For businesses to grow and develop, it has to be careful in spending money by procuring sources. Company money is the most critical material your company should not lose to keep going and avoid bankruptcy. Fo this reason, we made this article to provide options of spend management software to help with your business finances.
11+ Spend Management Software
1. Sage Intacct
7. Sap Spend Management
8. Kissflow Procurement Cloud
What is Spend Management Software?
A spend management software is a technology developed by professionals to help you manage your budgeting and forecasting, aiming to spend less and increase product and services value. Unplanned and unanalyzed business finances can lead to losing millions of dollars, hindering your business development and growth. Fortunately, professionals created spend management software that displays illustrations of your spend analysis, allowing you to track and understand every critical aspect of your cash flow.
Spend management software offers valuable features to guide you manage and generate effective action plans to prevent redundant spending and costly procurements. With such a tool on hand, you can ensure you reach your financial goals.
Spend management is the tested and proven practice of handling all supplier relationships and company procurement to identify every dollar spent. Since managing your suppliers and finances can be a lot of work, spend management software is perfect for you. They provide functions and features enabling you to analyze and evaluate your company finances conveniently and quickly.
There are options of spend management software you can choose from according to your preferences. Every spend management software offers numerous valuable features you can find suitable and compatible with your business field. Such software comes in different price ranges; therefore, it is prudent to research and evaluate them to determine which is best for you and worthy of your money. Below are valuable features you shall consider during your research:
- Collaboration Tools
- Fixed Asset Management
- Inventory Management
- Invoice Processing
- PO Reconciliation
- Duplicate Payment Alert
- Purchase Order Management
- Spend Analysis
- Recurring Payments
- Approval Process Control
- Self Service Portal
Top 10 Spend Management Software
1. SAP Spend Management
With annual revenue of $2147.5 million and 127,885 employees, SAP can assist you in reducing the total cost of the supply chain, maintains all supplier contracts throughout their entire lifecycles, and monitors all suppliers for performance issues.
Gep.com, with annual revenue of $1210.5 million and 3969 employees, providing spend analysis, savings tracking, sourcing, contract management, supplier management, and procure-to-pay features.
3. Sage Intacct
With annual revenue of $104.1 million and 718 employees, Sage Intacct provides features such as accounts payable, accounting, accrual accounting, aging tracking, and more to guide your spend management.
Ivalua.com has annual revenue of $98.3 million and 678 employees; Ivalua software provides features such as contract lifecycle management, budget management, fixed asset management, and more.
With annual revenue of $50.5 million and 348 employees, Happay software by VA Tech Ventures provides prepaid cards, receipt management, reimbursement management, and more.
With annual revenue of $34.7 million and 267 employees, Spendesk software provides billing and invoicing, budget control, accounting integration, and more features to help you spend wisely.
Sievo offers contract/license management, procurement management, approval workflow, and more features for your spend management. With annual revenue of $23.2 million and 160 employees.
With annual revenue of $18.7 million and managing 129 employees, Procurify is the go-to purchasing and spend management platform for smart and simple spending.
9. Kissflow Procurement Cloud
With annual revenue of $1.3 million and nine employees, Tradogram is a simple procurement software for keeping track of all your company’s spending. They offer features such as expense tracking, global sourcing management, and more.
What is the significance of business spend management?
Spend management is the process by which businesses monitor, control, and analyze their costs. Spend management provides numerous benefits and advantages in your organization, especially your company financials. Business supplies can be costly, leaving you broke and financially problematic. You might think you are spending right, but they’re more ways you can execute in your management to save more and increase your product value.
Why do you need spend management software?
Manually, managing your spending is challenging and time-consuming. Since you need to attend and evaluate piles and piles of paperwork only to gather the complete data of your company’s spending, therefore allowing you expense forecasting and obtain an effective action plan helping you to spend more wisely and save impressively.
What is the difference between direct and indirect purchases?
There are two types of procurement, which are direct and indirect purchases. The act of purchasing the services, supplies, materials, and goods required to support your business’s day-to-day operations is known as indirect procurement. While direct purchasing is the process of purchasing or obtaining raw materials, resources, goods, and services for use in your company’s primary operations.
As an entrepreneur, computing and evaluating your finances and generate an action plan to help you reduce procurement costs and improve efficiency. Since tracking spendings and gathering data is time-consuming and a lot of work, using spend management software is the best choice. It provides statistical analysis of your spending flow by displaying your spending analytics, allowing you to understand what aspects can help you achieve your goal of reducing procurement costs and financial risk. Choose your best software here.
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