Whether your small business is scaling up or simply setting out, optimizing your money circulate is a prime precedence. From worker reimbursements and software program subscriptions to enterprise journey bills and utility prices, finance managers are tasked with profiting from each greenback.
But with out the appropriate instruments to assist them handle firm funds, finance managers are caught with spend administration processes which are extremely time-consuming, arduous, and vulnerable to errors.
To show you how to resolve on the perfect spend administration resolution for your small business, right here we undergo what spend administration software program does and its advantages, and supply an summary of the seven greatest spend administration options available on the market.
What is spend administration software program?
Spend administration covers extra than simply worker spending and bills. While expense administration software program focuses totally on particular person expense monitoring and reimbursement, spend administration encompasses all sorts of spending inside a enterprise.
For instance, spend administration covers lease, utilities, supplies, journey, promoting, insurance coverage, taxes, skilled companies, and different miscellaneous enterprise bills.
Spend administration software program, then, helps companies observe and handle all of their non-payroll-related prices, helps them analyze spending to determine alternatives for price financial savings, and forecast and optimize future budgets. It additionally helps them implement insurance policies and controls to assist them hold spending inside price range.
There are varied instruments available on the market for startups and extra established companies — starting from enterprise spend administration options to modular choices inside bigger software program suites — to assist companies handle their money circulate to spice up enterprise efficiency.
Benefits of utilizing spend administration software program
While spend administration is the duty of finance managers, the benefits of spend administration software program have a direct impression on a enterprise’s backside line. Here are just some advantages of utilizing spend administration instruments:
- Increased effectivity: Through automation and information evaluation, spend administration programs simplify the method of monitoring, managing, and controlling spending, which allows companies to spice up their total effectivity.
- Improves all areas of the enterprise: Better spend administration processes profit all areas of the enterprise. For instance, integrating spend administration platforms with a contemporary journey administration platform equivalent to TravelPerk helps finance managers higher streamline and management journey bills and implement firm journey coverage.
- Reduced prices: Spend administration options give finance managers higher visibility into spending patterns to assist them determine and scale back redundant prices.
- Enhanced spending visibility: These instruments present detailed studies and analytics to offer monetary managers granular insights into enterprise expenditures, enabling them to make extra knowledgeable selections.
- Automated duties: Finance managers profit from automations equivalent to approval workflows, expense opinions, and reconciliation, which frees up time for them to concentrate on optimizing spend in different areas.
- Improved compliance: Spend administration software program can construct companies’ particular insurance policies into the software program to make sure that spending stays in compliance.
The 7 greatest spend administration software program options
Below, we study seven of the perfect spend administration software program options for finance groups and managers. As effectively as an summary of every instrument’s foremost companies and performance, we additionally check out:
- Key options and ease of use
- Customer scores on software program evaluation websites, G2 and Capterra
- Each resolution’s most rated options
- Pricing choices
- Languages supported by the answer
1. Airbase
Airbase is a spend administration platform designed to assist organizations automate their accounts payable and accounts receivable processes, management enterprise spending, handle invoice funds, and streamline the guide processes of bill administration, expense administration, and money circulate administration.
The platform additionally helps real-time reporting for all non-payroll spend, and division heads and price range homeowners can view up-to-date spending data by division, workforce, and vendor.
Users can set approval workflow automations, create customized guidelines and routinely route approvals to a number of approvers, set pre-approval standards, and ship approval requests through e mail and Slack.
Airbase noteworthy options
- Airbase affords each bodily and digital playing cards and organizations can earn limitless money again throughout all classes of spend when making purchases.
- The platform helps worldwide multi-subsidiary assist and buy orders with automated 3-way matching.
- Airbase makes use of optical character recognition (OCR) know-how to scan invoices and create payments.
- Users can routinely create, execute, and observe a straight-line amortization schedule for each digital card and invoice cost transactions.
- When staff scan receipts, Airbase scans and populates the expense particulars, submits the report for approval, and sends the reimbursement on to staff’ financial institution accounts.
- The platform allows approvers to set necessary fields, a time window for submission, and price range limits.
How clients fee Airbase
G2 ranking: 4.8/5 (as of February 2023)
Capterra ranking: 5/5 (as of February 2023)
Airbase’s most rated options
The following are Airbase’s most highly-rated options by actual customers on Capterra:
- Budgeting/forecasting: 5/5
- Receipt administration: 4.8/5
Airbase pricing
Airbase affords three completely different subscription packages (Standard, Premium, and Enterprise). The supplier operates a quote-based mannequin and doesn’t share its pricing data publicly.
Languages supported by Airbase
Airbase solely helps the English language.
2. Teampay
Teampay is a cloud-based spend administration instrument that helps companies handle, management, and observe bills. With automated buying workflows and reconciliation, staff should purchase what they want, and all transactions and funds are routinely coded and immediately reconciled to an organization’s ERP resolution.
The platform additionally allows customers to submit, approve, and observe bills, handle budgets, and reconcile accounts. Teampay integrates with Quickbooks Online, Xero, Intacct, and Netsuite to make sure firms can entry up-to-date, correct information.
Teampay noteworthy options
- The instrument automates the gathering and reconciliation of buy information and captures an audit path of all spending conversations in a single place.
- Teampay helps automated bill processing and buy order matching, routing for approval and cost, and makes use of OCR know-how to routinely scan bill information.
- Teampay gives each bodily and digital playing cards and helps worker expense administration by making certain each transaction complies with firm coverage.
- The platform’s proprietary Purchase Assistant chatbot integrates with Slack and Microsoft groups, guides staff by way of the buying course of, and collects approvals upfront.
- Teampay centralizes all up to date spend information in actual time and gives report dashboards for immediate visibility into firm spending.
How clients fee Teampay
G2 ranking: Teampay is just not listed on G2.
Capterra ranking: Teampay is just not listed on Capterra.
Teampay pricing
Teampay doesn’t checklist its pricing data publicly.
Languages supported by Teampay
Teampay solely helps the English language.
3. Divvy
Divvy is an all-in-one expense administration system designed to assist organizations automate enterprise spend administration, management their money circulate, and observe bills.
With Divvy, companies can create budgets and observe spending throughout departments, particular person staff, and distributors. Divvy additionally gives instruments to assist companies automate bills and funds, monitor spending, and compile personalized studies.
Divvy additionally integrates with TravelPerk to offer organizations with a centralized portal the place they will simply e-book, handle, and report on journey bills and handle spending.
Divvy noteworthy options
- Approvers can set spending limits and service provider controls that are straight tied to worker playing cards to stop overspending or spending out of coverage.
- Users can customise Divvy to reflect their chart of accounts by integrating it with accounting software program.
- Divvy syncs routinely with worker bank cards to offer real-time visibility into spend by division, workforce, venture, and particular person price range.
- The instrument’s cellular receipt add and push notifications characteristic allows fast worker reimbursements.
- Divvy’s Payments Services characteristic is a free vendor cost resolution designed to streamline the accounts payables course of by dealing with cost processing and remittance.
How clients fee Divvy
G2 ranking: 4.5/5 (as of February 2023)
Capterra ranking: 4.7/5 (as of February 2023)
Divvy’s most rated options
The following are Divvy’s most highly-rated options by actual customers on Capterra:
- Receipt administration: 4.8/5
- Budgeting/Forecasting: 4.4/5
Divvy pricing
Divvy’s spend administration platform and company card are 100% free to make use of.
Languages supported by Divvy
Divvy solely helps the English language.
4. Ramp
Ramp is a cloud-based expense and spend administration platform that gives companies with instruments to handle and optimize their spending. It allows companies to trace and handle their spending in actual time, and gives entry to detailed monetary insights and analytics to assist them determine alternatives for price financial savings.
The instrument additionally affords performance for automating accounting processes, managing multi-currency transactions, and monitoring provider efficiency.
Ramp integrates with TravelPerk which allows organizations to offer staff with Ramp company playing cards embedded with company-wide journey coverage limits. Travelers can even entry real-time monitoring, spend alerts, and receipt integrations for an optimized worker expense course of.
Ramp noteworthy options
- Ramp digitizes approval insurance policies and spend tips, allows customers to pre-approve bills, and flags out-of-policy gadgets for computerized evaluation.
- The platform facilitates quick receipt assortment through integrations with Gmail, Lyft, and Amazon Business.
- Ramp affords digital and bodily playing cards with limitless 1.5% money again on purchases.
- The instrument’s accounting automations assist companies handle vendor information, invoice cost particulars, and class monitoring.
- Ramp syncs common ledger class mappings and routinely syncs occasions to NetSuite, Sage, QuickBooks, or Xero to take away a number of entries.
How clients fee Ramp
G2 ranking: 4.7/5 (as of February 2023)
Capterra ranking: 4.9/5 (as of February 2023)
Ramp’s most rated options
The following are Ramp’s most highly-rated options by actual customers on Capterra:
- Approval course of management: 5/5
- Mobile receipt add: 5/5
- Workflow administration: 5/5
- Reimbursement administration: 4.7/5
- Budgeting/forecasting: 4/5
Ramp pricing
Ramp’s spend administration platform and company card are 100% free to make use of.
Languages supported by Ramp
Ramp solely helps the English language.
5. Spendesk
Spendesk is an all-in-one spend administration platform that gives a variety of options to assist firms handle their spending, save money and time, and achieve better management and visibility over their funds.
As effectively as automated expense monitoring, receipt scanning, and safe funds, Spendesk additionally affords digital and bodily company playing cards, procure-to-pay bill administration, and automatic accounting options equivalent to automated VAT extraction, expense account allocation, and receipt reconciliation.
Spendesk additionally integrates with TravelPerk to offer finance groups the instruments for full visibility into total spending, together with journey bills.
Spendesk noteworthy options
- Budgets are built-in into companies’ spending processes for automated spend management.
- The Spendesk cellular app allows staff to immediately declare reimbursements for business-related bills with pictures of receipts.
- Spendesk affords bodily and digital playing cards with adjustable and pre-defined budgets.
- Accounts payable processes are optimized by linking buy orders and provider invoices to workforce approvals, budgets, funds, and accounting.
- Spendesk’s consolidated reporting characteristic helps finance groups and managers tag transactions with price facilities, tasks, and labels and achieve higher visibility into the procurement course of.
How clients fee Spendesk
G2 ranking: 4.7/5 (as of February 2023)
Capterra ranking: 4.8/5 (as of February 2023)
Spendesk’s most rated options
The following are Spendesk’s most highly-rated options by actual customers on Capterra:
- Receipt administration: 4.5/5
- Approval course of management: 4.5/5
- Mobile receipt add: 4.4/5
- Reimbursement administration: 3/5
Spendesk pricing
Spendesk expenses a hard and fast subscription price for entry to the platform and variable charges for transaction utilization (together with card purchases, bill funds, and expense claims) to make sure you solely pay for what you utilize.
There are three subscription packages to select from based mostly on what number of customers you want:
- Starter: For as much as seven customers, together with one approver. This plan is geared toward entrepreneurs and small to mid-sized companies trying to handle day-to-day bills.
- Essentials: For limitless customers and approvers. This plan is designed for small to mid-sized companies that need to management their spend administration course of in a single place.
- Scale: For limitless customers and approvers. This plan is for bigger companies that require extra management, flexibility, and automation of their enterprise spend administration processes.
Languages supported by Spendesk
Spendesk is on the market in English, French, Italian, and German.
6. Emburse
Emburse is a spend administration platform that helps firms optimize all sorts of enterprise spend. The instrument affords single-use and recurring digital playing cards, auto-reconciliation of receipts, and built-in coverage controls to assist companies higher handle their money circulate.
With the platform’s reporting instrument, finance groups can even evaluation real-time spending in complete, by price range, spend class, workforce, or venture for enhanced spend evaluation.
Emburse additionally integrates with TravelPerk to facilitate the automated sending of itineraries to enterprise vacationers’ Emburse bills pockets, making it simpler to submit journey bills for approval.
Emburse noteworthy options
- Businesses can create digital and bodily playing cards with particular spend administration guidelines.
- The instrument scans receipts and populates receipt information utilizing optical character recognition.
- Users can create and submit expense varieties and managers can approve bills from each smartphone and desktop gadgets.
- The platform automates accounts payable and buying workflows.
- Emburse’s dashboards present insights into spending information to assist finance managers optimize money circulate, determine uncommon developments, and set improved budgets.
How clients fee Emburse
G2 ranking: 4.5/5 (as of February 2023)
Capterra ranking: 4.7/5 (as of February 2023)
Emburse’s most rated options
The following are Emburse’s most highly-rated options by actual customers on Capterra:
- Time and expense monitoring: 4.9/5
- Mobile receipt add: 4.8/5
- Receipt administration: 4.8/5
- Approval course of management: 4.6/5
- Reimbursement administration: 4.4/5
Emburse pricing
Emburse affords three completely different pricing plans:
- Certify Now!: This plan is geared toward small companies with 1-25 staff and prices $12 per consumer/month.
- Professional: This plan is designed for companies with 25-200 staff and affords full-service implementation in underneath 30 days. Instead of a month-to-month subscription mannequin, customers are charged a month-to-month service price on a customized quote foundation.
- Enterprise: For companies with over 200 staff, customers can count on annual fastened pricing on a customized quote foundation.
Languages supported by Emburse
Emburse helps the next languages: Norwegian (Bokmal), Indonesian, Japanese, English, Ukrainian, Chinese (Simplified), German, Dutch, Korean, Italian, Thai, French, Turkish, Portuguese, Czech, Chinese (Traditional), Hungarian, Spanish, Finnish, Danish, Swedish, Russian, Arabic, and Polish.
7. Mesh Payments
Mesh Payments is a complete spend administration resolution designed to offer finance groups full management and visibility over firm spend whereas additionally automating workflows to reduce guide duties and increase effectivity.
The instrument affords limitless digital and bodily company playing cards, automated expense studies, computerized categorization of enterprise bills, and cashback on firm bills.
Mesh Payments noteworthy options
- Mesh Payments gives actionable information for each cost, together with cheaper alternate options and forecasting bills.
- Finance managers can set spend limits and vendor locks on funds, obtain real-time alerts, and set customized fields for all firm transactions.
- The platform affords devoted journey playing cards to assist handle all journey bills in a single place.
- Users can create personalized studies to entry optimized insights into money circulate, budgets, and forecasting.
- Notifications are despatched by textual content, e mail, and Slack anytime a enterprise is overcharged, makes duplicate funds, or pays for unused subscriptions.
How clients fee Mesh Payments
G2 ranking: 4.7/5 (as of February 2023)
Capterra ranking: 4.9/5 (as of February 2023)
Mesh Payment’s most rated options
The following are Mesh Payment’s most highly-rated options by actual customers on Capterra:
- Mobile receipt add: 5/5
- Reimbursement administration: 4.3/5
Mesh Payment pricing
The Mesh Payment platform is 100% free to make use of, with no subscription or setup charges.
Languages supported by Mesh Payment
Mesh Payment solely helps the English language.
Conclusion: Which spend administration resolution is greatest in your wants?
With so many spend administration programs on the SaaS (software program as a service) market to select from, choosing the appropriate one which fits your small business could be a daunting job.
Ultimately, the only option for your small business depends upon your distinctive mixture of enterprise wants, trade, and price range, in addition to the options and capabilities you require.
The greatest spend administration platforms additionally combine with different instruments in your stack to assist streamline and simplify enterprise processes. For instance, in case your staff journey commonly for enterprise, the spend administration instrument you select might want to combine flawlessly along with your journey administration resolution.
TravelPerk is a versatile, user-friendly journey administration resolution that gives a seamless journey reserving and expense administration expertise — and it additionally integrates with a number of of the perfect spend administration instruments on this information.
Reach out right now to seek out out how one can simplify your spend administration and journey administration processes with TravelPerk right now!