Spend Management Software

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Showing 1 - 20 of 95 products
Showing 1 - 20 of 95 products

SAP Ariba

Focused on streamlining source-to-pay operational processes, SAP Ariba provides e-procurement and supply chain management solutions that enable growing, medium-sized, and large companies to achieve end-to-end digital transformatio...Read more

3.73 (33 reviews)

40 recommendations

Spendwise

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

4.51 (204 reviews)

9 recommendations

Order

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

4.41 (56 reviews)

4 recommendations

Acquirell

Acquirell is a procurement automation technology suite solution tailored to SMEs. The product enables the businesses to reduce purchasing costs, get an additional profit of 15% of the procured volume, and more per year through str...Read more

No reviews yet

4 recommendations

Fraxion

FrontRunners 2022

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

4.26 (47 reviews)

1 recommendations

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

4.74 (46 reviews)

1 recommendations

Planergy

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

4.60 (10 reviews)

1 recommendations

TealBook

Whether you’re looking to maximize diversity spend, optimize supplier diversification, or identify emergency sourcing options, the best available supplier data makes all the difference. Using a 5-step proprietary process, Tealbook...Read more

5.00 (2 reviews)

1 recommendations

Wrike

Wrike is a cloud-based project management platform for teams of 20+ that is suitable for both large enterprises and SMBs. It supports remote work for various teams. This solution comes with Gantt charts, calendars, workload view f...Read more

SAP Concur

Concur is a cloud-based expense and travel management software solution that enables executives to manage travel expenses. It allows finance executives to monitor expenses and cash flows related to travel expenditures. Concur’s t...Read more

Software pricing tips

Read our Spend Management Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

Happay

Happay is a cloud-based expense management solution that helps medium to large businesses manage and track expenses. It uses AI and machine learning technologies to automate processes related to expense claims management, reimburs...Read more

Expensya

Expensya is a cloud-based travel management solution that helps enterprises streamline the entire expense reporting lifecycle, from generating electronic invoices to handling reimbursements. Employees can utilize the optical chara...Read more

Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

ExpensePoint

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

Divvy

Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports and virtual cards. Divvy t...Read more

Plooto

Plooto is an all-in-one platform that enables businesses to automate their domestic and international accounts payable and accounts receivable functions by unifying payments, processes, control, and reporting. Trusted by 6,000+ bu...Read more

Spendesk

Spendesk is a cloud-based spend management solution designed to help businesses handle invoices, approval processes, expense reimbursements, virtual debit cards and more. The platform uses optical character recognition (OCR) techn...Read more

Pleo

Pleo is a cloud-based expense management solution designed to help businesses handle the sharing of corporate credit cards among employees, record receipts or reimbursements and track spend in real-time. Feature include fraud dete...Read more

Precoro

FrontRunners 2022

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

Emburse Chrome River Expense

Emburse Chrome River Expense is a cloud-based expense management solution for mid-sized and large businesses. Key features include automated approval routing, mobile access, split expense allocation, configurable screens and repor...Read more

Buyers Guide

Last Updated: July 01, 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?

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.