A common challenge when conducting spend management for your business is being able to optimize the process, so it’s running with the highest level of accuracy and efficiency.
This is why it’s essential for you to implement spend management software into your business, to fully enhance how you manage corporate spend.
In this article, you’ll learn what spend management software is and how it can optimize your spend management.
What Is Spend Management Software?
Spend management software is an advanced business tool that’s designed to improve how your company conducts spend management.
With traditional forms of spend management – i.e., manual logging and paper receipts – the process is often more sluggish and can be vulnerable to the inaccuracies of human error.
However, spend management software can allow you to track every transaction that takes place within your company, in real-time, and provide a range of data surrounding each payment.
This includes the exact amount spent, the recipient company, the time of transaction, and the service or product being purchased – among many other things.
On top of this, you’ll also have access to additional features from your software that allow you to adjust and control how your company’s money is spent, from credit card transactions down to approval processes.
With this software, you’ll have a complete and real-time picture of your corporate spend, accessed simply and clearly from one central platform.
How Can This Software Optimize Your Spend Management?
Spend management software can help optimize your spend management process in a variety of ways, including:
Spend control features
With spend management software, you’ll be able to apply a wide range of spend control features to various aspects of your corporate spend. This will help you maintain a firm handle on your spending and keep within any established company budgets.
One example of these features is being able to set spend limits on your company credit cards. This means that any transactions which exceed the specified limit on the card – whether per transaction or for an overall limit – will be prevented.
With features like this, you’ll be more in control of your corporate spend, making spend management much easier to conduct.
Efficient payment workflows
Another way your software can improve your spend management is through creating more efficient payment workflows.
Unlike many other methods of spend management, your software conducts the majority of it through automated processes.
For instance, you can automatically upload receipts to your spend management platform, with accurate and instant data surrounding every transaction. This will increase visibility and keep your spend management process more efficient.
As well as this, you can implement automated approval processes that allow you to automatically approve transactions, which meet certain criteria, established by you. this way, you won’t need to spend unnecessary time approving transactions you already deem appropriate.
With more streamlined payment workflows, your software can significantly increase the speed and accuracy at which you conduct your spend management.
Meaningful spend insights
Your spend management software can also provide you with meaningful insights surrounding each transaction.
These insights are used to give you a more in-depth view of your corporate spend, as well as a range of opportunities where you could be spending more cost-efficiently.
An example of this is through the software giving you suggestions for cheaper alternatives with certain transactions – such as a less costly software that performs the same task that your currently installed software does.
This will ensure you’re continuously operating with the upmost cost-efficiency, and finding new ways to lower spending and reserve more revenue for your business.
With the right spend management software incorporated within your company, you’ll be able to fully optimize your spend management process, and reap all the benefits of an expert software.