Finding software can be overwhelming. Software Advice has helped hundreds of companies choose the right spend management software so they can effectively manage and track business expenditures.

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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

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Recent recommendations: 24 recommendations

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Negotiatus

Negotiatus is a purchasing solution that helps businesses streamline operations related to delivery tracking, billing, budgeting and more. The automated strategic sourcing functionality enables users to build a unified catalog by ... Read more

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Recent recommendations: 14 recommendations

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Precoro

Precoro is a cloud-based purchasing software that streamlines procurement processes for small and midsize businesses. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments... Read more

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Recent recommendations: 4 recommendations

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Fraxion

Fraxion provides complete spend management solutions for purchase requisitioning, expense management, procurement and spend analysis. Fraxion’s true cloud solution is as feature-rich as it is intuitive - don’t compromise on f... Read more

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Recent recommendations: 4 recommendations

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GEP SMART

GEP SMART is a cloud-based unified procurement solution that offers spend analysis, savings tracking, strategic sourcing, contract management, supplier management and procure-to-pay order processing in a mobile-enabled suite. User... Read more

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Recent recommendations: 1 recommendations

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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

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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

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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

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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

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Adoddle

Asite's Adoddle platform gives everyone involved in construction and facilities projects access to key information regardless of location or device. It enables increased collaborations which results in fewer mistakes, delivering h... Read more

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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

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Lola

Lola is a cloud-based solution that helps enterprises streamline processes related to corporate traveling including hotel or flight booking, expense tracking and spend reporting. It allows organizations to set up guidelines and tr... Read more

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Emburse Abacus

Abacus is a cloud-based T&E solution that offers midsize teams a highly efficient way to track and control expenses, reimburse employees, and book travel. Employees use a mobile app to submit expenses right when they happen. ... Read more

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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

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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

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Tradogram

Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team m... Read more

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Ramp

Ramp is the corporate card and spend management solution that helps mid-market companies accelerate growth without compromising on their finances. Issue physical and virtual cards from Ramp to enable cardholders to request spend a... Read more

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Egencia Suite

Modern corporate travel management for the fast-changing travel landscape. Contact us and discover how Egencia can help you to manage travel risk, support traveler wellbeing and maximize ROI in your business travel program. Egenc... Read more

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Emburse Cards

Emburse Cards is a cloud-based corporate card solution, which helps businesses issue virtual and physical credit/debit cards, set spending rules and adjust budgets and policies in real-time. Features include role-based permissions... Read more

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AvidXchange

AvidXchange is an accounts payable solution for midsize companies in industries including real estate, HOA, construction and financial services. AvidXchange’s cloud-based solutions automate accounts payable processes including pur... Read more

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Buyers guide

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.