Running a company costs a lot of expense. You need to buy the ingredients for your product, pay the bills, taxes, and other expenditures. Managing all these expenses can be troublesome and give you a hectic schedule. For this reason, professionals developed purchasing & expenses software to help you manage your expenses and improve procurement decision-making.


18+ Purchasing & Expenses Software

1. EPMX

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Rating: 5/5

Price: Custom

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2. Kissflow

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Rating: 4.6/5

Price: $9/month

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3. Precoro

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Rating: 5/5

Price: $29/month

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4. BeProfit

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Rating: 5/5

Price: FREE

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5. My Cloud PA

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Rating: 4/5

Price: FREE

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6. Procurify

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Rating: 5/5

Price: Custom

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7. SAP Ariba

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Rating: 4.4/5

Price: Custom

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8. Coupa

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Rating: 4.7/5

Price: Custom

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9. TradeGecko

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Rating: 5/5

Price: $39/month

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10. GEP SMART

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Rating: 4.6/5

Price: Custom

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11. Webexpenses

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Rating: 4.8/5

Price: Custom

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12. Divvy

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Rating: 5/5

Price: Custom

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13. Tradeshift

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Rating: 4.7/5

Price: Custom

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14. Odoo Expenses

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Rating: 5/5

Price: Custom

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15. Happay

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Rating: 4.55

Price: Custom

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16. DPO

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Rating: 4.7/5

Price: $19/month

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17. Zycus

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Rating: 4.8/5

Price: Custom

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18. Orderhive

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Rating: 4.4/5

Price: FREE

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19. ProcurementExpress.com

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Rating: 4.7/5

Price: FREE

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What is Purchasing & Expenses Software?

Purchasing & expenses software is a technological tool you need to help you manage expenses, including vendors, contracts, requisitions, supplies, bills, etc. Purchasing software provides various and numerous features and functionalities that can give a data visualization of the cash flow, allowing to perform high-quality budgeting and forecasting. Manually inspecting and accounting can take too much time and can even give you inaccurate results. Luckily, you can now use purchasing & expenses software that enables innovative characteristics showing you results and possibilities regarding your procurement and expenditures. With this software, you can avoid overlooks as they have alert and notification features that can remind you of your purchasing and expenses.

Benefits

Purchasing and expenses software provides numerous benefits and advantages. Undeniably, manually calculating, checking, remembering your company expenditures can sometimes lead to inaccurate spendings and calculations, leading to poor spend management and wrong invoices calculations. However, with purchasing & expenses, you can read and review your expenses conveniently due to its automated entire source-to-pay cycle.

Features

Platforms differ in terms of features and functionalities. Technology companies may provide free features, premium advanced features, or free trials lasting one month or more. It depends on the platforms; because they can have varying price ranges, it would be prudent to compare them before making a purchase. Since they offer a free trial, you can use it to review their features or read customer forums. The following are some useful and recommended features to consider in your research: 

  • Performance Metrics
  • Procurement Management
  • Purchase Order Management
  • Self Service Portal
  • Spend Analysis
  • “What If” Scenarios
  • Accounts Payable
  • Accounts Receivable
  • Activity Tracking
  • Multi-Currency
  • Online Booking
  • PO Reconciliation
  • Policy Management
  • Receipt Management

Top 10 Purchasing & Expenses Software

1. GEP Smart

GEP Smart developed by GEP includes buy-side (suppliers), contract lifecycle management, demand forecasting, completion tracking, and many more. GEP has annual revenue of $1210.5 million and 3969 employees.

2. SAP Ariba

SAP Ariba has annual revenue of $649 million and 4476 employees. SAP Ariba provides features such as returns management, shipping management, discount management, and many more.

3. Coupa

Coupa has an annual revenue of $397.4 million and 2741 employees. Coupa provides features such as license/contract management, purchase order management, requisition management, spend management, and many more.

4. Tradeshift

Tradeshift provides features such as spend analysis, workflow management, spend control, expense tracking, and many more. Tradeshift has annual revenue of $93.6 million and 720 employees.

5. Divvy

You can expect account payable, client management, billing portal, approval process control, and many more features at Divvy. Divvy has annual revenue of $68.1 million and 524 employees.

6. Procurify

Procurify provides features such as check writing, data extraction, invoice processing, cash management, and many more. Procurify has annual revenue of $18.7 million and 129 employees.

7. Kissflow

Kissflow includes document management, compensation management, compliance tracking, and many more valuable features you might need. Kissflow has annual revenue of $11.6 million and 80 employees.

8. Webexpenses

Webexpenses include booking management, business dashboard, fraud detection, and many more innovative features. Webexpenses has annual revenue of $10.2 million and 70 employees under them.

9. Precoro

Precoro has annual revenue of $3.8 million and 26 employees. Precoro provides features such as inventory management, audit trail, multi-currency, expense tracking, and many more.

10. EPMX

EPMX by Bellwether provides features such as fixed asset management, budgeting/forecasting, procurement management, invoice processing, and many more. Bellwether has annual revenue of $3.2 million and 22 employees.

FAQs

What is a procurement expense?

A procurement expense is money you have to pay to your suppliers or entities you purchase ingredients from for your business. Procurement expenses depend on your decision to purchase goods and services for your production. It also depends on market demand because you must adjust to their wants and needs, which affects your procurement.

What is the distinction between a purchase and an expense?

Purchase and expenses are usually understood as the same. Well, it is not wrong, but purchases and expenses also have distinctive characteristics in the business industry. Purchase also known as procurement, is the process by which you acquire the ingredients you need to manufacture your product. Expense is included your electronic services, consultation bills.

What are the advantages of employing expense management software?

There are numerous factors of expenses you need to remember and pay before deadlines when running a company. Overlooks and miscalculations can result in a series of negative events. With purchasing & expenses software, you can lessen these challenges and ensure good financial statistical analysis. Such software contains an impressive number of features that can help you in every detail of your purchasing and expenses.

Purchasing and expenses are one of the most critical processes in the business. One mistake in this process can lead to a negative chain reaction. Money can be lost, or unpaid expenses have a high probability. In that case, aside from loss, you can also damage the relationship between other entities. Fortunately, professionals offer purchasing & expenses software to assist you in managing your procurement, invoices, and billing process. Choose the best software for your business.


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