Are you stuck? Trying to figure out the legitimate options in the world of spend management software? Don’t fret; we’ve got your back! In this guide, we unveil the ultimate lineup of industry leaders and a few niche players that might be the perfect fit.
Get ready to make an informed decision and take control of your spending like a pro!
But first, let’s cover the basics.
What is Spend Management Software?
Spend management software gives you visibility so you can conduct spend analysis, as well as mechanisms to streamline your organization’s cost-saving process. Within that, different Spend management software solutions will specialize in different areas (such as SaaS licenses, travel expenses, etc.); your job is the find the software that will improve your processes, give you better visibility, and automate more of the work so you can save more while doing less.
What is an Example of Spend Management?
Your spend management is like the control tower at an airport, coordinating every aspect of spending to ensure smooth and efficient operations. As a result, there are many forms that it can take. For example:
- Contract Renewal: A technology company uses the system to manage SaaS contracts. Automated reminders prompt the procurement team to renegotiate or terminate contracts before renewal dates, avoiding auto-renewal costs.
- Vendor Consolidation: A manufacturing firm uses spend management software to identify overlapping vendors for raw materials. By consolidating purchases with fewer vendors, they negotiate better bulk pricing.
- Budget Compliance: A university’s IT department deploys the software to track spending against budget in real-time. It sets up alerts for when spending nears the budget limit, preventing overspend.
- Expense Approval Workflow: A marketing agency utilizes spend management software to streamline the approval process for marketing campaign expenses. Staff submit expenses for approval within the platform, ensuring transparency and timely project execution.
How to Use This Guide
Here’s the reality, buying software isn’t fun. There are endless choices, each with different pricing models, different value propositions, and fancy jargon to hype up average features. It’s overwhelming.
Hopefully, this guide provides a bit of clarity in a chaotic industry. Our goal is to both inform and empower you with the knowledge and core insight into the top players.
Each section is a no-nonsense, high-level breakdown of the tool and includes information pulled from a number of locations, including Gartner, Trust Pilot, G2, and the Vendor’s websites.
Good luck!
Torii: SaaS Spend Management Software
- Users: IT departments, and businesses managing a variety of applications, including communication, identity management, CRM, HR, finance, accounting, and marketing.
- Industries: Various, given the breadth of applications it covers, it isn’t industry-specific.
- Market Segment: Primarily targeted at businesses needing to manage their SaaS applications and licenses.
- Best For: Companies seeking visibility and control over their SaaS usage and expenses. Shadow IT detection for additional savings.
Overview:
Torii is engineered for businesses to optimize SaaS expenditures through an array of features like shadow IT discovery, spend analytics, cost optimization workflows, license optimization, and contract management.
Core Features:
- SaaS Discovery and Mapping: Auto-detection and mapping of all SaaS applications, including shadow IT, for a full view of SaaS spend.
- SaaS Spend Analytics: Detailed insights into usage trends, per-user costs, and contract specifics for informed decision-making.
- SaaS Cost Optimization: Recommendations for cost*savings via application consolidation, pricing negotiations, and subscription cancellations.
- SaaS Contract Management: Manages contract renewals, negotiations, and terminations efficiently.
Target Audience:
Optimal for any size business with a large number of SaaS applications:
- Cut SaaS expenditures
- Gain complete visibility into SaaS spending
- Streamline SaaS stack
- Enhance contract management
Benefits:
- Cost Reduction: Identifies potential savings in SaaS spending through application consolidation, better pricing, and cancellations.
- Spend Visibility: Comprehensive insights into spending trends, enabling informed decisions.
- Stack Optimization: Guidance for streamlining SaaS applications to be cost-effective.
- Contract Efficiency: Effective tracking and management of SaaS contract terms and renewals
Pricing:
Torii offers three tiers of pricing; Basic, Professional, and Enterprise. A free trial is available.
Getting Started:
To get started with Torii, select an appropriate pricing plan, and connect cloud-based software subscriptions. Once connected, Torii will automatically discover all of the subscriptions and provide businesses with a comprehensive view of their SaaS spending. Advanced workflows are available to automate future spend management processes.
Additional Considerations:
- Integrations: Torii integrates with other financial tools to give you even more insight and cost-control power
- Support: Offers extensive support through email, phone, and live chat as well as a designated CSM for Professional and Enterprise plans.
- User Reviews: Generally positive, noted for ease of use, comprehensive features, and fluid workflow automation.
Conclusion:
Torii is a robust SaaS spend management solution tailored for businesses of varying sizes and complexities struggling with bloated SaaS expenditures. For cloud-first companies, Torii is the best option that can work in conjunction with other spend management software solutions. With its comprehensive feature set, it provides actionable insights, cost-saving recommendations, and efficient contract management.
Spendesk: Spend Management Platform
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- Users: Finance teams and employees in businesses.
- Industries: Not specified.
- Market Segment: Companies looking to manage operational spending with real-time insights.
- Best For: Managing company expenses, operational spending control, and real-time spend insights.
Overview:
Spendesk consolidates spend management with a focus on expense management, accounts payable automation, corporate card programs, and budgeting and forecasting.
Core Features:
- Expense Management: Automated expense reporting for simplified submissions and managerial approvals.
- Accounts Payable Automation: Streamlines invoice approvals to ensure timely payments.
- Corporate Card Programs: Offers cards that enhance control and savings on spending.
- Budgeting and Forecasting: Features for planning and tracking financial activities.
- Real-Time Reporting: Provides instant analytics to monitor spending and identify savings.
Target Audience:
Optimal for businesses seeking to:
- Streamline spending processes
- Scale with rapid growth
- Save time and money
Benefits:
- Process Efficiency: Automates manual tasks, freeing up employee time.
- Cost Reduction: Offers real-time visibility into spending to identify savings.
- Enhanced Control: Spending limits, pre-approvals, and real-time reporting for better spend governance.
Pricing:
Spendesk offers custom pricing tailored to the needs of different businesses. Interested parties are encouraged to contact Spendesk’s experts for a personalized quote.
Pricing is subject to change: Check their official website for the latest
Getting Started:
To get started with Spendesk, businesses can book a demo or try out the platform. More detailed information on the onboarding process can be obtained by reaching out to Spendesk directly.
Additional Considerations:
- Integrations: Supports integration with various accounting software and business applications.
- Support: Comprehensive support via email, phone, and live chat.
- User Reviews: Generally positive, noted for ease of use, extensive features, and customer support.
Conclusion:
Spendesk is an integrated spend management platform suited for diverse business sizes and growth stages. It offers a well-rounded feature set, from expense management to real-time analytics, ensuring streamlined spending and enhanced control. Pricing is flexible, and the user experience is largely positive.
Ramp: Spend Management Platform
- Users: Businesses of all sizes, particularly well-suited for small and medium-sized businesses.
- Industries: Various, with a focus on procurement and spend management.
- Market Segment: Companies looking for advanced procurement tools with features for sourcing, contract, and supplier management.
- Best For: Control spending, save time, and automate busywork via features like corporate card, bill pay, expense reporting, budgeting, and integrations.
Overview
Ramp is a spend management platform that helps businesses control their spending, save time, and automate busy work. Ramp offers a corporate card that can be used to pay for all types of business expenses, as well as a number of other features such as bill pay, expense reporting, and budgeting.
Features
- Corporate card: Ramp offers a corporate card that can be used to pay for all types of business expenses. Businesses can set spending limits and restrictions on individual cards.
- Bill pay: Ramp allows businesses to pay their bills electronically. Businesses can schedule recurring payments and receive automatic notifications when bills are due.
- Expense reporting: Ramp automates expense reporting. Employees can submit their expenses through the Ramp app or website, and businesses can approve and reimburse expenses quickly and easily.
- Budgeting: Ramp helps businesses to create and manage budgets. Businesses can set budgets for individual employees and teams, and they can also track their spending against their budgets.
- Integrations: Ramp integrates with a variety of other business tools, such as accounting software and CRM systems. This allows businesses to automate their spend management workflow and save even more time.
Target Audience
Ramp is targeted at businesses of all sizes, but it is particularly well-suited for small and medium-sized businesses. Ramp can help businesses save money on their spending by offering discounts on popular SaaS and cloud services, as well as by providing insights into their spending habits.
Benefits
- Control spending: Ramp gives businesses complete control over their spending. Businesses can set budgets for individual employees and teams, and they can also freeze cards and restrict spending categories.
- Save time: Ramp automates many of the time-consuming tasks associated with spend management, such as expense reporting and bill pay. This frees up employees to focus on more important tasks.
- Automate busywork: Ramp integrates with a variety of other business tools, such as accounting software and CRM systems. This allows businesses to automate their spend management workflow and save even more time.
Pricing
Ramp now offers a $0 per user/month plan and a Ramp Plus plan at $15 per user/month.
Pricing is subject to change: Check their official page for the latest.
Getting Started
To get started with Ramp, businesses need to create an account and verify their identity. Once their account has been approved, businesses can order corporate cards and start paying for expenses.
Additional Considerations
- Security: Ramp takes security seriously and uses a variety of security measures to protect its users’ data.
- Support: Ramp offers customer support via email and phone.
- User Reviews: Generally positive user reviews based on ease of use, comprehensive features, and competitive pricing.
Conclusion
Ramp is a good option for businesses of all sizes, but it is particularly well-suited for small and medium-sized businesses. Ramp offers a number of features that can help businesses to save money on their spending, save time, and automate busywork.
Freshbooks: Accounting Software
- Users: Freelancers, sole proprietors, small businesses.
- Industries: Various, as it caters to a broad range of small business types.
- Market Segment: Small business accounting, particularly those needing invoicing and expense tracking.
- Best For: Invoicing, expense tracking, and small project management.
Overview:
FreshBooks provides cloud-based accounting solutions targeting small businesses and freelancers. It excels in invoicing, expense tracking, and time tracking.
Core Features:
- Invoicing: Customizable invoices with branded elements. Quick creation and distribution.
- Expense Tracking: Receipt upload and categorization made easy.
- Time Tracking: Effortless time recording for projects and tasks.
- Reporting: Wide range of financial reports, including income, expenses, and profits.
Target Audience:
Ideal for:
- Small businesses seeking affordable, user-friendly accounting solutions.
- Freelancers requiring streamlined financial management.
- Scalable businesses need flexibility as they grow.
Benefits:
- User-Friendliness: Designed for those with minimal accounting experience.
- Cost-Effectiveness: Competitive pricing compared to other solutions.
- Feature-Rich: Comprehensive suite for diverse financial management needs.
- Scalability: Features scale to accommodate business growth and increased complexity.
Pricing:
Four plans are available—Lite, Plus, Premium, and Select. Pricing is based on the number of active clients and required features.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
FreshBooks offers a free trial option, which businesses can use before coming to a paid plan.
Additional Considerations:
- Integrations: Compatibility with multiple CRM software and payment systems.
- Support: Extensive support options, including email, phone, and live chat.
- User Reviews: Predominantly positive for ease of use, feature set, and support.
Conclusion:
FreshBooks stands out as a reliable accounting software platform specifically designed for small businesses and freelancers. Its ease of use, cost-effectiveness, and scalability make it a strong contender in its category. Before settling, consider its third-party integrations, customer support, and user reviews. A free trial is recommended to evaluate fit.
Wave: Accounting Software
- Users: Freelancers, very small businesses, micro businesses with less than 10 employees, contractors, and other service-based businesses on a budget.
- Industries: Various, particularly service-based industries given its invoicing and accounting features.
- Market Segment: Free accounting and invoicing solutions for very small businesses and freelancers.
- Best For: Budget-friendly accounting, invoicing, and bookkeeping needs, particularly for very small businesses and freelancers.
Overview:
Wave is designed for small businesses and freelancers, providing a free, user-friendly spend management solution.
Features:
- Expense Tracking: Easy uploading and categorizing of receipts.
- Invoicing: Customizable invoice templates with branding options.
- Payments: Multiple payment methods, including online and through the mobile app.
- Reporting: Diverse report types covering income, expenses, and profits.
Target Audience:
Small businesses, freelancers, and startups looking for a no-cost, simple way to manage spending.
Benefits:
- Cost-Effective: Completely free, no hidden charges.
- User-Friendly: Intuitive interface, suitable for those without accounting experience.
- Feature-Rich: Offers expense tracking, invoicing, payments, and more.
- Mobile Access: Available mobile app for financial management on-the-go.
Pricing:
Wave’s core features, such as invoicing, accounting, and banking, are offered for free. However, there are charges for additional services:
- Invoicing: Free
- Accounting: Free
- Banking: Free
- Payments:
- Credit Cards: 2.9% + $0.30 per transaction
- Bank Payments (ACH): 1% per transaction ($1 minimum fee)
- Mobile Receipts:
- Monthly: $4.99
- Yearly: $49.99 (approx. $4.17 per month)
- Payroll:
- Tax Service States: $35/month base fee + $6 per active employee
- Self-Service States: $20/month base fee + $6 per active employee1.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Sign up for a free account and begin utilizing the various features. Tutorials and resources are available for assistance.
Additional Considerations:
- Integrations: Compatible with CRM and payment processing systems for easy workflow integration.
- Support: Multiple channels available, including email, phone, and live chat.
- User Reviews: Generally positive feedback highlighting ease of use and comprehensive feature set.
Conclusion:
Wave is a robust yet free spend management tool suited for small businesses and freelancers. Its comprehensive features and ease-of-use make it ideal for startups. With its range of integration and support options, it’s highly adaptable for different business needs.
Expensify: Expense Management Software
- Users: Very small businesses to enterprise-level, though not designed for larger enterprises.
- Industries: Various as it’s a general financial management system.
- Market Segment: Businesses looking for expense management solutions with corporate credit card features.
- Best For: Expense tracking and management, especially for businesses spending significant amounts on their corporate cards to benefit from cash back features.
Overview:
Expensify specializes in automating expense management for businesses. Features include expense reporting, corporate card programs, accounts payable automation, and budgeting and forecasting.
Features:
- Expense Reporting: Allows quick and mobile-friendly expense submission and approval.
- Corporate Cards: Customizable programs for business expenses.
- Accounts Payable: Automates invoice approval, streamlining payment processes.
- Budgeting & Forecasting: Tools for financial planning and tracking.
- Analytics: Real-time reports for informed decisions.
Target Audience:
Optimal for all-sized businesses, particularly those focusing on streamlining spending processes and requiring scalability.
Benefits:
- Streamlined Spending: Automates tasks like expense reporting and invoice approvals.
- Cost Efficiency: Offers real-time visibility into spending to help cut costs.
- Control: Features such as spending limits and real-time reporting enhance financial control.
- Productivity: Time-saving features increase employee focus on core duties.
- Fraud Risk: Built-in fraud detection mechanisms.
Pricing:
Expensify’s pricing begins at $9 per user per month with the use of the Expensify Card. The cost can be reduced to $0 per user per month by meeting a certain minimum monthly card spend. If less than 50% of a company’s spend is on the Expensify Card, an unbundled fee is charged on a sliding scale. The Expensify Control plan, priced at $9 per user per month (if paid annually and using the Expensify card for 50% of the company’s spending), includes features like multiple approvers and expense policies.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
New users can sign up for a free trial and choose a plan that fits their needs to begin.
Additional Considerations:
- Integrations: Seamless integration with other accounting and business software.
- Support: Multiple channels, including email, phone, and live chat.
- User Reviews: Generally positive, praising its ease of use and features.
Conclusion:
Expensify offers a full suite of features for spend management, suitable for businesses of all sizes. Its automation capabilities can save both time and money, while providing robust control over expenditures. The platform is easily integrable with existing business software and offers multiple support channels.
Dext: Spend Management Software
- Users: Bookkeepers, small to medium business owners.
- Industries: Not specified, though it seems to have a strong focus on bookkeeping and financial management.
- Market Segment: Small to Medium Enterprises (SMEs) (assumed based on the description and reviews).
- Best For: Increasing productivity in bookkeeping, aiding in digital transition, automating financial data entry, providing real-time and accurate insights for better financial management.
Overview:
Dext is cloud-based, targeting businesses of all sizes. It’s ideal for streamlining spending processes and suitable for fast-growing businesses.
Features:
- Expense Reporting: Automated process accessible via a mobile app for quick receipt capture.
- Invoice Automation: Streamlines invoice receiving and payment, including automatic data extraction.
- Bill Pay: Automation for timely bill payments through various methods.
- Reporting and Analytics: Real-time data and analytics for spending insight.
Target Audience:
Businesses of all sizes, particularly those aiming for efficient spending and scalability.
Benefits:
- Process Efficiency: Automates tasks like expense reporting, invoice processing, and bill pay.
- Cost Savings: Real-time visibility into spending; features for automated bill pay and early payment discounts.
- Control: Features like spending limits, pre-approvals, and real-time reports enhance control over expenses.
- Productivity: Simplifies expense reporting, freeing up employee time.
- Fraud Prevention: Built-in fraud detection capabilities.
Pricing:
Dext offers three products, each with its own pricing structure and tiers.
- Dext Prepare: Auto-extract your financial data
- Dext Commerce: Auto-fetch all your digital sales transactions
- Dext Precision: Quality control your accounting data
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Dext offers options for both a free trial and a demo on their website.
Additional Considerations:
- Integrations: Compatible with various accounting software and business applications.
- Support: Multiple support channels, including email, phone, and live chat.
- User Reviews: Generally positive, highlighting user-friendliness and feature range.
Conclusion:
Dext is a robust solution for businesses seeking to streamline spending. It offers multiple features and scalability options, making it ideal for both small and large enterprises.
Certify: Spend Management Software
- Users: Small businesses to larger organizations.
- Industries: Various, as it’s a general expense tracking software.
- Market Segment: Organizations in North America looking for spend management solutions.
- Best For: Expense tracking, travel booking and itinerary management, especially for organizations wanting an all-in-one solution for spend management.
Overview:
Certify is a cloud-based platform designed for businesses of all sizes. It specializes in automating spending processes, making it ideal for rapidly growing businesses.
Features:
- Expense Reporting: Automated and mobile-enabled for on-the-go reporting.
- Invoice Automation: Simplifies invoice receiving and payment, integrates with accounting software.
- Corporate Card Programs: Cards for business expenses with rewards to enhance savings.
- Budgeting and Forecasting: Tools for planning, tracking, and reporting on budgets.
- Real-Time Reporting: Insights into spending patterns, useful for decision-making.
Target Audience:
All sizes of businesses, particularly those needing to streamline spending and enhance operational efficiencies.
Benefits:
- Process Efficiency: Automates key spending tasks like expense reporting, invoice processing, and corporate card reconciliation.
- Cost Reduction: Real-time visibility into spending; features like corporate card rewards and early payment discounts.
- Enhanced Control: Enables spending limits, pre-approvals, and real-time reporting for better spend management.
- Productivity Boost: Streamlines expense reporting, saving employees time.
- Fraud Mitigation: Built-in fraud detection.
Pricing:
Certify has various pricing options including a plan for small businesses at $12 per user per month. They also offer a Professional plan with flexible pricing options tailored to the needs of the organization.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Sign up for a free trial, choose a pricing plan, begin using Certify.
Additional Considerations:
- Integrations: Compatible with multiple accounting software and business apps.
- Support: Various channels including email, phone, and live chat.
- User Reviews: Generally positive, emphasizing ease of use and comprehensive feature set.
Conclusion:
Certify is a robust platform for spending management. It offers a comprehensive range of features that can scale with your business.
Brex: Spend Management Platform
- Users: Startups to enterprises, with a focus on startups and growing businesses.
- Industries: Various, but may have a focus on tech given its startup-oriented features.
- Market Segment: Corporate spend management, especially for startups and fast-growing companies.
- Best For: Providing corporate cards with higher limits, business accounts, and advanced spend management software as startups grow.
Overview:
Brex is a spend management platform, tailored for startups and growing businesses, providing automated spending processes and real-time insights.
Features:
- Corporate Card Programs: Cards designed for business expenses, coupled with rewards for additional savings.
- Expense Reporting: Automated process via mobile app for receipt capture and report submission.
- Budgeting and Forecasting: Tools for planning, tracking, and reporting on spending.
- Real-Time Reporting: Analytical tools for monitoring spending patterns, aiding in decision-making.
Target Audience:
Startups and growing businesses requiring a comprehensive spend management solution.
Benefits:
- Process Efficiency: Automates expense reporting and corporate card reconciliation.
- Cost Reduction: Real-time spending visibility; features such as reward programs and early payment discounts.
- Enhanced Control: Provides spending limits, pre-approvals, and real-time reporting.
- Productivity Boost: Streamlines expense reporting, saving employees time.
- Fraud Mitigation: Built-in fraud detection features.
Pricing:
No public price is available.
Getting Started:
Open an account, which can be done from any device in approximately 10 minutes. Once the account is set up, businesses can manage their funds, including making deposits to earn yield or handling transactions such as ACH, checks, and wire transfers without incurring additional fees.
Additional Considerations:
- Integrations: Compatibility with multiple accounting software and business applications.
- Support: Varied channels including email, phone, and live chat.
- User Reviews: Generally positive feedback, highlighting ease of use and feature depth.
Conclusion:
Brex delivers a robust spend management platform designed for startups and growing businesses. Comprehensive features coupled with flexibility make it a compelling choice.
Mercury: Spend Management Platform
- Users: Startups, tech-focused businesses, and growing companies.
- Industries: Tech-focused, though not limited to this industry.
- Market Segment: Startups and growing businesses requiring banking and financial management solutions.
- Best For: No-fee banking, high-tech business checking and savings accounts, financial management for startups and growing companies.
Overview:
Mercury specializes in startup banking alternatives, offering automated features and real-time analytics.
Features:
- Corporate Card Programs: Business-centric cards designed for various expenses, backed by rewards.
- Expense Reporting: Automated via mobile app for ease of capture and submission.
- Budgeting and Forecasting: Planning and tracking tools to better manage spending.
- Real-Time Analytics: Immediate reporting capabilities for informed decision-making.
Target Audience:
Tailored for startups and growing businesses requiring a full-fledged spend management system.
Benefits:
- Process Efficiency: Automation in expense reporting and corporate card reconciliation.
- Cost Savings: Real-time insight into spending, plus corporate card rewards and early payment discounts.
- Control Enhancement: Features such as spending limits, pre-approvals, and real-time reporting.
- Productivity Increase: Simplifies the expense reporting process, conserving employee time.
- Fraud Risk Reduction: Integrated fraud detection features.
Pricing:
Mercury offers a pricing structure that leans towards rewarding businesses rather than charging them. Key points include:
- 1.5% Cashback on transactions.
- Earn up to 5.47% on idle cash; interest rates are updated weekly (as of 10/23/2023, assuming total Mercury deposits of $20M+).
- Free transactions: This encompasses sending & receiving ACH, checks, and domestic wires1.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
To get started, you’ll need:
- EIN Number and EIN document
- Formation document
- Proof of Identification
Responses typically take 1 – 3 days.
Additional Considerations:
- Integrations: Broad compatibility with accounting software and other applications.
- Support: Multiple channels including email, phone, and live chat.
- User Reviews: Positive feedback, emphasizing user-friendliness, comprehensive features, and support.
Conclusion:
Mercury is a solid choice for startups and growing businesses, offering a full suite of features and flexibility in pricing.
Payem: Spend Management Platform
- Users: Not explicitly mentioned, but seems tailored to organizations needing SaaS spend management and business credit card solutions.
- Industries: Various, as it’s a general spend and procurement platform.
- Market Segment: Global organizations looking to manage non-payroll spend including vendor payments, corporate credit cards, employee expense management, and procurement.
- Best For: Automating finance processes from request to reconciliation, and managing global spend & procurement.
Overview:
Payem is a cloud-based platform, offering robust features like expense reporting, corporate card programs, invoice automation, and budgeting. Suitable for businesses of all sizes.
Features:
- Expense Reporting: Automated process, enabled via a mobile app for on-the-go reporting.
- Corporate Card Programs: Designed for business expenses with rewards options.
- Invoice Automation: Streamlines invoice receipt and payment, with data extraction for accounting.
- Bill Pay: Automated system for timely bill payments via multiple methods.
- Budgeting and Forecasting: Tools for financial planning and progress tracking.
Target Audience:
Optimal for businesses aiming to streamline spending processes and particularly beneficial for fast-growing enterprises.
Benefits:
- Process Efficiency: Automates tasks like expense reporting, invoice processing, and bill pay.
- Cost Savings: Real-time tracking and features for monetary savings, such as rewards and early payment discounts.
- Control Enhancement: Implements spending limits, pre-approvals, and real-time reporting.
- Productivity Increase: Simplified expense reporting system saves employee time.
- Fraud Risk Reduction: In-built fraud detection capabilities.
Pricing:
PayEm’s pricing details are not publicly disclosed on their official website.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Payem offers options for either booking a demo or a consultation on their website.
Additional Considerations:
- Integrations: Compatible with various accounting software and business applications.
- Support: Accessible via email, phone, and live chat.
- User Reviews: Generally favorable, noting the platform’s ease of use and feature set.
Conclusion:
Payem offers an all-inclusive spend management platform with an emphasis on automation and real-time visibility. It caters to businesses of all sizes and is scalable in features.
Coupa: Spend Management Platform
- Users: Procurement teams, expense managers, vendor management offices.
- Industries: Not specified.
- Market Segment: Not specified.
- Best For: Procurement (via punch-out stores), expense management, vendor management.
Overview:
Coupa is a cloud-based BSM platform, offering a broad array of features from procurement to spend analytics. It caters to businesses of all sizes.
Features:
- Procurement: Streamlines sourcing, requisition management, and purchase order processing.
- Expense Management: Automates expense reporting and reimbursements.
- Accounts Payable: Facilitates automated invoice processing and payments.
- Spend Analytics: Provides real-time spend data across categories and suppliers.
Target Audience:
Ideal for businesses aiming to streamline spending, increase efficiency, gain visibility, reduce costs, and mitigate risk.
Benefits:
- Process Streamlining: Automation of tasks like purchase orders, invoice approvals, and expense reporting.
- Visibility Enhancement: Real-time spend analytics across all categories and suppliers.
- Cost Reduction: Automation and improved supplier negotiations lead to cost savings.
- Efficiency Boost: Automated tasks and better inter-departmental communication enhance efficiency.
- Risk Mitigation: Compliance automation and visibility features reduce business risks.
Pricing:
Coupa’s pricing is not publicly disclosed on their official website.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Coupa offers an extensive library of demos on its website.
Additional Considerations:
- Integrations: Compatible with multiple accounting software and business applications.
- Support: Accessible support through email, phone, and live chat.
- User Reviews: Generally positive, citing ease of use, comprehensive feature set, and good support.
Conclusion:
Coupa offers an all-encompassing BSM platform focused on automation, visibility, and efficiency. It is suitable for businesses of all sizes and provides scalability.
Precoro: Procure-to-Pay Software
- Users: Companies looking to control and manage their spending.
- Industries: Not specified.
- Market Segment: Small to Medium Enterprises (SMEs) (assumed based on the description).
- Best Used For: Managing direct and indirect company spending, streamlining the purchasing process, and automated PR and PO processing.
Overview:
Precoro is a cloud-based P2P platform automating procurement tasks from purchase requisitions to spend analytics. Designed for businesses of all sizes.
Features:
- Purchase Requisition: Electronically manage purchase requisitions, streamlining approvals and documentation.
- Purchase Order: Automated generation and management, ensuring accuracy and timeliness.
- Invoice Management: Streamlines invoice processing from receipt to payment.
- Spend Analytics: Real-time spend tracking by various parameters, useful for cost-saving decisions.
Target Audience:
Best for businesses aiming to:
- Streamline procurement
- Enhance spend visibility
- Reduce costs
- Boost efficiency
- Improve compliance
Benefits:
- Process Efficiency: Automation in purchase requisition, order generation, and invoice matching saves time and money.
- Spend Visibility: Real-time analytics for spending by category, supplier, and department.
- Cost Reduction: Automation and supplier negotiations lead to cost savings.
- Efficiency Enhancement: Workflow automation and better communication improve efficiency.
- Compliance: Audit trails, spending tracking, and approval workflows enhance compliance.
Pricing:
For smaller teams (20 employees or less) Precoro is available for $35.00 per user per month, billed annually. Larger teams can request a custom quote.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Sign up for a free trial, select a pricing plan, and start using Precoro for procurement management.
Additional Considerations:
- Integrations: Compatible with various accounting software and business applications.
- Support: Multiple support channels, including email, phone, and live chat.
- User Reviews: Generally positive reviews, highlighting ease of use, features, and customer support.
Conclusion:
Precoro is a robust P2P solution offering streamlined procurement, real-time spend visibility, cost reduction, and compliance features. Suits businesses of any size and offers scalability.
Navan: Spend Management Platform
- Users: EAs, finance teams, travel managers, employees.
- Industries: Broad, with a focus on organizations requiring travel and expense management.
- Market Segment: Global inventory management for travel-related resources like hotels, airways, and trains.
- Best For: All-in-one travel, corporate card, and expense management solution, providing real-time visibility and control over spend.
Overview:
Navan is a cloud-based spend management platform designed for businesses of all sizes, focusing on automation, spend visibility, cost reduction, efficiency, and risk mitigation.
Features:
- Purchase Order Automation: Manages the entire purchase order lifecycle.
- Invoice Automation: Automates invoice processing from receipt to payment.
- Expense Reporting: Handles expense report submission to reimbursement.
- Spend Analytics: Provides real-time data on spending.
- Contract Management: Manages contract renewals, negotiations, and terminations.
Target Audience:
Optimal for businesses looking to:
- Automate spend management
- Improve spend visibility
- Cut costs
- Boost efficiency
- Minimize risk
Benefits:
- Task Automation: Automates purchase orders, invoice approvals, and expense reporting, freeing up the workforce for key tasks.
- Spend Visibility: Real-time analytics across all categories and suppliers.
- Cost Reduction: Enables automation and supplier negotiations for cost savings.
- Efficiency Boost: Streamlines workflows and enhances departmental communication.
- Risk Mitigation: Automates compliance checks and provides spend visibility.
Pricing:
Navan operates on a subscription model with an option to start for free. They have not publicly disclosed their pricing structure on their official website.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Navan offers both a demo, and a “start for free” option on their website.
Additional Considerations:
- Integrations: Compatibility with various accounting software and applications.
- Support: Multiple support channels: email, phone, live chat.
- User Reviews: Generally positive, emphasizing ease of use, feature set, and customer support.
Conclusion:
Navan offers robust features for spend management automation, real-time analytics, cost reduction, and risk management. Scalable for any business size and offers flexible pricing plans.
Procurify: Spend Management Platform
- Users: Organizations seeking real-time visibility and control over business spend.
- Industries: Not specified.
- Market Segment: Not specified.
- Best For: Real-time visibility and control over all business spending, minimizing rogue spend, and capturing reliable spend data for proactive management.
Overview:
Procurify operates in the cloud to automate spend management for businesses of various sizes, enhancing spending visibility and cost reduction.
Features:
- Purchase order automation
- Invoice approval automation
- Automated expense reports
- Spend analytics
- Contract oversight
Target Audience:
Ideal for businesses of any size, Procurify excels for those aiming to:
- Automate spend management processes
- Enhance visibility in spending
- Cut costs
- Elevate efficiency
- Minimize risk
Benefits:
- Automation: Streamlines tasks like purchase orders, invoice approvals, and expense reports, freeing up employee bandwidth.
- Spending Insight: Real-time tracking of all spending facets, aiding in smarter decision-making.
- Cost Cutting: Enables negotiations for better supplier pricing and eradicates waste.
- Efficiency: Automates tasks and improves departmental communication.
- Risk Mitigation: Facilitates compliance checks and improves spend visibility.
Procurify Pricing:
Procurify operates on a per-user, per-month pricing model, billed annually. The pricing details are not fully disclosed on their official website, but it’s mentioned that everything needed from procure to pay is available for only $2K USD a month.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Procurify offers a contact form for more information, for a personalized demo, or to speak with a team of experts.
Additional Considerations:
- Integration: Effortlessly blends with existing accounting software and business apps.
- Support: Multiple avenues like email, phone, and live chat are available.
- User Feedback: Overall positive reviews underline ease of use and feature robustness.
Conclusion:
Procurify excels as a spend management tool, offering a wide range of features and pricing options. It is apt for businesses seeking a fully-featured spend management system.
Center: Spend Management Solution
- Users: Finance teams, businesses looking to manage employee spending.
- Industries: Various, as it’s a general expense management solution.
- Market Segment: Streamlining employee spend and expense management, with a focus on real-time expense management.
- Best For: Companies seeking to streamline month-end close, boost compliance, and uncover insights for data-driven decision making.
Overview:
Center is a comprehensive, cloud-based spend management solution. It focuses on automation, visibility, cost reduction, and control over spending.
Features:
- Expense Reporting: Mobile app allows on-the-go submission and approval of expenses.
- Corporate Cards: Offers benefits including rewards, spending limits, and fraud protection. Integrates with accounting software.
- Invoice Automation: Auto-extracts invoice data and creates journal entries in accounting software.
- Bill Pay: Automates payment processes, including setting up recurring payments.
- Budgeting and Forecasting: Tools for planning, tracking, and predicting spending.
Target Audience:
Optimal for businesses of all sizes seeking to:
- Streamline spend management
- Enhance spend visibility
- Lower costs
- Boost efficiency
- Control spending
Benefits:
- Process Automation: Automates key spend management tasks such as expense reporting, invoice processing, and bill pay, thereby increasing operational efficiency.
- Spend Visibility: Provides real-time analytics to give a comprehensive view of spending across categories and suppliers.
- Cost Reduction: Uses automation and supplier negotiations to decrease costs.
- Efficiency Increase: Streamlines workflows and enhances inter-departmental communication.
- Spending Control: Features like spending limits, pre-approvals, and real-time reporting enhance control over expenditures.
Pricing:
Center operates on a unique pricing model where there are no upfront costs or licensing fees. Instead, every time a user swipes the CenterCard, a small fee is paid to Mastercard, which is shared with Center. There’s also a flat fee charged for corporate travel bookings which covers unlimited itinerary changes, self-service cancellations and adjustments, and 24/7 omnichannel traveler support and services.
Pricing is subject to change: Check their official page for the latest.
Getting Started:
Center offers to let you book a demo.
Additional Considerations:
- Integrations: Wide range of compatibility with accounting software and business applications.
- Support: Information not provided; consider investigating support options for complete assessment.
Conclusion:
Center offers a full suite of spend management features that can significantly streamline processes, offer real-time visibility, reduce costs, and improve control over spending. Suitable for businesses of all sizes and offers scalable pricing options.
Conclusion: What’s Next?
Buying software is never easy, but it doesn’t have to paralyze you!
Now that you have some options, the next step is to draw up your shortlist. Find the vendors that best match your needs for functionality, scalability, and how well each fits into your business ecosystem.
- Involve Key Stakeholders: Get input from those who will use the software. Their insights could be crucial in making a well-rounded decision.
- Request Demos and Trials: Most vendors offer this. Utilize it to test-drive features and compatibility with your existing systems.
- Compare Costs and ROI: Crunch the numbers. Evaluate the potential return on investment against the total cost of ownership for each software.
- Review Contract Terms: Look out for hidden fees, service limitations, or restrictive clauses that could haunt you later.
If you feel like your SaaS stack is already too bloated, consider a SaaS management tool like Torii. A SaaS Management Platform can streamline your license usage and enact cost-saving workflows that open up more space in your software budget going forward.
You’ve got the information; you’ve got the strategy. Now, seize control of your business spending. Make those well-informed, psychologically sound decisions that propel your organization forward. Your bottom line will thank you.
