Accounts payables (AP) and spend analysis software tracks corporate spend and AP to identify trends, risks, and optimization opportunities. This type of software consolidates information from multiple sources or entities on procurement spending and payables. AP and spend analysis software provides companies with visibility into payables and procurement information such as reconciled external data against internal transaction data, which enables managers to reduce unnecessary spending and recover supplier payments. This software sometimes uses artificial intelligence (AI) technology to identify errors in AP processes such as duplicate payments, anomalies, and fraud, as well as assist in recovering overpayments, duplicate payments, or unused credits from suppliers. This type of software is used by procurement professionals and by AP departments to track and report on supplier and contract compliance.
AP and spend analysis software should not be confused with expense management software, which focuses exclusively on employee-related work expenses. AP and spend analysis solutions integrate with spend management software and AP automation software.
To qualify for inclusion in the AP and Spend Analysis category, a product must:
Classify procurement spending by type of purchase, category, supplier, or all of them
Provide benchmarking and reporting for AP and spend analysis
Help companies improve buying power and reduce costs
Ensure compliance with contract terms by suppliers
Improve AP and spending visibility across multiple locations and entities
Provide fraud or risk monitoring for AP payments and transactions
