There are different types of software solutions that need to be adopted by big and small businesses alike. One such program is Spend Management Solutions. Spend management solutions are used to ensure better documentation, compliance, visibility, and control. Businesses can avoid unnecessary spending, reduce costs, and pay employees and vendors on time. The budget is allocated to carry out activities like inventory resupply, capital equipment, and insurance. But budget leaks could damage profit margins especially if spending goes unsupervised.
Experiencing issues
As business scales up, a lot of issues are faced in volumes, thereby challenging business profitability. Hence, all sizes of businesses need to adopt Spend Management Solutions as it helps to understand where money is being spent.
Top 11 Spend Management Tools
1. Zoho Expense:
This tool is ideal for growing businesses and takes care of expense and travel management. Businesses can automate expense reporting, control spending, simplify corporate travel, and derive financial insights. Using AI-powered technology, it detects fraudulent activities enabling better audits and being prepared for tax.
2. Airbase:
This comprehensive tool is designed to suit different businesses. It includes enterprises, pre-IPO businesses, mid-market companies, small businesses, and early-stage companies. It provides a wide range of oversight, auditing, and spend control solutions. There is offered Receipt Management module, Security & Fraud Detection module, etc.
3. Spendesk:
It offers several intuitive, helpful features like OCR (Optical Character Recognition) and integrations. Using this tool, businesses can automate recurring expenses. This powerful tool matches expense claims perfectly to respective invoices, thereby saving valuable time. It also improves Customer Relationship Management, thus boosting satisfaction.
4. Emburse:
This tool is meant for big MNCs and startups. Solutions offered include accounts payable, expense management, streamlined payment system, purchasing automation, data dashboards, business management, travel management, audit, etc. Virtual cards available through its platform via Emburse Spend are offered.
5. Mesh Payments:
Thus software when used can help curb spending leakages. The spend Insights functionality of this tool offers vital data insights when desired. On viewing spend items, the tool’s mobile app automatically shows future savings opportunities, present rate spend forecasting, etc.
6. Coupa:
This popular Budgeting tool is offered with cloud access. It helps manage spending across diverse verticals like procurement, payments, supply chains, etc. To enable convenient speed management, there are three tool stacks, namely, Applications, BSM platform, and Copua business community.
7. Brex:
This tool helps speed up operations finances and complies with the policies of the company concerning expenses and spending. Employees using this tool can submit accurate expenses while the accounting team gets to audit such expenses effortlessly. This Customer Relationship Management tool instills financial discipline among the staff and company.
8. Ramp:
The business management expense system has been divided into four mega modules, namely, Start, Save, Scale, and Streamline. Different modules are designed to serve different purposes. It will be essential to understand these modules to benefit from using them.
9. Teampay:
This Cloud-based app ensures the finance team is able to analyze all spending arising from different business verticals. Company stakeholders can even get everyday spending’s real-time views, thus enabling them to take limitations on spending.
10. PayEm:
It brings advanced automation in controlling your business spending, SaaS subscriptions meant for employees, and vendor subscriptions in a single place. Therefore, no separate software is desired for diverse spend heads. For 3rd party vendors, you may create/issue virtual credit cards. Also, they can be assigned contact points to control spending.
11. Workday:
This popular human capital management solution offers strategic, simple ways to control business spending. This tool is designed with a lightweight, intuitive, graphical user interface that can be used from a single centralized platform.
Use the right solution
You need to use the most appropriate spend management solutions for your business. It should help you to plug in the holes that otherwise drain precious money unknowingly and result in fewer profit margins.
