Spend Management Software

Best Spend Management Software include:

Teampay, Airbase, and Spendesk.

Spend Management Software Overview

What is Spend Management Software?

Spend management software allows organizations to centralize visibility, approval, and tracking of business spending. Spending management includes both employee expenses and vendor payments, among other miscellaneous business spending. Spend management software helps businesses identify trends and improve spending efficiency across the organization by automating spending control policies where needed.


Spend management software bridges the gap between process-specific financial tools, like procurement software, and core systems like accounting platforms. Spend management software helps centralize spending data to give businesses a single source of truth on where, when, and how it is spending money. This functionality is particularly impactful for organizations that have traditionally siloed this data into different teams, departments, or business units, limiting the finance team’s visibility.


Spend Management vs. Expense Management

Spend management is often conflated with expense management. However, they are distinct, if related, software categories. Spend management is a broader process that spans across the organization. It touches on spending instances from materials procurement and logistics payments to individual employee spending requests.The goal of the software is to provide a holistic view into how the business spends money.


In contrast, expense management software is primarily focused on tracking and reimbursing individual employee expenses, and heavily overlaps with elements of travel management software. Spend management software often includes expense management capabilities, supported by features like corporate cards. However, expense management is only a subset of the functionality that spend management software can offer.


Spend Management Software Features & Capabilities

Spend management software will offer a range of features based on the target user base and use cases. However, every spend management product will at least have all or nearly all of these features:


  • Central view of spending data from across the organization

  • Spending request and approval workflows

  • Corporate cards

  • Spending controls

  • Accounts Payable/Bill payment automation

  • Spend reporting, including historical views and individual drilldown

  • Integrations with other financial systems, such as ERP platforms, procurement tools, and accounting systems

Spend Management Software Comparison

When comparing spend management products, consider these factors:
  • Reporting: All spend management software should include robust and customizable reporting features. Consider both the value of any prebuilt dashboard overviews and drill-down capabilities each product offers, as well as the ease of customizing these views.

  • Document capture/management: A core part of spend management is centralizing the system of record for spending across the organization. Consider how easy to use each product is, especially for end-users capturing receipts, invoices, or less structured spending documentation.

  • Automation: What manual processes are eating up the most time and resources for the business? Work with vendors to get demos of how they can automate those processes for you in addition to general automation capabilities. There are also some instances of proactive automation, such as recommending efficiencies and best practices the business isn’t currently leveraging.


Start a spend management software comparison here

Pricing Information

Spend management software is usually priced on a per user, per month basis. Pricing often starts at $5-10/user/month and can scale up to $30+/user/month depending on the volume of users, cash flow, and level of integrations and vendor support. Some vendors also offer free versions of their software for personal or small business spend management. However, growing organizations are likely to quickly scale beyond any free plans.

Spend Management Products

(1-24 of 24) Sorted by Most Reviews

Emburse Certify

Certify is travel and expense management software developed by the company of the same name in Maine, which merged with Chrome River in 2019 to form Emburse.

Coupa

Coupa Unified Spend Suite is a solution for procurement, invoicing, expenses, sourcing, inventory, contract lifecycle management, budgets, analytics, etc.

Lola.com

Lola.com, from Lola Travel Company headquartered in Boston, is a travel management platform featuring employee travel points and other rewards, travel spend tracking and management, generate travel itineraries and receipts, and other features.

ProcurementExpress.com

ProcurementExpress.com is designed for small to medium-sized companies to gain full control of purchasing. Team members raise requests against specific pre-defined budgets. Managers approve, decline, or comment on requests - straight from their inbox. Once approved, team members…

Divvy

Divvy, headquartered in Lehi, offers their expense management application and corporate credit card service, supporting virtual card functionality and pre-allocated budget, expense tracking and receipt retention, automatic fraud detection, and real-time spend tracking.

GEP SMART

Smart by GEP is a procurement platform, meant as an end-to-end unified procurement solution that provides synergy between finance and purchasing and process fluidity.

Precoro

Precoro is a Procurement and Spend Management software, that aims to help companies fully eliminate manual workflow, saving time and money. Three problems are solved with Precoro: Manual work with papers, Google Docs, Slack messages, emails, etc.;Losing money due to overbudgeting;…

Procurify

Procurify

Starting Price $23

Procurify is a cloud-based purchase order approval workflow software. It is used by organizations of all sizes to track purchase orders from creation to final delivery.

Airbase

Airbase headquartered in San Francisco offers a cloud-based accounts payable and spend management solution, and combines a pre-approval system with corporate cards, allowing users to manage the entire AP spend process in one place.

PROACTIS Spend Control Platform

PROACTIS offers their Spend Control Platform cloud-based or on-premise, offering AP automation and employee expense tracking and management, as well as comprehensive spend analysis.

Teampay

Teampay (Team Labs, Inc) headquartered in New York provides their distributed spend management platform, designed to give users total control and visibility over spending, and employees purchasing power.

Spendesk

Spendesk is smart spend management software from the company of the same name in Paris, designed for finance teams and employees, presenting flexible payments, approvals, automated receipt capture and real-time spend insights, finance can decentralize operational spending across…

Ramp

Ramp is a corporate card and spend management solution that helps companies of all sizes to accelerate growth without compromising on their finances. Boasting best in class user experience and a direct integration with the user's accounting solutions, the vendor states Ramp helps…

Trace Platform

Trace, a service desk for finance, provides collaborative workflows and analytics for companies to better manage financial services like budgeting, spending, and hiring. The vendor states high-growth companies like FiveTran and Lattice trust Trace as their one-stop-shop for collaborating…

Soldo

Soldo, headquartered in the UK, offers spend management solutions for large and small business, and non-profits, enabling users to control spend with company issued cards, employee mobile app, and manage and track spending, then automate accounting.

Spendwise

Spendwise headquartered in California offers their eponymous business spend mamagenent software solution.

Fraxion

Fraxion in Seattle offers spend management and procure-to-pay software solutions. Fraxion e (formerly eRequester) is designed to simplify and streamline spend management. On-premise or hosted, the solution gives users the tools to control and optimize business spend. Standalone or…

Accrualify

Accrualify Spend Management Platform is the eponymous cloud-based, comprehensive spend management software from Accrualify in San Mateo, that covers vendor management, PO management, invoice automation, and payments. With it, users can automate PO approval workflows, invoice processing…

Resolvr

Resolvr is an end-to-end spend management and expense allocation software that automates human-manual tasks, from aXpire Fund Solutions in Miami.

Sievo

Sievo, from the company of the same name in Helsinki, is a SaaS procurement analytics solutions that includes Spend Analysis, Savings Lifecycle, Spend Forecasting and Contract Management.

VendorLink

VendorLink, from the Dutch company of the same name, is a spend management solution focusing on spend associated to vendors and suppliers.

Medius Spend Management

The Medius Spend Management Suite is a modular approach to managing spend throughout the organization. Users can select to deploy one, several, or all modules depending on an organization’s needs.

Zip Intake-to-Procure

Zip provides a place for employees to initiate a purchase or vendor request. Each request is routed for approval across procurement, finance, IT, data security, legal, and other teams, and Zip integrates into ERP and P2P solutions to create a PR or draft PO. The vendor states Zip…

Approve.com

Approve.com is a procurement management solution that helps finance and procurement teams manage and automate their purchasing processes with:Simplified purchase requests formsCustomizable approval flowsAutomatic generation of purchase ordersReal-time budget data for approversStreamlined…

Frequently Asked Questions

What does spend management software do?

Spend management software provides a central source of spending data and workflows for the organization.

What’s the difference between spend management and expense management?

Expense management focuses primarily on individual employee expense tracking and reimbursement, while spend management encompasses all forms of spending within the organization.

Who uses spend management software?

Spend management software is used across company sizes and industries. The software is managed by finance members, but it is used by employees across an organization.

What are the benefits of spend management software?

Spend management software gives companies better control over and visibility into how they spend money. The software also helps companies improve spending inefficiencies and reduce oversights.

How much does spend management software cost?

Spend management software is priced per user, per month, and can range from $7/user/month to over $30/user/month.