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Top 10 Best Spend Management Software

By 13 April 2024May 3rd, 2024No Comments
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Top 10 Spend Management Software: Benefits, Uses, and How to Choose the Best Solution

Managing company expenses is one of the most crucial tasks for companies starting or scaling their functions. They pay for various things, including software subscriptions, event costs, utility bills, and employee reimbursements.

Finance managers handle these expenses regularly to monitor the fund flow and budget. A spend management software application can come to their aid to complete these tasks error-free.

Since expense management tasks are daunting and time-consuming, this solution is a game changer for many businesses. It allows them to automate bill payments, compliance, documentation, and budget management.

automate and integrate with financial softwares

But with so many excellent options, you may find choosing the best solution for your company puzzling.

This guide helps you understand the features and benefits of business spend management software with a list of the top ten solutions. Toward the end, you can

  • Define how this software program makes things faster and smoother for your finance teams.
  • Understand how it saves time, effort, and money.
  • Know the best options and make informed decisions.
  • Learn how to integrate print and mail into your software to automate bill payments and other tasks.

Let us begin with the basics!

What is Spend Management Software?

A spend management software application is a finance-related tool to help companies pay for and monitor employee expenses efficiently and quickly.

Its functions range from scanning receipts to credit services you can link to your accounting software.

Though most tools are standalone software programs, some accounting CRMs offer this feature.

Let us take an example of the spend management platform’s role in your company. Imagine a time when offices would keep a box of petty cash for employees to take money out of and pay for work-related tasks, like traveling to a trade show or taking a client out for coffee. Nobody knew how much goes out of the box and where.

Today, you don’t need to follow these old methods. The expense management tool helps you replace petty cash with a more reliable, automated solution. You may allocate an amount to every employee, monitor its use, and generate reports.

Also, spend management solutions replace company credit cards, employee expense reimbursements, and other old methods to handle your business spending. Isn’t that amazing?

Finance teams can use the software to

  • Control real-time spending.
  • Eliminate spreadsheets, emails, forms, and paper receipts.
  • Avoid unsanctioned expenses.
  • Reimburse employees quickly if they incur any company costs.
  • Handle travel, insurance, rent, advertising, utilities, professional services, and other organization expenses.

The software spends management is your all-in-one solution to pay for all non-payroll costs. You can integrate other functions into your software, like PostGrid’s print and mail API.

It allows you to draft and ship checks, invoices, and other financial documents to the correct addresses at the click of a button!

What Makes an Ideal Spend Management Software System?

Every legal spend management software offers different features to suit your needs. 

But all companies must look for a solution that provides the following basic functionalities:

  • Real-Time Cost Tracking: One crucial thing to consider when choosing your solution is whether it offers real-time tracking. You don’t want to wait until the month’s end to know how much your company has spent. It should provide day-to-day insights into your budget, recurring costs, and more. Hence, you can make changes, add or deduct money from the expense budget, and monitor employees’ actions. 
  • Quick Document Scan: Your staff may spend many hours processing and storing receipts, invoices, purchase orders, and statements. An ideal spend management system lets you capture document images conveniently to digitize transactions and record every expense. 
  • Customizable Budget Allocation: Allocate different budgets to your teams and employees based on their needs and work. Your spend management software must enable you to select how much to assign and what the assignees spend it on. Thus, you can customize your spending to cut unnecessary expenses, encourage employees to record transactions, and improve efficiency. 
  • Automated Functions: Your solution must help you automate most expense-related tasks. For example, it should enable you to pay recurring costs like rent, utilities, and subscriptions. Since traditional spend management processes are daunting and time-consuming, your preferred software must help free up your staff’s time and let them focus on other tasks. 
  • Single-Click Overview: An ideal spend management software lets you view your spend analytics on a single page. It helps you get all the details in chart form or as a report whenever needed. 

These functions highlight how your enterprise spend management software enables your business to save time and cut manual effort. 

You can pick any solution according to your current objectives. But selecting an option with these features makes your investment worth the price. 

Why Do You Need the Spend Management Software?

Businesses always try to find the best tools, tips, and ideas to grow. They have many areas to work on, from marketing and sales to human resources and managing expenses.

The spend management software system addresses their cash flow needs. But it goes beyond checking how much employees spend on something or which payments are pending.

Here is why this software is a must-have tool for your business:

You Want to Beat the Competition

You may ask- “How can implementing spend management tools within my system help me outrun my competitors?”

Imagine a scenario where you spend days approving expenses and asking staff for reports. It is a part of your daily schedule for at least an hour a day. Your team members also take the time to provide you with the details.

Your competitors might use the same time to plan an upcoming marketing campaign. Instead of worrying about employee expenses, they reach out to new leads and prospects before you and convert deals. It is the difference your business spend management software can make!

It lets you grab opportunities at the correct time, free up your schedule to connect with more customers, and boost sales.

You Want to Implement Error-Free Pay Processes

Traditional expense management can lead to manual errors, like unauthorized payments, incorrect amount allocation, and delayed payments.

But a spend management platform can turn things around for your business and let you make your processes error-free.

You can automate payments, report creation, budget assignment, and other tasks to ensure everything happens seamlessly.

Your Business Wants to Digitize Everything

Gone are the days when businesses would use paper receipts or have a large file with invoices and bills.

Most successful companies digitize and streamline everything on one platform. It empowers them to scale up and down whenever needed. Also, it allows them to continue their work even when some employees in the administrative or finance departments leave.

The new staff can get an overview of the spend management system and proceed at the same pace as earlier!

Also Read: What is Print Advertising and Why You Need it?

10 Best Spend Management Software in 2024

A spend management software tool can change how you operate internally for the better! You will never want to return to your old processes once you use this system.

Though you have many excellent options, some stand out because of their features, benefits, and affordable pricing. 

We have compiled a list of ten solutions for your reference: 

#1 Spendesk

Spendesk is an all-inclusive spend management platform with many intuitive features. It helps businesses gain better cost control and transparency.

You can use it to automatically match bills and pay recurring expenses, saving your staff’s time. 

One of the best things about Spendesk is its flexibility. It allows users to use virtual credit cards to make online purchases. Also, it helps tailor debit card spending for individual users to let you control the expense limit for every employee or team. 

Being one of the best spend management software, Spendesk provides you access to a comprehensive dashboard. It also integrates with many accounting tools, letting you combine different features and achieve maximum efficiency.

Noteworthy features: Spendesk lets you unlock many possibilities in the expense management arena. 

Its best features include

  • Integrated Budget Systems: You may add your budget and timeline to the legal spend management software to automate expense control. The platform alerts you when you cross your budget limit, helping you cut expenses or allocate more funds. This feature is helpful to companies, keeping them from overspending and maintaining steady cash flow.
  • Reimbursement: The mobile app allows employees to upload receipt photos and claim reimbursements instantly. It lets them document everything at the correct time and break down their expenses for the company’s management, helping them receive payments faster. 
  • Optimize accounts payable: Link your purchase orders and invoices to get approvals, maintain accounting records, and make payments. Spendesk’s spend management software lets you strengthen third-party relationships by paying promptly and avoiding interest. 
  • Consolidated reporting: Users can use this business spend management software to tag expenses for specific projects and get better visibility into procurement and other employee costs.

Pricing: Spendesk has a fixed subscription fee for using the platform’s features. You also pay extra for card purchases, claims, and invoice payments. 

It has three packages based on how many users from your company need access to the system. 

  • Starter: Seven users, including the approver. 
  • Essentials: Unlimited approvers and users. 
  • Scale: Unlimited approvers and users with more features. 

#2 Expensify

Expensify’s spend management tools are handy and easy to use. You can export transactions from your credit card to track them and generate detailed reports.

It also helps you automate payments on a weekly or monthly basis. Hence, you can set it and forget it to transfer your workload to the spend management software and focus on other tasks.

One of the most differentiating factors about Expensify is its user interface. New users can understand the features and start working with the platform within a few minutes without extensive training. 

You get your selected day, week, or month’s expense details on a single screen, making mapping costs simpler and quicker. 

Noteworthy features: Expenfify’s features suit all established and emerging businesses. They are

  • Easy Integrations: You may integrate Expensify’s software spend management into your CRM or accounting systems in a few steps. It allows you to create reports and track expenses on any platform as you need. 
  • Track Employee Expenses: Expensify focuses on employee expense management to let you pay for reimbursements, categorize payments, and speed up approvals. 
  • Expensify Card: This spend management software offers users a business credit card to pay for non-payroll expenses and maintain separate records. 

Pricing: Expensify offers five plans, three for businesses and two for self-employed and other individuals. Most packages are free, though it provides many features for the company. 

The platform charges monthly fees based on the number of users who access it. 

#3 Ramp

The Ramp software is one of the most reputed names when speaking of spend management tools in the US. It is a cloud-based platform with many helpful tools to optimize and manage spending.

You can use it to handle multi-currency transactions, evaluate supplier performance, and automate accounting tasks. 

Ramp integrates into many platforms and systems, helping companies offer employees more options to pay for travel and other bills. Also, it lets authorizers approve or reject claims based on the documents and supporting information. 

Noteworthy features: Ramp’s best features include

  • Guideline digitization: The spend management platform helps you set pre-defined expense policies online. Users can pre-approve payments and flag expenses that don’t fit within the guidelines for review. This function encourages employees to only spend on things in the policy sheet, keeping your company’s costs under control. 
  • Cashback: Ramp provides physical and virtual cards with 1.5% cash back on all purchases for an unlimited period. It makes it one of the best spend management software that aims to increase your business’s profitability. 
  • Receipt collection: Integrate with Lyft, Amazon Business, and Gmail to collect receipts and facilitate payments. 
  • Accounting automation: Ramp enables businesses to manage category tracking, bill payments, and vendor data under a single roof. Its functions go beyond employee expense management because it offers many advanced accounting tools. 

Pricing: Ramp’s corporate cards and the spend management system are free for all users. 

#4 Airbase

Airbase’s spend management programs enable businesses to manage their accounts receivable and payable processes. They can also use them to streamline expenses, cash flow, and invoice management. 

The spend management platform supports real-time expense tracking to give you daily updates about how much you have spent and the balance remaining in the budget.

Department heads, managers, and other authorizers can use Airbase to get an overview of how their teams use the expense budget. They can also analyze their vendor’s information to cross-check the deliverables and approve payments. 

You may develop custom rules, set approval criteria, automate workflows, and route employee claims to specific departments. 

Noteworthy features: Airbase’s best features businesses must consider when buying a subscription are

  • OCR Technology: Airbase’s spend management software leverages optical character recognition (OCR) technology to create and scan invoices and other documents. It ensures high security and helps you draft authentic transactional items. 
  • International Coverage: The system supports global purchase orders and multi-subsidiary support, helping you manage international payments without issues. 
  • Automated reimbursements: Employees can scan paper receipts and bills via Airbase instead of submitting physical copies. This step helps populate the expense information on a report and submit it for the authorizer’s approval. The reimbursement amount directly goes to the employees’ bank accounts post-approval. These rapid functions make Airbase one of the best spend management tools companies and employees love. 
  • Customizable fields and conditions: Approvers can set mandatory report fields, budget limits, and submission time windows. Thus, they have better control when working with the spend management platform, leading to higher productivity. 

Pricing: Airbase has three packages- standard, premium, and enterprise. You can contact the company and get a custom quote. It does not display its rates publicly on the website or elsewhere. 

#5 Mesh Payments

It is a comprehensive expense management tool that allows businesses to control spending and boost profitability. Also, it assists companies in minimizing manual tasks and saving time by automating finance workflows. 

Mesh Payment’s spend management software offers unlimited physical and virtual commercial cards to help employees and management heads pay from the company’s account. They can also generate detailed reports, get cashback, and categorize expenses using the easy-to-navigate dashboard.

Noteworthy Features: Mesh Payments has many unique features that make this legal spend management software stand out from its competitors. They include

  • Actionable Data: The tool provides in-depth insights into every one-time and recurring payment. It helps you forecast expenses, find cheaper alternatives, and reduce overall company spending. 
  • Real-Time Notifications: Users get email, text, and Slack notifications whenever the company overpays for an expense, makes duplicate payments, or spends money on unused subscriptions. Hence, authorizers can find the source of unnecessary spending to cut costs and facilitate budgeting efficiency. 
  • Travel Cards: You can give your employees cards linked to Mesh Payments’ spend management software to manage travel expenses in one place. Also, you can tie these costs to specific events or projects, like a trade event, client appointment, or supplier meeting. 
  • Customized reports: You may use the spend management system to generate custom reports based on when your staff paid for expenses. Also, gather records on spending limits, vendor payments, and other aspects to forecast costs and set a budget for an upcoming month or year. 

Pricing: Mesh Payments does not charge a setup or subscription fee. You can use the platform for free for an unlimited period. 

#6 Teampay

Teampay offers cloud-based spend management tools to allow companies to manage, track, and control expenses. It has automated reconciliation and purchase workflow capabilities to help employees purchase solutions or pay for other expenses. The platform can automatically code and reconcile transactions to the business’s ERP or accounting solution. 

Teampay integrates with Zero, Netsuite, Intacct, Quickbooks, and other solutions, ensuring you can access accurate and updated records. 

Noteworthy features: Teampay benefits companies in many ways through its high-end features like

  • Purchase Assistant: Purchase Assistant is a chatbot that integrates with Microsoft Teams and Slack to guide your staff about the expense payment processes and get upfront approvals. It helps maintain team transparency, record transactions without delays, and reject unsanctioned expenses immediately. 
  • Order Matching: The spend management software supports automated order matching, approval routing, and invoice processing. Also, it uses OCR technology to scan and store bill and statement data. 
  • Report Dashboards: Teampay’s business spend management software lets you centralize spending data in real-time with custom report dashboards. Authorizers can get a consolidated view of every team’s expenses whenever needed, improving speed and efficiency. 
  • Quick reconciliation: The platform makes account reconciliations simple and speedy. This eliminates the need to adjust expenses manually in accounting CRMs. 

Pricing: Teampay does not display its rates publicly. You can contact its team to discuss your requirements and get a quote. 

Pro Tip: Always compare quotes from various spend management tools before you make purchase decisions. It gives you an idea of the current rates, helping you choose between paid and free options. Also, match the costs to the company’s features to check if the package is worth it.

#7 Emburse

Emburse is an enterprise spend management software allowing companies to optimize all expense types. You get one-time and recurring virtual cards to make instant payments for specific projects. Built-in policy controls, auto-reconciliation, and cash flow management are other functions that make Emburse a popular choice among businesses. 

Finance teams can use the tool to get real-time analytics about the company’s budget based on the project, spending category, and team. 

You may integrate Emburse into many platforms to manage expenses, link employees’ daily work behaviors, track client acquisition spending, and more. 

Noteworthy Features: Emburse is one the best spend management software in 2024 with many features like

  • Make Automatic Payments: Add your vendors’ account details and schedule payments in advance. It helps you honor your dues on time to avoid paying interest. You may integrate PostGrid’s print and mail API into your spend management platform to send checks to the correct payees on time. This integration allows you to print checks with bank-grade security and send them to a validated mailing list, preventing your envelopes from falling into the wrong hands. 
  • Set Spending Rules: You can create business expense cards for your employees with pre-defined spending limits and guidelines. Thus, employees can only pay for things they have pre-approved, avoiding overspending and misuse of the company’s cash flow. 
  • Smartphone Access: Emburse’s mobile app helps users get quick access to reports and expense claims without logging into a desktop device each time. Employees can create and submit forms through the app, and managers can approve them instantly. 

Pricing: Emburse’s spend management system has three plans- 

  • Certify now: It costs $12 and suits businesses with low usage. 
  • Professional: Users can pay a monthly fee based on the custom features they use. It is your best choice if you have varying needs and don’t want to pay for fixed subscription models. 
  • Enterprise: Users can avail of fixed annual prices based on the number of users. They can connect with Emburse’s team to get a custom quote and get started. 

#8 Coupa

Coupa is one of the best enterprises spend management software programs, offering cloud-based solutions to all large-scale businesses. It enables users to manage everything, from employee expenses and procure-to-pay processes to the supply chain. 

This tool is apt for teams within your organization, like compliance, procurement, and finance. Imagine you place orders for raw materials from different suppliers. You can view purchase orders and invoices within the platform. Also, you can schedule payments according to the bills’ due dates, helping you automate the processes. 

Coupa’s spend management software enables you to manage spending, set limits, approve payments, and more. You get all the functions other companies provide! But you can also avail of unique features like supply chain management and vendor analysis.

Noteworthy Features: Coupa helps businesses avail of

  • Community Insights: The spend management platform lets you get detailed insights and reports. You can use them to compare your expenses with other organizations, select alternatives, find ways to cut costs, and set better employee spending guidelines.  
  • Forecasting: Coupa makes expense forecasting a breeze. You get all the details at your fingertips to analyze spending and create new budgets. Also, you can filter data to see a specific employee’s or team’s expenses. 

Pricing: Contact Coupa’s team for a custom quote based on your budget and needs. 

#9 Divvy

Divvy’s spend management software enables businesses to tie expenses to specific projects, control cash flow, and automate company spending.

This platform is popular among businesses for its intuitive user interface and explanatory expense graphs. These elements help you start tracking your expenses via Divvy without training or investing money. 

Noteworthy Features: You can use Divvy to avail of 

  • Accounting Charts: You may integrate Divvy’s spend management platform into your accounting CRM. It allows you to create similar charts and reports from your current solution, helping you adapt to the new system hassle-free. 
  • Push Notifications: The mobile app offers push notifications, quick uploads, and other features to assist employees in getting reimbursements. 
  • Custom Dashboards: You can create customizable dashboards based on your workflow to avoid confusion and use Divvy at your own pace. 

Pricing: Divvy’s business spend management software is available to everyone for free. 

#10 FinancialForce

It is a multi-purpose accounting system with many cloud-based features to help you streamline your finance-related activities. 

FinancialForce strives to provide businesses with a clearer picture of their financial performance. It is highly flexible and easy to use, helping you benefit from the features without undergoing a training period. 

Financial Force is not exclusive spend management software but offers powerful expense management capabilities. 

Noteworthy Features: The tool improves a company’s cash flow management, invoice payments, and other tasks with features like

  • Multiple Currencies and Accounts: Users can handle transactions from different company accounts, streamlining the expense management process. Also, you can make or receive international payments without compliance or other issues. 
  • Financial Modeling: FinancialForce’s spend management tools focus on creating automated workflows for finance teams. You can match orders, pay vendors, and categorize invoices on the platform to save time and effort. 

Pricing: The platform does not offer prices on its website. You may connect with FinancialForce directly to get a custom quote. 

Users can print and mail transactional items, like customer statements and invoices, within their spend management programs. They can integrate PostGrid’s functions into their platform to create address lists, use pre-built templates, prepare mailers, and ship them to the intended recipients. 

These integrations allow you to have mailing capabilities handy. So the next time your finance team wants to send a check to a supplier or circulate a compliance letter, PostGrid can help you launch a mailing campaign instantly. 

Also Read: Benefits of Outsourcing Print and Mail Services

What Are the Benefits of Using Spend Management Tools?

Your business can improve and grow in many ways when using a spend management software application. Here are the primary advantages: 

  • Reduced Costs: Finance managers can use the insights from expense management solutions to identify spending patterns. It empowers them to spot and cut unnecessary spending to use the available budget to the fullest potential. 
  • Improved Compliance: You can set specific guidelines for your employees to ensure their spending stays within the compliant framework. Also, the reports allow you to store evidence of when and how you spend your money, making it easier for finance teams to work according to compliance policies. 
  • Automate Tasks: The spend management platform helps you automate most tasks, like paying bills, reporting, expense data analysis, and more. It also completes complex tasks automatically, like reconciling accounts, approving workflows, and identifying how to optimize spending. 
  • Increase Efficiency: Your spend management tools guide you on many matters, like how to allocate budget to different teams, tie expenses to specific cost centers, and more. It lets you increase financial efficiency, ensuring zero waste and high profitability. 

Top Features to Consider When Buying Spend Management Software

Though most expense management features are similar, choose a solution that best fits your needs and goals.

Below, we have listed the top features to look into in the decision-making phase:

Multiple Payment Options

It is crucial that your spend management platform allows suppliers to pay in many ways. It helps you build better relationships and speed up payments.

Also, you may get many discounts by offering vendors payment options of their choice.

Quick Document Retrieving

Invoices, statements, and bills take a lot of effort and time for companies to store. Thus, choose a solution that simplifies document retrieval and matching to authenticate expenses.

Customizable Dashboard

You may only need some features from your spend management software’s dashboard. Hence, look for a system that lets you customize dashboards, allowing you to access your tools without hassles.

Multiple Users

Select a spend management system that allows many users to access your account. It helps your finance staff handle expenses and cash flow management better.

Also Read: Web to Print API

PostGrid’s Print and Mail API: Add Financial Mailing Capabilities to Your Spend Management Software

Our direct mail automation solutions allow companies to add financial and compliance document shipping to their workflows. They can sign up for an account and ship the items via our online dashboard or automation software. 

Another alternative is integrating PostGrid into your legal spend management software to speed up the process. Our solutions can assist you in fetching data from your system and auto-filling documents. Hence, you may send personalized, on-demand, and bulk mailers with high quality and efficiency.

PostGrid helps you send many transactional mailers, like

  • Checks: You can print secured checks with MICR technology online and ship them to your intended payees. PostGrid lets you automate the process to save costs and boost internal productivity. Also, you can trigger campaigns via our print and mail services. For example, send checks to pay utility bills or mail invoices to clients. PostGrid is an excellent addition to your finance team’s tools with your spend management software to make timely payments and track everything.
  • Statements: Print and mail customer statements weekly, monthly, or whenever needed. It helps you inform debtors about their due payments and motivates them to pay you faster. Thus, you can keep your accounts receivable under control. 
  • Bills and Receipts: Send invoices and payment receipts online via PostGrid’s print and mail API or dashboard to streamline processes and get detailed reports. 

PostGrid and spend management software integrations enable you to

  • Automate reporting. 
  • Get enterprise-level security. 
  • Work with compliant partners. 
  • Send documents on-demand or at scale. 
  • Maintain compliance. 

Our clients have the following to say about us: 

“We were looking for a solution to allow us to send mail without security threats and contacted PostGrid to know how the process works. Today, we send many documents like notices, forms, letters, and bills without thinking twice.” 

“The print and mail service works great. My finance team uses the dashboard to ship hundreds of invoices weekly to new and existing clients. I like how the process goes smoothly each time.” 

Conclusion

The spend management software lets businesses view and approve employee expenses on a single platform. They can create a monthly or yearly budget, allocate funds, and analyze spending reports.

Users benefit from the platform in many ways, including improved efficiency, time savings, and better compliance.

Integrating the spend management platform with PostGrid helps you avail of print and mail capabilities with your system. It simplifies client, supplier, and vendor communications, allowing you to connect with them at their correct addresses at the proper time.

Your finance team can use PostGrid to send financial, transactional, and compliance items whenever needed. We don’t have any minimum or maximum volume limits. Also, our flexible pricing plans let you ship items according to your needs and budget.

Sign up to learn more about integrating PostGrid into your spend management software to streamline your financial communications!

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