![]() Benefits of using spend management software There are various tools on the market for startups and more established businesses - ranging from enterprise spend management solutions to modular options within larger software suites - to help businesses manage their cash flow to boost business performance. It also helps them enforce policies and controls to help them keep spending within budget. Spend management software, then, helps businesses track and manage all of their non-payroll-related costs, helps them analyze spending to identify opportunities for cost savings, and forecast and optimize future budgets. While expense management software focuses primarily on individual expense tracking and reimbursement, spend management encompasses all types of spending within a business.įor example, spend management covers rent, utilities, materials, travel, advertising, insurance, taxes, professional services, and other miscellaneous business expenses. Spend management covers more than just employee spending and expenses. To help you decide on the best spend management solution for your business, here we go through what spend management software does and its benefits, and provide an overview of the seven best spend management solutions on the market. From employee reimbursements and software subscriptions to business travel expenses and utility costs, finance managers are tasked with making the most of every dollar.īut without the right tools to help them manage company funds, finance managers are stuck with spend management processes that are highly time-consuming, arduous, and prone to errors. Whether your business is scaling up or just setting out, optimizing your cash flow is a top priority.
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