Keeping track of business expenses can be tricky and time-consuming.
Many companies struggle with overspending, slow approval processes, and a lack of clear financial insights. These problems can lead to budget issues and wasted resources.
The right spend management software can simplify this process, giving you better control over your finances and helping you make smarter decisions.
In this article, we’ll look at the top 5 spend management software solutions for 2024. We’ll help you find the tool that best meets your needs and show you how it can make managing your expenses easier and more efficient.
What is Spend Management Software?
Spend management software, also known as a spend management system or platform, is a tool that helps businesses monitor and control their spending.
This software is crucial for managing various types of company spend, including:
And other business-related costs.
It tracks all purchases and ensures that spending aligns with the company’s budget, providing a comprehensive overview of where and how money is being spent.
How Does Spend Management Software Benefit Businesses?
Managing a business's finances can be tricky and time-consuming. Many companies face challenges that make it hard to keep track of spending, control costs, and stay efficient.
This is where spend management software can make a difference. These tools offer solutions to help businesses overcome common financial management problems.
Let’s look at the typical challenges and how spend management software can help:
Challenges Faced by Businesses in Financial Management
Lack of financial control: Many businesses struggle to keep track of their spending, leading to unauthorised purchases and budget overruns.
High costs: It can be hard to spot and eliminate unnecessary expenses, which wastes resources and hurts profitability.
Inefficiency: Manual processes for tracking expenses, processing invoices, and managing purchase orders are time-consuming and prone to mistakes.
Lack of transparency: Without a clear view of spending, it's difficult to ensure accountability and make informed financial decisions.
Complex approval processes: Slow and cumbersome approval workflows can cause delays and bottlenecks in financial operations.
Poor decision-making: Limited access to comprehensive financial data makes it hard to identify trends, forecast spending, and allocate resources effectively.
Compliance & risk management: Ensuring financial compliance with regulations and internal policies is challenging, increasing the risk of reimbursement fraud and errors.
Integration issues: Difficulty in consolidating financial data from various systems leads to fragmented and inefficient financial management.
Scalability: As businesses grow, their financial management needs become more complex, and existing systems may not be able to keep up.
How Spend Management Software Addresses These Challenges
Improved financial control: Spend management software helps businesses monitor and manage expenses in real time, ensuring that all spending is authorised and within budget. This improves financial control and compliance with company policies.
Cost savings: By automating business expense tracking and providing automated budget policies, spend management software helps identify and eliminate unnecessary costs, leading to significant savings.
Enhanced efficiency: Automating manual tasks like expense reporting and invoice processing reduces errors and saves time. This lets employees focus on more important tasks, improving overall productivity.
Increased transparency: Spend management software provides detailed reports and analytics, offering a clear view of all business expenditures. This transparency promotes accountability and helps identify spending patterns and areas for improvement.
Streamlined approvals: The software simplifies the approval process for expenses and purchases, making it quick and easy. This reduces delays and bottlenecks, improving financial management efficiency.
Better decision-making: With access to comprehensive data and insights, businesses can make better financial decisions. The analytics and reporting tools help identify trends, forecast spending, and evaluate the financial impact of various activities, leading to smarter budgeting and resource allocation.
Compliance & risk management: Spend management software offers features like approval workflows and spending limits, helping businesses stay compliant with financial regulations and internal policies. This reduces the risk of fraud and ensures all spending is properly documented and authorised.
Integration with existing systems: Many spend management platforms integrate smoothly with other business systems, like accounting software and ERP systems. This consolidation makes it easier to manage and analyse all financial data in one place.
Scalability: Spend management software can grow with your business. Whether you're a small startup or a large enterprise, these solutions can be tailored to meet your needs and expand as your business grows.
What Features Should I Look for in Spend Management Software?
Choosing the right spend management software is crucial for effectively managing your business expenses.
Here are the key features to look for when selecting a spend management system:
1. Real-Time Spend Tracking
Look for software that tracks company spending in real-time, such as employee out-of-pocket expenses for client lunch meetings or supplier purchase invoices.
This means you can see spending as it happens, helping you stay on top of your finances and avoid overspending.
2. Budget Management
A good spend management system should help you set and manage budgets.
It should track spending against these budgets and alert you when you’re getting close to your limits. This helps keep your finances under control.
3. Automated Approvals
Efficient approval processes are essential. Spend management software that automates both expense and invoice approvals:
Reduces manual errors,
Speeds up approval times,
Ensures all expenses and invoices are reviewed and approved according to your company’s policies.
By automating these approvals, you can streamline your financial operations and maintain compliance with company guidelines.
4. User-Friendly Interface
A user-friendly interface ensures everyone on your team can easily use the software.
It should be intuitive and require minimal training to get started.
5. Mobile Accessibility
In the current remote and hybrid professional world, mobile accessibility is important.
A spend management platform with a mobile app allows employees to manage expenses on the go, making it easy to capture expense receipts, submit expense reports, and approve requests from anywhere.
6. Reporting & Analytics
Detailed reporting and analytics are crucial. These features provide insights into your spending patterns, helping you make informed financial decisions.
The best systems offer customisable reports so you can analyse data in ways that work for you.
7. Integration Capabilities
Your spend management software should work well with your existing systems, like accounting software and ERP systems.
This makes it easier to manage and analyse all your financial data in one place.
8. Automated Spending Policies
Custom spending policies would allow you to set specific limits for various departments or employees.
By automating these policies, you can ensure that spending automatically stays within approved boundaries and aligns with your company's guidelines, reducing the risk of unauthorised purchases.
9. Security Features
Security is vital when dealing with financial data.
Make sure the software you choose has strong security features like:
Data encryption;
Secure access controls;
And compliance with financial regulations.
Top 5 Spend Management Software Solutions for 2024
Finding the right spend management software can make a big difference in how you handle expenses, streamline processes, and keep your budget in check.
Here, we spotlight five top solutions for 2024:
ExpenseIn
Order.co
Airbase
Brex
Navan
Note: This isn’t an exhaustive list of all options on the market, but these platforms are among the best in terms of functionality and value.
Read on to explore what each one has to offer and see which might be the best fit for your needs:
1. ExpenseIn
ExpenseIn is a standout in the spend management software market, making it easy for employees, managers, and finance teams to manage employee expenses and supplier invoices efficiently.
With a comprehensive set of tools for both expense tracking and supplier invoice management (accounts payable automation), ExpenseIn streamlines financial processes and enhances control over company spending.
Key Features:
Real-time spend tracking: Monitors all spending, including employee expenses and supplier invoices (AP automation), with instant notifications and updates.
Automated policy & supplier checks: Verifies spending against company policies and supplier rules, flagging non-compliant entries.
Smart spend reporting: Provides detailed insights and customisable reports for better control of spending patterns.
Mobile app: Capture and upload receipts anytime, anywhere, with real-time updates.
Real-time receipt & invoice scanning: Uses OCR and AI to capture and categorise receipt and invoice data instantly.
Invoice approval: Streamlines the approval process for supplier invoices, ensuring quick and accurate processing.
Purchase requests & pre-approval: Allows managers to pre-approve spending before purchases occur.
Approval on the go: Managers can approve expenses and supplier invoices from anywhere with instant alerts.
Integration: Syncs with popular accounting tools like Xero, QuickBooks, and Sage for smooth data flow.
Security & GDPR compliance: Ensures data security and compliance with GDPR regulations.
Pricing:
ExpenseIn offers flexible pricing plans based on active users, making it ideal for scaling businesses. You only get charged for active users once per month, regardless of how many expense claims they submit.
There are no additional support costs, and all users have access to live chat, telephone, and email support, ensuring that as your business grows, your support costs remain predictable and manageable.
For more info, book a free demo today to see how this powerful spend management platform can benefit your business.
2. Order.co
Order.co is a spend management platform that simplifies and automates the procurement process for businesses of all sizes. It helps manage purchasing, payments, approvals, and budgets efficiently.
Order.co allows businesses to purchase from all vendors in one checkout cart, find cost-effective products, and consolidate invoices into one monthly bill.
Key Features:
Simplified purchasing: Centralises all purchases, eliminating the need for complicated workflows.
Automatic PO Generation: Creates purchase orders automatically.
Vendor management & consolidation: Manages multiple vendors and consolidates orders.
Strategic sourcing: Automatically identifies cost-effective products.
Automated payments & accounting: Saves time on payments and streamlines accounting processes.
Invoice management: Simplifies invoice handling.
Accounting automation: Integrates with accounting systems for smooth data flow.
Integrations: Integrates with existing business systems and exports data for analysis.
Spend controls: Enhances spending control and visibility.
Automated approval workflows: Customisable workflows for approvals.
Customisable budgets: Allows setting and managing budgets to control spending.
Real-time reporting: Provides current insights into spending patterns.
Pricing:
Contact Order.co for pricing details.
3. Airbase
Airbase is a spend management platform that integrates guided procurement, AP automation, expense management, and corporate cards.
It provides businesses with visibility and control over their spending and ensures compliance with financial policies.
Key Features:
Guided procurement: Automates the purchasing process with a guided buying experience.
AP automation: Streamlines accounts payable, reducing manual work.
Expense management: Simplifies tracking and reporting of business expenses.
Corporate cards: Provides cards that integrate for real-time business expense tracking.
Real-time reporting: Offers insights into spending patterns with current data.
Integration: Works with over 70 ERP systems including Oracle NetSuite, Sage Intacct, and QuickBooks.
Advanced features: Includes accounting automation, customisable workflows, and strategic sourcing.
Pricing:
Airbase offers multiple pricing plans depending on the size of your business. Contact Airbase for a quote.
4. Brex
Brex is an AI-powered spend management platform that includes corporate cards, expense management, banking, travel, and bill pay.
It operates in over 100 countries, providing tools to manage expenses, automate financial processes, and maintain control over company spending.
Key Features:
Corporate cards: Allows global spending with built-in controls.
Expense management: Uses AI to automate approvals and expense reports, with real-time tracking.
Corporate travel management: Offers in-app booking and management for global travel.
Bill pay: Automates invoice entry, approval, and payments using AI.
Banking & treasury: Provides a business account with a 4.92% yield, global payments, and high credit limits.
Real-time spend reporting: Provides up-to-date insights into company spending.
AI-powered controls: Enables setting budgets and enforcing spending limits automatically.
Accounting integrations: Offers ERP integrations with AI-generated suggestions and automated GL coding.
Pricing:
Brex offers multiple pricing plans depending on the size of your business. Contact Brex for a quote.
5. Navan (formerly TripActions)
Navan, previously known as TripActions, offers a platform that integrates travel booking, expense management, and corporate cards.
It aims to streamline business travel and expense processes, providing tools to enhance efficiency, reduce business costs, and improve visibility into company spending.
Key Features:
Global travel inventory: Access to a wide range of travel options, including flights, hotels, and rail carriers.
Travel management: Simplifies booking and managing business travel with in-app features and 24/7 travel support.
Expense management: Offers automated expense reports, receipt scanning, and real-time spend tracking.
Corporate cards: Integrates with existing corporate or business credit cards for streamlined payments.
Navan rewards: Rewards employees for cost-saving travel behaviours.
Real-time data: Provides up-to-date insights into travel and expense spending.
Customisable policies: Allows creation of customised spend policies and automated approval workflows.
Integrations: Integrates with major ERPs and HRIS systems for smooth data flow and expense reconciliation.
Advanced reporting: Generates detailed reports on spending patterns and compliance.
Pricing:
Navan offers multiple pricing plans depending on the size of your business. Contact Navan for a quote.
How to Choose the Right Spend Management Software
Choosing the right spend management software is essential for keeping your business spend under control and ensuring your financial health.
Here are some tips to help you find the best spend management system for your needs:
1. Identify Your Business Needs
Start by understanding your specific needs.
Think about:
The size of your business;
How complex your financial processes are;
And the features that matter most to you.
For example, a small business might need basic spend tracking, while a larger company might require detailed reporting and analytics.
Pro Tip: Conduct a thorough needs assessment involving key stakeholders from different departments to ensure you cover all aspects of your financial management needs.
2. Look for Key Features
Make sure the spend management platform you choose includes essential features like the ones listed earlier in this article.
These tools will help you keep track of spending and make better financial decisions.
Pro Tip: Create a feature priority list and categorise features into "must-have," "nice-to-have," and "optional" to streamline your decision-making process.
3. Ensure User-Friendliness
The software should be easy to use for everyone on your team.
A user-friendly interface reduces the learning curve and makes sure your team can quickly adapt to the new system.
Look for spend management solutions that offer clear navigation and simple instructions.
Pro Tip: Check for online tutorials, training resources, and customer support options. Comprehensive resources can significantly enhance user adoption and make the transition smoother for your team.
4. Check Integration Capabilities
Your spend management software should work well with your existing business systems, like accounting software and ERP systems.
This way, all your financial data is in one place, making it easier to manage and analyse.
Pro Tip: Make a list of your existing software systems and check for compatibility and integration capabilities with potential spend management solutions.
5. Read Reviews & Testimonials
Before making a decision, read reviews and testimonials from other businesses that have used the spend management platform.
This can give you insights into the software’s performance, reliability, and customer support.
Pro Tip: Look for detailed case studies from the software provider to understand how similar businesses have benefited from the software.
6. Take Advantage of Free Demos
Many spend management solutions offer free demos or trials.
Use these opportunities to test the software and see if it meets your needs. This hands-on experience can help you make a more informed decision.
Pro Tip: During the demo, ask the provider to walk you through specific scenarios and workflows that are unique to your business. This will help you understand how the software can handle your specific needs and challenges.
7. Assess Cost & Value
Finally, consider the cost of the spend management software and the value it provides. Look for a solution that fits within your budget and offers the features and benefits you need.
Remember that the right spend management platform can save you money in the long run by improving efficiency and reducing unnecessary expenses.
Pro Tip: Calculate the return on investment (ROI) by comparing the software’s cost against potential savings and efficiency gains it offers over time.
Simplify Your Spend Management with the Right Solution
Managing your business expenses effectively is key to keeping your finances in order and making smart decisions.
Spend management software can help by automating tasks and providing real-time insights, making it easier to deal with issues like high costs, inefficiencies, and compliance.
Out of all the options, ExpenseIn stands out as easy to use and packed with useful features.
With real-time updates, mobile access, automated policy checks, and seamless integration with popular tools, it’s perfect for businesses of all sizes.
If you want to simplify how you handle expenses, book a free demo with ExpenseIn. Discover how it can streamline your financial processes and make managing your expenses a breeze.
