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What is Spend Management Software?
Spend management software allows businesses to centralize expenditure visibility, approval, and tracking. Employee expenses and vendor payments, as well as any incidental business spending, are included in spending management. By automating spending control procedures when necessary, spend management software helps firms spot trends and enhance spending efficiency across the organization.
Spend management software connects process-specific financial tools, such as procurement software, to fundamental systems, such as accounting platforms. Spend management software helps firms centralize spending data so they can see where, when, and how they're spending money. This feature is especially useful for firms that have traditionally divided their data into different teams, departments, or business divisions, limiting the visibility of the finance team.
Spend Management Software Features & Capabilities
Depending on the target user base and use cases, spend management software will include a variety of functions. Here is the list of the best Spend Management Software. Every spend management product, on the other hand, will consist of all or nearly all of the following features:
- Data about spending from across the enterprise in one place.
- Workflows for spending requests and approvals.
- Corporate cards.
- Spending controls.
- Accounts Automation of payables/billing payments.
- Reporting on spending, with historical views and individual drill-down.
Benefits of Spend Management Software
- Expense tracking in real-time: You don't want to know how much money you've spent at the end of the month. Instead, look for a system that tracks expenses in real-time and provides a reliable picture of employee spending.
- A short and precise overview: Something is wrong if you can't execute a basic spend analysis in a single glance. Spend management software puts you in control by presenting expense data in a simple, appealing manner.
- Payment options are customizable: Not every employee requires the same amount of money. Your software should allow you to specify how much money each user has and what they can spend it on.
- Document capture is simple: Invoices, receipts, and purchase orders take up a lot of time for businesses to save and process. A solid software solution allows you to rapidly and easily record and store these documents.
- Automation saves time: The major disadvantage of traditional spending management is the amount of time it takes. A good expenditure management system can free you up to focus on more important - and enjoyable - things.