How To Choose The Best Spend Management Software: A Comparison Of Top Business Spend Management Platforms

What you will get:

• A framework to evaluate alternative spend management software vendors.
• A comparison of how key competitors stack up against the eight performance criteria in our framework.

What you’ll find in this ebook:

Vendor management.

Effective vendor management optimizes procurement and drives cost savings. Discover which features will help build strong supplier relationships, provide insight into potential savings, centralize vendor information, and ensure compliance.

Spend analytics.

A spend management platform with advanced spend analytics provides comprehensive, real-time visibility into organizational spending. Find out how the best business spend management platforms provide the reporting tools to support data-driven decisions.

Intake.

Robust intake functionality is essential for effective spend management and is a front door where all employees from any location can submit requests and receive guidance on an organization’s requirements. Requests are routed according to company spending policies to all stakeholders. An automated intake process allows organizations to capture and evaluate every spend request before purchases occur, giving visibility and control to all key stakeholders.

Accounting complexity.

Not all spend management platforms are created equally. The effectiveness of these platforms hinges in part on the depth and sophistication of their accounting capabilities. A sophisticated spend management platform handles AP automation functions like complex amortizations with ease. They provide AI-powered invoice processing and expense reporting.

Integrations with other systems.

Integrations with ERP platforms support greater automation for a faster close and greater accuracy. Integrations into HRIS systems for provisioning and deprovisioning, and communication tools, streamline workflows.

UI/User experience.

Even the most innovative features won’t help a finance team, or be embraced by employees if the platform is difficult to use. Find out what to look for to ensure a positive experience for everyone.

Flexibility and ability to scale.

Ensure your spend management platform will grow with your company by offering features for more complex organizations, like international payments and subsidiary support. Scalable solutions can take a business from early stage to enterprise level.

Fraud prevention.

Incidents of cyber fraud continue to rise putting AP teams at constant risk. Discover what to look for to ensure your organization is protected.

Evaluating spend management software can be complicated. Make sure you understand your own requirements so that you can apply the right framework when making your decision. The 8 performance criteria in this guide will get you started.