Spend management is one of the key factors contributing to the financial well-being of your business. Yet, it is a tedious task that requires lots of time and effort. Luckily, this doesn’t have to be an issue anymore. The current market offers multiple software solutions for effective business process management.
With that said, let’s discover the top 5 best spend management software to optimize your business spending processes.
What is Spend Management Software?
First of all, let’s understand what spend management software is. Essentially, it is a tool that allows businesses to manage, control, and optimize their spending. It will help enterprises handle everything from vendor sourcing to invoicing. The main goal of BSM (business spend management) is to increase efficiency and reduce costs.
Benefits for Your Business
Business spend management software will benefit your organization in many ways, for instance:
- It will allow you to set up and leverage strategic sourcing processes, saving time on quality supplier selection.
- It offers a real-time expense tracking feature. This will help you to get insightful analytics into your business's spending. In turn, you will be able to better optimize budgets.
- High levels of accuracy. The data you gather with these tools is highly accurate due to built-in tracking and measurement features.
- Spend visibility dashboards. These allow users to see a visual breakdown of the business spending. Besides, the data provided is quite useful to streamline processes and strive for healthier purchasing flow.
Overall, spend management software is a potent instrument in your business arsenal. This software will provide you with actionable data to make further improvements in your strategy. Also, it is worth mentioning that they come in handy with a variety of automation features. These in turn, help you streamline business processes and lower procurement risks.
How to Choose a Spend Management Software?
Well, the question of the day is how to choose a good spend management software. There are many factors you should consider when it comes to choosing a spend management tool. So, let’s briefly overview the primary ones:
- Customization options. Different teams require different workflows. Thus, when choosing a spend management tool, make sure it offers enough customization options.
- UI & UX. No one wants to use a tool that will make their life harder instead of easier. A good spend management software must have a comprehensive user interface.
- Features. The most important aspect to consider when it comes to choosing software is features. Identify the features that you need and see what the software of your choice has to offer.
- Integrations. You also want to check whether or not the chosen software integrates with other tools your organization uses.
Also, take into account the needs, requirements, and budget of your organization. You do not want to overspend on a solution that was originally meant to help you reduce your business costs.
The Top 5 Best Spend Management Software Solutions
Finally, it is time to unveil the best spend control solutions available out there for you. So, if you are ready, let’s dive into it.
#1 Tradogram
Tradogram is an awesome all-in-one spend management solution for your business. It comes in handy with a variety of features designed to handle budgeting, spending, and forecasting.
With Tradogram, businesses will be able to design precise budgets, enjoy intuitive analytics, and strategize their spending. It is a perfect solution for organizations seeking to eliminate unnecessary spending.
Pros
The main benefits of this tool include the following:
- High-quality and easy-to-use UI. A good user interface reduces the learning curve required to start using the software efficiently. Instead, it allows for easy onboarding of the team and getting started with the optimizations right away.
- Cost-effective software that offers every necessary feature for successful business spend management.
- A responsive mobile app. It is a great solution for tracking spending on the go.
- High levels of security and data protection. It uses multi-factor authentication and offers SSO with the Enterprise plan.
- Outstanding customer service. Customer support is always there to help you out with your requests.
Cons
Even though this tool offers plenty of benefits, there are a few cons to take into account as well.
- Limited customization options. For instance, it doesn’t allow changing/deleting specific categories.
#2 Order.co
Another popular tool in today’s market for spend management is Orders.co. It’s an all-in-one platform that simplifies your business’s purchases. This tool offers every necessary feature, from vendor management and strategic sourcing to AP automation and procurement.
Pros
The main benefits of this tool include the following:
- Easy-to-use platform with good customer support available.
- Delivery tracking tool to ensure smooth order fulfillment.
- Potent reporting and analytics feature to get actionable insights on spending.
- Customizable reports feature.
Cons
But, as with any other tool, it also has certain drawbacks. So, let’s overview some of them.
- Delivery times visibility information sometimes is not available.
- Simple settings for approval and budget dashboards with no advanced functionality available.
#3 Expensify
Many of you might be familiar with the Expensify tool. It is the perfect software for managing and tracking expenses across your organization. It simplifies the management of spending via analysis of spending patterns and expense tracking. Expensify also offers essential features such as a vendor management dashboard and actionable data insights.
Pros
Well, let’s also take a look at the benefits it comes in handy with:
- Great User Interface that is not confusing and very beginner friendly.
- Allows to manage multiple reports.
- Suitable for freelancers and small businesses as well.
- Allows to easily manage expenses across departments.
- Awesome approval workflows.
Cons
The main cons of Expensify that were highlighted across customer reviews include:
- Billing policies are not flexible enough.
- Long report submission process.
- Users note that the smart scan feature often fails.
#4 SpendDesk
One more useful tool to consider when choosing an enterprise spend management software is - SpendDesk. This tool allows you to optimize all the spending-related processes and make smarter decisions. Simply put it handles invoices, expenses, reports, budgets, approvals, and even offers accounting automation.
Pros
According to various customer reviews, the main benefits of SpendDesk are:
- Comprehensive user interface, which makes it easy to use.
- Has a mobile app for better management on the go.
- Fast loading speed.
Cons
This tool also has a few drawbacks, including:
- Limited functionality. It does not offer as many features and automation options as some other tools in the niche.
#5 ProcureDesk
The last tool on today’s list that will handle your business spending management is ProcureDesk. It is a purchasing and invoice automation solution, with prices starting from $380/mo. This tool gives you an all-in-one dashboard to track and manage spending across all the aspects and departments of your business.
Pros
The advantages of this platform include the following:
- Responsive UI that is easy to navigate through.
- Feature-rich platform that allows businesses to run different spending processes smoothly.
- Fast and high-quality customer support. Whenever you have a question, an inquiry, or a request, do not hesitate to contact their support. You will receive one of the best customer support experiences.
Cons
Before making a purchase decision, you might want to consider these drawbacks as well:
- Procure-to-pay option is unavailable. Thus, you will need third-party tools to make payments.
- Is not suitable for large enterprises.
The Best Spend Management Software for Your Business
At the end of the day, choose a spend management software with features that align most with your requirements. One of the best spend management software tools out there is Tradogram.
It comes in handy with features ranging from strategic sourcing to supplier management. This tool will help you to effectively handle your organization’s spending and optimize it for the best results.
So, if you are ready to find out more about Tradogram and the ways it can contribute to your business growth, then make sure to book a demo.
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