting and forecasting||Analyze financial data to estimate future organizational trends, expenses, and revenues. Create budgets and forecasts to allocate resources for future business activities.|
|Procurement||Organize and manage all processes and procedures involved in purchasing goods and services. Automate the procure-to-pay process to eliminate complex manual workflows while enhancing spend visibility and management.|
|Receipt management||Capture and categorize receipts in a central database. Automating this task supports accurate expense calculations and categorizations.|
What type of buyer are you?
Whether you're a growing startup, midsize, or established enterprise, the right spend management software will help you save time and money. Although tools and features are typically the same across industries, different organizations have unique priorities and requirements in finding the right solution. Most buyers fall into one of these categories:
Small businesses: Startups and small companies need a straightforward system to manage expenses. Look for a pay-as-you-go spend management system that offers basic features such as expense tracking, spend analysis, and receipt tracking.
Midsize businesses: Midsize organizations and growing businesses have increased expenditures that come with additional employees, customers, and vendors. Look for solutions that support complex functions such as spend control, procurement management, and forecasting. These tools will help predict future growth based on historical data.
Large businesses: Large organizations often have numerous departments, hundreds or thousands of employees, and complex spend processes. Enterprises benefit from systems that can handle multiple types of expenses, revenue, and currencies. Look for features such as approval workflows, spend control, and procurement management to effectively manage all supplier relationships and company purchasing.
Benefits and potential issues
Spend management solutions provide real-time visibility into company spending. Here are some of the key benefits that managing spend can bring to an organization.
- Increase spend transparency and control: Track and report spend data across the company, eliminating departmental spending silos. A single, centralized spend management platform increases spend visibility and accountability.
- Automate time-consuming and repetitive tasks: Better workflows and automation make it easier to manage the entire procure-to-pay cycle and they minimize the need for data entry with automated purchase order creation, invoice processing, and approval workflows. Workflows limit cycle times, eliminate duplicate payments and purchase requests, and reduce the risk of missed payments and other human errors.
- Improve risk management and avoid needless expense: Expense tracking and spend analysis tools eliminate unnecessary purchases and simplify financial forecasting and reporting. These data insights help benchmark internal performance, discover cost-saving opportunities, and leverage trends in spend data.
- Enhance supplier relationships; Understanding and improving supplier relationships can lead to lower prices, discounts, and additional savings opportunities. Supplier management also helps companies identify underperforming and non-compliant vendors, which protects the company against unwanted expenses.
Market trends to understand
Cloud-based spend management software enables remote and flexible work practices. The recent pandemic has increased the number of distributed teams and remote workers. Cloud solutions for spend management allow employees and stakeholders to access the system remotely, no matter the location.
Machine learning improves spend management processes. Machine learning algorithms automate data categorization, which eliminates the need for manual data input and increases visibility into spend. Machine learning can also find patterns in data, reduce forecast errors, and decrease financial risk. Budgeting and forecasting with machine learning helps companies identify profitable opportunities and avoid hidden risks.