Best Spend Management Software - Page 11

Spend management software tracks and manages non-payroll business expenses to provide organization-wide visibility into spending by collecting, analyzing, and centralizing procurement and purchasing data. It helps companies prevent overspending, ensure accurate financial reporting, and support procurement and accounting teams in planning and monitoring expenses.

Core Capabilities of Spend Management Software

To qualify for inclusion in the Spend Management category, a product must:

• Provide a centralized repository of procurement and purchasing data
• Manage corporate or procurement spend
• Include rules and workflows to approve purchases and payments
• Match purchase orders, supplier invoices, and payments
• Compare procurement budgets with actual spending
• Provide real-time reporting of spend transactions
• Analyze historical data and identify changes and trends in spending
• Deliver suggestions for savings by product, supplier, or department

How Spend Management Software Differs from Other Tools

Spend management software should not be confused with expense management software, which focuses on employee-initiated, ad hoc expenses such as travel and meals. Spend management tools integrate more closely with procurement software and broader supply chain systems such as supply chain planning software and sales & operations planning (S&OP) software to manage structured, organization-wide spending.

Insights from G2 Reviews on Spend Management Software

According to G2 review data, users highlight improved spend visibility, stronger purchasing controls, and more accurate financial reporting as key benefits of spend management platforms.