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Tradogram

FrontRunners 2024

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 manag...Read more about Tradogram

4.5 (93 reviews)

17 recommendations

Team Procure

Team Procure is a cloud-based procurement suite that empowers businesses to manage their purchasing approvals, purchase orders, strategic sourcing, suppliers, and inventory. Conduct RFQ and E-Auction negotiations to secure the be...Read more about Team Procure

4.7 (3 reviews)

15 recommendations

Spendwise

FrontRunners 2024

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

4.6 (234 reviews)

11 recommendations

Precoro

FrontRunners 2024

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

4.8 (216 reviews)

10 recommendations

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Procurify

Procurify’s easy-to-use Intelligent Spend Management platform provides hundreds of organizations worldwide with real-time visibility and control over all business spend. By bringing more spend under management, our customers captu...Read more about Procurify

4.6 (169 reviews)

7 recommendations

Order.co

FrontRunners 2024

Order.co is the first and only Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purc...Read more about Order.co

4.4 (103 reviews)

6 recommendations

Fraxion

FrontRunners 2024

Fraxion provides a complete procure-to-pay solution for purchasing, expense, and AP automation. The all-in-one procure-to-pay suite includes: -Purchase requisitions & custom approvals -Budget & policy control -Purchase order aut...Read more about Fraxion

4.4 (61 reviews)

4 recommendations

Coupa

Point solutions are pointless: spend smarter with the leading spend management platform built for companies like you. The Coupa platform allows you to take control of your spend and position your business for resilience and growth...Read more about Coupa

4.1 (90 reviews)

3 recommendations

PayEm

PayEm’s platform automates finance processes from request to reconciliation, giving individuals and teams within global organizations the ability to manage non-payroll spend. PayEm is one platform for vendor payments, corporate cr...Read more about PayEm

4.9 (31 reviews)

1 recommendations

Rippling

FrontRunners 2024

Rippling gives businesses one place to run HR, IT, and Finance. It brings together all of the workforce systems that are normally scattered across a company, like payroll, expenses, benefits, and computers. So for the first time e...Read more about Rippling

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 about Wrike

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 about SAP Concur

Motive

Motive, formerly KeepTruckin, builds technology to improve the safety, productivity, and profitability of businesses that power the physical economy. The Motive Automated Operations Platform combines IoT hardware with AI-powered a...Read more about Motive

Emburse Certify Expense

FrontRunners 2024

Emburse Certify Expense effortlessly streamlines your operations through automation and superior customer service. Automatically create reports for employees, streamline approvals, and make reimbursement and reporting effortless f...Read more about Emburse Certify Expense

Happay

Happay is a first-of-its-kind all-in-one Integrated Solution for Corporate Travel, Expense, and Payments Management. With over 7000+ customers globally, and across industries, Happay solves complex finance use cases with precision...Read more about Happay

Nexonia Expenses

Designed for small to large businesses, Emburse Nexonia Expenses is a cloud-based platform that helps streamline expense management through automated reporting, spend monitoring, reimbursement management and more. Key features inc...Read more about Nexonia Expenses

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 about Sage Intacct

Circula

The first all-in-one app for expenses, travel expenses, credit cards* and employee benefits Our intuitive and compliant app enables companies and employees to bill travel expenses, expenses, credit cards, and benefits 100% digita...Read more about Circula

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 about Expensya

BILL Spend & Expense (Formerly Divvy)

FrontRunners 2024

Divvy from BILL is a spend and expense management solution that gives small and midsize businesses the credit they need and helps them save time and money by automating expense reports, budgets, and reimbursement processing — all ...Read more about BILL Spend & Expense (Formerly Divvy)

Buyers Guide

Last Updated: March 16, 2023

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.