Best Spend Management Software Solutions In 2023

Finding great assistance can be challenging. For businesses that are growing, getting the right personnel to help, the tools, and information to develop is a significant problem. This is especially true when it comes to managing finances.

Finance professionals are always trying to find ways to improve their processes and run their business more efficiently. If you do not have a finance department, you’ll need their support even more.

In this article, we’ll review our top 10 spend management software solutions for 2023.

If you’re a freelancer, an expanding company, or a seasoned business, we’ve got helpful tips and ideas to aid you in saving time and money, as well as relieving anxiety. For a start, we’ll go over a few fundamentals.

What is Spend Management Software, Precisely?

Simply put, spend management software is software that helps your business manage employee expenses easily and efficiently.

It can cover the entire assortment, ranging from simple receipt scanners to credit facilities that are linked to accounting software.

Despite the advancements in methods of managing expenses, companies remain dependent on a variety of strategies to control the cost of the company’s expenses:

• Cash for petty purposes: A lot of businesses keep an inventory of coins and loose cash kept in the bank. They need to find out the amount of money they have or what rules apply.
• Credit cards for companies: Despite the danger of fraud and the absence of accountability, as well as the delay in ensuring that spending is properly monitored, the majority of businesses aren’t able to break the habit of this particular card.
• Cost demands: Rounding off this holy trinity is the most feared expense claim. In this case, employees pay business expenses through their pockets, then hold their receipts, fill in the claim form, and wait for hours for reimbursement.

Thankfully, managing your expenses does not have to be very difficult. There are more efficient methods for companies to fund their purchases, and employees are able to manage their expenses easily, safely, and efficiently.

What is the key to good software for managing spending?

What is The Best Software for Manage Your Spending?

In the area of managing spend, There are a variety of software options available, but not everyone is designed in the same way.

Whatever the size of your business is, it is essential to have an answer that provides the following:

• Real-time tracking of expenses: You want to be on time until the closing of the month in order to figure out what you’ve spent. Instead, look for a system that tracks expenses in real time and provides a reliable overview of the expenditures of employees.
• An easy and quick outline: You need to complete a simple spend analysis at a glance to do it correctly. Spend management software that is well-designed displays information on expenses in a concise, enticing manner and puts you in charge.
• Flexible payment options that can be customized: Only some employees have access to identical money. Your program should allow you to select the amount that is available to each employee, as well as the items they can spend it for.
• Document capture is simple: Companies are often managing and storing documents like invoices, receipts, and purchase orders. A reliable software program can help you to capture and save these documents efficiently and quickly.
• Time-saving automation: The biggest drawback to traditional cost administration is the fact that it consumes an excessive amount of time. A top spend management tool will allow you to be more focused and more enjoyable things.

It may sound like a lot of work, but it’s an easy concept: find a solution that offers you and your team members a fast, safe, and easy procure-to-pay process.

With this in mind, let’s take an examination of our selection of software.

Tools for Expenses To Help Businesses Grow

The management of expenses is particularly difficult for businesses that are growing.

If you’re a mid-sized company, you may be able to survive using tried-and-true methods such as expense claims for employees.

As soon as you get started using an exclusive expense management software, you’ll be unable to return.

In order to grow your business, it is essential to select a software system that is simple, easy to integrate, and cost-effective. Luckily, we have some ideas.

Spendesk

Spendesk can be described as an extensive solution for managing spending featuring a myriad of intuitive and useful features. With Spendesk, companies can automate their recurring expenses and automate the matching of invoices with expenses (thanks to the OCR program), which can save a significant amount of time.

Where Spendesk truly is unique. However, it offers a wide range of options. Spendesk lets companies modify debit cards for specific staff members and types of spending as well as offering one-time use virtual credit cards to make internet-based purchases.

Spendesk also provides real-time payment validation through push notifications and a point-in-time overview of expenses, which brings all of this together on one complete dashboard. Spendesk also works with many accounting software.

Pros: Easy to use; strong emphasis on security, flexibility, and safety; fantastic integration.

Cons: better suited for expanding businesses than single entrepreneurs.

FreshBooks

Primarily marketed as an accounting program, FreshBooks additionally comes with automatic expense software that allows users to keep track of and handle expenses. Many expanding businesses already depend on FreshBooks to manage their accounting requirements; this is an extremely useful tiny feature.

Although it may offer a limited variety of features found in other tools for managing expenses for the vast majority of businesses that are growing, FreshBooks is a good starting point.

In case you’re using FreshBooks already to manage your accounts, make sure to take a look at the expense management software that it automatizes. You may not realize the value of it.

Pros: Widely used; simple to use; user-friendly interface.

Cons: Most of all, it is an accounting software; it has only a limited amount of functionality, excluding expense tracking.

Let’s look at some of the tools available to larger companies.

Tools for Solopreneurs And Freelancers

For those who are freelancers or solopreneurs ( it’s a word we’re sure of it), If you’re a solopreneur, you’ll want an efficient and quick spending management tool that’s simple to master.

For those working in a small or solo size, simplicity will be essential. After all, you’ve probably got an approximate estimate of your expenses when you’re the sole one purchasing business items.

In this regard, we’ve got some amazing tools that can save Lone Ranger types a bunch of time and effort.

Wave

Wave is an all-around tool for managing your books that is ideal for freelancers and entrepreneurs in the making. Because the majority of those working in this field need more financial expertise, the platform handles all the hard work for them.

Solo business owners can take credit card payments, create invoices, and keep their books organized.

Also, Wave features the important receipt scanner software that mobile-based shoppers require to keep track of their expenses.

The best thing about it? You have to pay for processing charges with credit cards (if accepting payment). However, all other services are completely free!

Pros: gives freelancers all the necessary tools they would otherwise be lacking.

Cons: may include more tools than users would require.

Expensify

Expensify is a useful expense management tool that is used by a lot of small-sized firms. With Expensify, users are able to import expenses from a current credit card and produce expense reports quickly and effortlessly.

Aimed at freelancers as well as emerging companies, Expensify allows for automated regular payments as well as making it much easier to track and manage expenses.

Expensify also scores points for its user-friendly interface that displays all expenses on one screen.

Pros: Simple to use and well-suited for new and small businesses.

Cons: There are accounts of software integration issues.

Dext

Dext (formerly Receipt Bank) is focused on achieving one thing: simple data extraction from bills, invoices, receipts, and other documents for expenses.

With Dext, it is no longer necessary to need to keep physical copies of their documents. Instead, they can scan them and then automatically upload them to a variety of different accounting programs.

Dext can also seamlessly integrate with accounting software like Xero, Quickbooks, Sage, and more.

This easy-to-use design has helped save countless hours for freelancers as well as small business owners. Explore it and consider what it can do for you.

Pros: Basic concept, excellent integrations, speedy data extraction.

Cons: It has a limited number of features apart from its main goal.

Let’s take a look at two useful tools that can be used to help grow businesses.

Scanbot

Scanbot is a bonus to this list because it’s not exclusively to manage your spending. This great tool allows you to scan any document using your smartphone.

Naturally, this also includes invoices and receipts. It is possible to immediately digitize those documents and store them in the folder you prefer. Business travelers are able to keep every receipt they receive while they travel, secure knowing they’ll be able to access it whenever they require it (later).

Pros: It is very simple to use and comes with a lot of applications.

Cons: It is not specifically designed to be used for expense; it could not have certain options.

Scannable

The Evernote team developed Scannable, and Scannable is akin in many ways to Scanbot (above). It allows you to scan any type of document using your smartphone. Another benefit to Evernote customers is the fact that it can be integrated with a more powerful tool.

This makes it faster and easier to keep receipts and expense report forms. Furthermore, because Evernote documents are made to be simple to locate, it’ll always be easy to locate your receipt from a few weeks ago.

Pros: It is simple to use, and it connects to Evernote.

Cons: It is not designed specifically to save money and, therefore, may not have certain options.

Enterprise Tools

For larger businesses, Spend management is a very high-risk issue. After all, the more employees purchasing items, the more time will be spent on processing reimbursements.

An increase in the number of employees could increase the risk of cost fraud because it’s often harder to track the whereabouts of company funds. Companies are typically seeking more powerful procurement management systems, such as strategic sourcing and general procuring software.

But don’t fret! We’ve got some useful tools to help keep track of your activities.

Certify

Its goal is to simplify the spend managing process that includes travel expenses and automatized accounts payable, and Certify helps large companies simplify their processes and save time. For large companies with workers who move around, it is especially beneficial.

Certify comes with a useful mileage calculator. Its web-based platform makes it simple for users to manage regular travel expenses such as meals and tickets. Businesses can also customize processes for approval, ensuring expenditure claims are sent to the correct place.

Certify is also equipped with an intuitive and simple-to-use interface that allows customers to manage their finances quickly and efficiently regardless of where they are.

Pros: It can manage the accounts due and expenses for travel; it is an excellent mileage calculator.

Cons: Not suitable for startups that are growing.

Certinia

FinancialForce is been rebranded into Certinia. It’s a cloud-based ERP and accounting tool that runs on Salesforce and is designed to help entrepreneurs organize their businesses and projects. It is packed with options; Certinia is well-suited for enterprises of all sizes searching for an extensive ERP platform.

It is more of an ERP tool rather than a customized spend management tool; Certinia has a strong cash management feature. With Certinia, users are able to streamline banking and cash management in addition to other features like automated workflows, as well as direct and indirect spending visibility.

Pros: A powerful system and extensive capabilities for maintaining customer databases.

Cons: A lot of options and modules, long configuring process.

Bonus: Spend Management For Agencies

The challenges for agencies are unique in managing spending. They have distinct budgets for each client and must monitor the time, expenditure, and resources for each. However, many need this clear spending data at their fingertips.

While researching this article, we discovered an interesting project and expense management tool that is appealing to agencies.

Avaza

Avaza brings together the main characteristics of tools for managing projects, such as Trello or Slite, along with some great cost management tools. Users can keep track of the duration of a project by hand or in real time. This is a huge demand for consultants and agencies.

The tool lets you make estimations of budgets for your projects and then monitor spending as the project progresses forward. All expenses are assigned to the right project and are identified as non-billable when appropriate.

Pros: A free trial allows you to test the majority of features and can be customized based on your project’s requirements; it incorporates several tools in one.

Cons There are no accounting functions; it might be too big for managing small-scale projects.

Conclusion

Be aware of what you require, Then go out and get it. When you are choosing a spend management system, it’s helpful to know what you’re looking for.

When you’re a freelancer or small-scale company owner, you’re likely to need an application that is simple and easy to use. If you’re running a growing company or large corporation, most likely, you’ll require something a bit more robust and flexible enough to fit your needs.

Whatever you decide to choose, it’s time to start taking your business spend management very seriously. Not only will you be able to save time and energy, but you’ll also enjoy a greater degree of assurance about where your money is going.