Whether or not your small business is scaling up or simply setting out, optimizing your money circulation is a high precedence. From worker reimbursements and software program subscriptions to enterprise journey bills and utility prices, finance managers are tasked with profiting from each greenback.
However with out the correct instruments to assist them handle firm funds, finance managers are caught with spend administration processes which are extremely time-consuming, arduous, and susceptible to errors.
That will help you resolve on one of the best spend administration answer for your small business, right here we undergo what spend administration software program does and its advantages, and supply an outline of the seven greatest spend administration options available on the market.
What’s spend administration software program?
Spend administration covers extra than simply worker spending and bills. Whereas expense administration software program focuses totally on particular person expense monitoring and reimbursement, spend administration encompasses all varieties 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 value financial savings, and forecast and optimize future budgets. It additionally helps them implement insurance policies and controls to assist them hold spending inside finances.
There are numerous 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 circulation to spice up enterprise efficiency.
Advantages of utilizing spend administration software program
Whereas spend administration is the duty of finance managers, some great benefits of spend administration software program have a direct impression on a enterprise’s backside line. Listed here are only a few advantages of utilizing spend administration instruments:
- Elevated effectivity: Via automation and knowledge evaluation, spend administration methods simplify the method of monitoring, managing, and controlling spending, which allows companies to spice up their general effectivity.
- Improves all areas of the enterprise: Higher spend administration processes profit all areas of the enterprise. For instance, integrating spend administration platforms with a contemporary journey administration platform similar to TravelPerk helps finance managers higher streamline and management journey bills and implement firm journey coverage.
- Lowered prices: Spend administration options give finance managers higher visibility into spending patterns to assist them determine and cut back redundant prices.
- Enhanced spending visibility: These instruments present detailed stories and analytics to present monetary managers granular insights into enterprise expenditures, enabling them to make extra knowledgeable choices.
- Automated duties: Finance managers profit from automations similar to approval workflows, expense critiques, and reconciliation, which frees up time for them to deal with 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
Beneath, we look at seven of one of the best spend administration software program options for finance groups and managers. In addition to an outline of every device’s fundamental companies and performance, we additionally check out:
- Key options and ease of use
- Buyer rankings on software program overview websites, G2 and Capterra
- Every answer’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 circulation administration.
The platform additionally helps real-time reporting for all non-payroll spend, and division heads and finances house owners can view up-to-date spending data by division, staff, and vendor.
Customers can set approval workflow automations, create customized guidelines and robotically route approvals to a number of approvers, set pre-approval standards, and ship approval requests by way of e-mail and Slack.
Airbase noteworthy options
- Airbase provides 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 help and buy orders with automated 3-way matching.
- Airbase makes use of optical character recognition (OCR) expertise to scan invoices and create payments.
- Customers can robotically create, execute, and observe a straight-line amortization schedule for each digital card and invoice cost transactions.
- When workers scan receipts, Airbase scans and populates the expense particulars, submits the report for approval, and sends the reimbursement on to workers’ financial institution accounts.
- The platform allows approvers to set obligatory fields, a time window for submission, and finances limits.
How clients price Airbase
G2 score: 4.8/5 (as of February 2023)
Capterra score: 5/5 (as of February 2023)
Airbase’s most rated options
The next are Airbase’s most highly-rated options by actual customers on Capterra:
- Budgeting/forecasting: 5/5
- Receipt administration: 4.8/5
Airbase pricing
Airbase provides three completely different subscription packages (Commonplace, 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 device that helps companies handle, management, and observe bills. With automated buying workflows and reconciliation, workers should purchase what they want, and all transactions and funds are robotically coded and immediately reconciled to an organization’s ERP answer.
The platform additionally allows customers to submit, approve, and observe bills, handle budgets, and reconcile accounts. Teampay integrates with Quickbooks On-line, Xero, Intacct, and Netsuite to make sure corporations can entry up-to-date, correct knowledge.
Teampay noteworthy options
- The device automates the gathering and reconciliation of buy knowledge 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 expertise to robotically scan bill knowledge.
- Teampay supplies each bodily and digital playing cards and helps worker expense administration by guaranteeing each transaction complies with firm coverage.
- The platform’s proprietary Buy Assistant chatbot integrates with Slack and Microsoft groups, guides workers by the buying course of, and collects approvals upfront.
- Teampay centralizes all up to date spend knowledge in actual time and supplies report dashboards for immediate visibility into firm spending.
How clients price Teampay
G2 score: Teampay isn’t listed on G2.
Capterra score: Teampay isn’t 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 circulation, and observe bills.
With Divvy, companies can create budgets and observe spending throughout departments, particular person workers, and distributors. Divvy additionally supplies instruments to assist companies automate bills and funds, monitor spending, and compile custom-made stories.
Divvy additionally integrates with TravelPerk to offer organizations with a centralized portal the place they’ll 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 forestall overspending or spending out of coverage.
- Customers can customise Divvy to reflect their chart of accounts by integrating it with accounting software program.
- Divvy syncs robotically with worker bank cards to offer real-time visibility into spend by division, staff, venture, and particular person finances.
- The device’s cellular receipt add and push notifications function allows fast worker reimbursements.
- Divvy’s Funds Companies function is a free vendor cost answer designed to streamline the accounts payables course of by dealing with cost processing and remittance.
How clients price Divvy
G2 score: 4.5/5 (as of February 2023)
Capterra score: 4.7/5 (as of February 2023)
Divvy’s most rated options
The next 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 supplies entry to detailed monetary insights and analytics to assist them determine alternatives for value financial savings.
The device additionally provides performance for automating accounting processes, managing multi-currency transactions, and monitoring provider efficiency.
Ramp integrates with TravelPerk which allows organizations to offer workers with Ramp company playing cards embedded with company-wide journey coverage limits. Vacationers may also 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 pointers, allows customers to pre-approve bills, and flags out-of-policy gadgets for computerized overview.
- The platform facilitates quick receipt assortment by way of integrations with Gmail, Lyft, and Amazon Enterprise.
- Ramp provides digital and bodily playing cards with limitless 1.5% money again on purchases.
- The device’s accounting automations assist companies handle vendor knowledge, invoice cost particulars, and class monitoring.
- Ramp syncs basic ledger class mappings and robotically syncs occasions to NetSuite, Sage, QuickBooks, or Xero to take away a number of entries.
How clients price Ramp
G2 score: 4.7/5 (as of February 2023)
Capterra score: 4.9/5 (as of February 2023)
Ramp’s most rated options
The next are Ramp’s most highly-rated options by actual customers on Capterra:
- Approval course of management: 5/5
- Cell 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 corporations handle their spending, save money and time, and acquire higher management and visibility over their funds.
In addition to automated expense monitoring, receipt scanning, and safe funds, Spendesk additionally provides digital and bodily company playing cards, procure-to-pay bill administration, and automatic accounting options similar to automated VAT extraction, expense account allocation, and receipt reconciliation.
Spendesk additionally integrates with TravelPerk to present finance groups the instruments for full visibility into general 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 workers to immediately declare reimbursements for business-related bills with pictures of receipts.
- Spendesk provides bodily and digital playing cards with adjustable and pre-defined budgets.
- Accounts payable processes are optimized by linking buy orders and provider invoices to staff approvals, budgets, funds, and accounting.
- Spendesk’s consolidated reporting function helps finance groups and managers tag transactions with value facilities, initiatives, and labels and acquire higher visibility into the procurement course of.
How clients price Spendesk
G2 score: 4.7/5 (as of February 2023)
Capterra score: 4.8/5 (as of February 2023)
Spendesk’s most rated options
The next are Spendesk’s most highly-rated options by actual customers on Capterra:
- Receipt administration: 4.5/5
- Approval course of management: 4.5/5
- Cell receipt add: 4.4/5
- Reimbursement administration: 3/5
Spendesk pricing
Spendesk prices 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 employ.
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 seeking to handle day-to-day bills.
- Necessities: 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 out there in English, French, Italian, and German.
6. Emburse
Emburse is a spend administration platform that helps corporations optimize all varieties of enterprise spend. The device provides single-use and recurring digital playing cards, auto-reconciliation of receipts, and built-in coverage controls to assist companies higher handle their money circulation.
With the platform’s reporting device, finance groups may also overview real-time spending in complete, by finances, spend class, staff, 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
- Companies can create digital and bodily playing cards with particular spend administration guidelines.
- The device scans receipts and populates receipt knowledge utilizing optical character recognition.
- Customers can create and submit expense kinds 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 knowledge to assist finance managers optimize money circulation, determine uncommon traits, and set improved budgets.
How clients price Emburse
G2 score: 4.5/5 (as of February 2023)
Capterra score: 4.7/5 (as of February 2023)
Emburse’s most rated options
The next are Emburse’s most highly-rated options by actual customers on Capterra:
- Time and expense monitoring: 4.9/5
- Cell 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 provides three completely different pricing plans:
- Certify Now!: This plan is geared toward small companies with 1-25 workers and prices $12 per person/month.
- Skilled: This plan is designed for companies with 25-200 workers and provides full-service implementation in underneath 30 days. As a substitute 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 workers, 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 language (Simplified), German, Dutch, Korean, Italian, Thai, French, Turkish, Portuguese, Czech, Chinese language (Conventional), Hungarian, Spanish, Finnish, Danish, Swedish, Russian, Arabic, and Polish.
7. Mesh Funds
Mesh Funds is a complete spend administration answer designed to present finance groups full management and visibility over firm spend whereas additionally automating workflows to attenuate guide duties and increase effectivity.
The device provides limitless digital and bodily company playing cards, automated expense stories, computerized categorization of enterprise bills, and cashback on firm bills.
Mesh Funds noteworthy options
- Mesh Funds supplies actionable knowledge for each cost, together with cheaper 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 provides devoted journey playing cards to assist handle all journey bills in a single place.
- Customers can create custom-made stories to entry optimized insights into money circulation, 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 price Mesh Funds
G2 score: 4.7/5 (as of February 2023)
Capterra score: 4.9/5 (as of February 2023)
Mesh Cost’s most rated options
The next are Mesh Cost’s most highly-rated options by actual customers on Capterra:
- Cell receipt add: 5/5
- Reimbursement administration: 4.3/5
Mesh Cost pricing
The Mesh Cost platform is 100% free to make use of, with no subscription or setup charges.
Languages supported by Mesh Cost
Mesh Cost solely helps the English language.
Conclusion: Which spend administration answer is greatest in your wants?
With so many spend administration methods on the SaaS (software program as a service) market to select from, deciding on the correct one which fits your small business generally is a daunting process.
In the end, your best option for your small business relies on your distinctive mixture of enterprise wants, business, and finances, in addition to the options and capabilities you require.
The perfect spend administration platforms additionally combine with different instruments in your stack to assist streamline and simplify enterprise processes. For instance, in case your workers journey usually for enterprise, the spend administration device you select might want to combine flawlessly along with your journey administration answer.
TravelPerk is a versatile, user-friendly journey administration answer that provides a seamless journey reserving and expense administration expertise — and it additionally integrates with a number of of one of the best spend administration instruments on this information.
Attain out in the present day to seek out out how one can simplify your spend administration and journey administration processes with TravelPerk in the present day!
