Businesses need to keep track of their spending when they are manufacturing or developing their products and services. With this in mind, business spend management software helps businesses keep track of their costs. Here are some of the best business spend management for businesses.


11+ Business Spend Management Software

1. Tradogram

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Rating: 4.5/5

Price: $18/month

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2. TradeGecko

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Rating: 5/5

Price: $39/month

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3. Procurify

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Rating: 4.5/5

Price: $499/month

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4. Orderhive

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Rating: 4.4/5

Price: FREE

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5. Bellwether

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Rating: 4.7/5

Price: Custom

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6. AvidXchange

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Rating: 4.5/5

Price: Custom

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7. SAP SRM

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Rating: 5/5

Price: Custom

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8. SAP Ariba

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Rating: 4/5

Price: $50/month

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9. Oracle Procurement Cloud

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Rating: 5/5

Price: Custom

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10. Oracle Fusion Procurement

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Rating: 5/5

Price: Custom

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11. SellerCloud

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Rating: 5/5

Price: FREE

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12. Approve.Com

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Rating: 5/5

Price: Custom

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What Is Business Spend Management Software?

Business spend management software is a financial management software where businesses manage, monitor, and keep track of their business expenses made as a company. The purpose of this spending management platform varies as it allows them to help to document every financial spending spent for the company such as identifying the cost of manufacturing products using bought components or calculating the logistical costs within the company.

Benefits

Business spend management software helps businesses avoid overspending or make financially ignorant expenses decisions as to the software monitors and keep track of the expenses made on behalf of the company. This kind of spend management solution allows companies to keep on budget, or at the very least, give companies the idea of how much they need to spend further to get the desired results of the company without placing the company into financial trouble. Because the core function is that it enables the software to keep track of expenses, therefore making it a must-need for the companies’ accountants and financial officers which they can use the financial data and report them especially on crucial business seasons such as tax season.

As part of the spend management strategy, it also helps companies give an idea of how much exactly it tasks to manufacture their products, with the information provided being a helpful guide in finding alternative products that are cheaper to create. In turn, the software also plays a role in the company’s possible profitability.

Features

Business spend management software should provide a set-up framework where all financial costs of the company are stored and recorded as data within the software’s database. One of the spend management tools should also include safeguard tools where purchases must be approved by authoritative employees before the purchase can take place on the company’s behalf. Spend management systems also include financial management tools where users set up a budget limit within the company as a safeguard against overspending, as well as spending tracking tools where every cost purchase documents on record. The software should also be able to provide data analytics software features where the software can aggerate the data and summarize it in one, easy view.

  • Centralized software set-up
  • Purchase approval tools
  • Financial management tools
  • Budget limiter
  • Cost management tools
  • Data analytics tools

Top 10 Business Spend Management Software

1. Orderhive

Orderhive helps businesses automate every aspect of their business operations in real-time with features that include business spend management. Orderhive has 53 employees and earns annual revenue of $7.7 million.

2. Oracle Fusion Procurement

Oracle Fusion Procurement’s ERP accounting software streamlines and automates the company’s procurement process with highly advanced tools. Oracle has 196,083 employees and earns annual revenue of $2147.5 billion.

3. AvidXchange

AvidXchange uses artificial intelligence to power up its AP automation software that guarantees reliable results. AvidXchange has 1,200 employees and earns annual revenue of $156 million.

4. SAP Ariba

SAP Ariba’s e-procurement and supply chain software allow companies to easily transact payments from suppliers. SAP has 518 employees and earns annual revenue of $75.1 million.

5. Approve.Com

Approve.Com aids companies with their c that allows leaders to overlook pending transactions before approving them. Approve.Com is owned and developed by Tipalti, which the parent company has 495 employees and earns annual revenue of $52.8 million.

6. TradeGecko

TradeGecko empowers companies with their QuickBooks commerce business spend management software that gurantees company growth. TradeGecko has 151 employees and earns annual revenue of $46.1 million.

7. Procurify

Procurify simplifies the process of business spend management with their all-in-one features that are easy-to-use with their user-friendly interface. Procurify has 129 employees and earns annual revenue of $18.7 million.

8. SellerCloud

SellerCloud helps companies simplify their e-commerce operations with features that include spending management. SellerCloud has 79 employees and earns annual revenue of $11.5 million.

9. Bellwether

Bellwether assures a risk-free business spend management software that can be set up immediately. Bellwether has 22 employees and earns annual revenue of $3.2 million.

10. Tradogram

Tradogram’s cloud-based procurement software provides smart purchasing solutions to companies. Tradogram has 9 employees and earns annual revenue of $1.3 million.

FAQs

No. Business spend management software focuses more specifically on the manufacturing and logistical costs related to the company, therefore it doesn’t include financial employee management software tools that HR and employers use such as HR payroll, benefits management, employee tracking, and many more software tools

What does a business spend management software connect to other software?

Business spend management software connects well with enterprise resource planning software as it provides more extensive tools that allow companies to manage enterprise operations. The software also works well with supply chain software where communication between suppliers and the enterprise is often a crucial part of the business in supplying stocks. The software also integrates with inventory management software as it keeps track of the stock inventory available and the costs it might come with restocking them.

How much does a business spend management software cost?

Pricing for business spend management software can range from free to $499 per month or more, with custom pricing available for some software. Pricing for business spend management software varies depending on the features available and the intended target business. Small businesses may benefit more from free or low-cost business spend management software, while large businesses may benefit more from high-cost software.

Spend management software companies are now guided with the best software that can help them monitor and track how much they spend in making products and services and other business logistical matters.


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