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What is a spend management software?
Spend management software is a tool that helps you organize and manage the spend management process. This includes all the tasks involved such as making expenses via channels such as card and ACH, tracking and approving expenses in real-time, and reporting trends and insights in the spend management process.
The essence of spend management software is that it helps finance teams to handle tasks like:
- Keep an eye on expenses—both big and small picture
- Control spending in real-time
- Avoid over budget or unsanctioned expenses
- Build one source of truth where everyone involved can manage expenses together
- Move away from spreadsheets, forms, and emails
Spend management software packages your expenses into a simple container with the tools you need to manage them.
Top 5 features to look for in a spend management software
Right now, you’re shopping for spend management software, right? But in reality, what you’re looking to get are the features an ideal spend management software can offer you. Or, in other words, the essence of a spend management software lies in the features it packs for solving your problems.Here are some of those.
Real-time expense tracking
The essence of spend management is to manage company funds to ensure they’re spent as efficiently as possible. To do that, you need to keep a tight leash on expenses and keep track of each one as they happen. You don’t want to find out how much money you’ve lost at the end of the month. Instead, look for a solution that records expenditures in real time and gives you a reliable picture of what your employees are spending. Real-time expense tracking means you don’t have to restrict your employees to death, but you still maintain control over expenses.
Multiple payment options
Nowadays suppliers are increasingly demanding different payment channels and are even willing to offer discounts for the privilege. Offering your suppliers multiple payment options can lower costs and build better supplier relationships in the end. And it goes without saying that a good spend management software should support it.
In-depth spend reporting
Expense reports give you an overview of your expense history, tracking down purchases to the individual level. This functionality is a must have and is invaluable for keeping books up to date, limiting spend, and avoiding fraud.
Easy document retrieving like invoices, receipts, & POs
Invoices, receipts, and POs take up a lot of time for businesses to store and process. A good spend management software should make it easy to retrieve and keep track of essential documents for record keeping purposes and due diligence, including matching documents to authenticate transactions.
Automation—workflows & processes
Modern software is designed to limit direct human input and handle tasks faster and more efficiently. The only way that can be achieved is by processing huge volumes of data and channeling it into where it’s needed. A good spend management software should help you automate your workflows and processes and ensure that you can manage data quickly enough to support procurement operations.
About Kissflow Procurement Cloud
Kissflow Procurement Cloud is a flexible procure-to-pay software that enables businesses of all sizes to streamline their procurement processes. With Kissflow Procurement Cloud, companies can streamline their procurement strategy and improve their process efficiency. Its modules include eProcurement, Punchout Catalogs, AP Automation, Supplier Portal and Management, Inventory Management, Custom Integrations, and much more in one unified platform. If you’re transitioning from manual procurement management tools or replacing disparate systems, look no further than Kissflow Procurement Cloud.
Recommended Reading:
- Understanding Spend Management & Why You Need it
- Top 5 procurement tools available in the market and which to choose
