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Tightening your spending is half the battle to achieve business growth and sustained profitability. It comes down to effective business expense management and spend optimization. Without the right solution, you risk inefficiencies, overspending, and even fraud.
Spend management software streamlines the entire process of tracking, controlling, and optimizing company expenses. Sounds nice, doesn’t it? The catch is that if you don’t pick the right platform that closely aligns with your needs, you won’t see that outsized impact on your bottom line.
Whether you’re a startup or an established enterprise, the software you choose needs to hit the ground running. Here, we take an in-depth look at the best spend management software solutions available, their pros and cons, and the features and best practices you should prioritize.
What is spend management software?
Spend management software tracks and analyzes business spend to deliver detailed insights into every dollar spent. With that view, companies gain more control over their finances.
With the right solution, it’s simple to:
- Manage vendors.
- Monitor expenses in real time.
- Manage expense data.
- Enforce policies.
- Automate processes like invoice management and procurement.
The ultimate goal is to spend less than you bring in.
To do that, you need to see where you can streamline operations, eliminate manual work, and bring spending in line with business goals and policies.
Spend management solutions integrate with your accounting platforms, ERP systems, and procurement tools to ensure seamless financial reporting and compliance while minimizing risk.
The advantages of spend management software.
When you choose the right spend management solution, you’ll benefit from:
1. Real-time visibility.
One of the most valuable features of spend management software is the ability to access real-time spend insights. With this functionality, finance teams see exactly where money is spent across departments, which helps them make data-driven decisions to optimize budgets and forecast future business expenses and spending trends more accurately.
2. Automate tedious tasks.
Manual processes like receipt tracking, invoice approval, and expense reconciliation drain your finance team. Spend management software automates these workflows to reduce the administrative burden on employees and improve accuracy. No more lost receipts or chasing down approvals — everything is automated and accessible from one centralized system.
3. Policy enforcement and control.
Spend management tools allow you to set up and enforce spend policies automatically — for full compliance without micro-management. If an expense doesn’t align with the set policy, it gets flagged immediately. It’s a simple but efficient way to avoid costly mistakes and unauthorized spending.
4. Fraud prevention and accountability.
A clear, transparent view of all expenses and approvals adds an extra layer of accountability and reduces the risk of fraud. Spend management software tracks who approved which expenses, when they were made, and how much was spent — which keeps everything above board. Users can quickly review and approve expenses with just a few clicks, streamlining the entire approval process.
What are the best spend management software solutions?
These top spend management solutions make it easy to manage expenses, monitor cash flow, enhance your procurement process, and more.
Comparison criteria.
- The range and depth of features.
- User-friendliness.
- Pricing.
- Reviews and ratings.
| Competitor | Top Feature | Primary Market | G2 Rating | Pricing |
| Airbase | P2P | Mid-market | 4.7 | $$ |
| Emburse Chrome River | Expenses | Global companies and large enterprises | 4.3 | $$$ |
| eRequisition | PO management | Small to mid-sized companies | NA | $$$ |
| MineralTree | AP Automation | Mid-Market | 4.5 | $$$ |
| Payem | Expenses | Small to large businesses | 4.8 | $$$ |
| Pipefy | P2P | Small teams to enterprise | 4.6 | $$ |
| Quick Payable | Expenses | Small to large businesses | 5.0 (based on one review) | $$ |
| Teampay | Expenses | Small to mid-market and enterprise | 4.4 | $$ |
1. Airbase.
Airbase is a modernized procure-to-pay spend management platform designed with an intuitive, easy-to-use interface, and powered by AI to automate and control company spend. With Airbase’s real-time visibility, it’s easy to centralize every aspect of your expense management, from procurement to approvals, payments, and expense reports.
Automate everything from bill payments to employee reimbursements — company policies are automatically enforced at every step. Then use Airbase’s sourcing and procurement tools to enhance vendor relationships and save money on business purchases.
Airbase is highly scalable, so it’s a great fit for businesses of any size, but it’s especially ideal for mid-market enterprises. The platform integrates seamlessly with popular accounting systems like QuickBooks, Intacct, and NetSuite, so finance teams get a unified view of all spending activity. And with its advanced reporting and forecasting capabilities, you get unparalleled budget planning and control.
Pros:
- All-in-one solution covering procurement, bill payments, and reimbursements.
- Real-time spend visibility for data-backed decision-making.
- Automated workflows that streamline approvals and compliance.
- Robust reporting and forecasting features.
- Scalable to meet a wide range of business needs.
- Seamless integrations with accounting and ERP systems.
- Rapid time-to-value with quick onboarding and easy no-code workflow configuration.
- Intuitive, user-friendly interface.
Cons:
- Some advanced features have a learning curve.
- Pricing may be out of reach for very small businesses.
Take a tour of Airbase.
Explore Airbase with a self-guided tour.
2. Emburse Chrome River Expense.
Emburse Chrome River Expense is a highly customizable expense management solution designed for companies with global operations. It’s particularly well-suited for businesses that deal with complex expense reporting requirements, such as multinational firms with offices in multiple regions. Chrome River enables flexible expense workflows and policy configurations, so finance teams can tailor the system to their specific needs.
Pros:
- Highly customizable for complex workflows.
- Excellent for multinational companies with global operations.
- Real-time data sync and reporting.
- Supports multiple currencies and languages.
- Strong mobile app for on-the-go expense tracking.
Cons:
- Higher price point may be a barrier for small businesses.
- Takes time to configure due to its extensive customization options.
3. eRequisition.
eRequisition is a procurement-focused spend management tool that helps businesses optimize their purchasing processes. It’s particularly useful for managing purchase requisitions and approvals, so it’s a good fit for organizations that rely heavily on procurement workflows. While its core functionality lies in procurement, eRequisition also offers basic expense-tracking features to help businesses stay on top of their spending.
Pros:
- Strong procurement and requisition management features.
- Integrations with existing procurement systems.
- Simple, customizable approval workflows.
- Excellent for businesses focused on purchasing.
Cons:
- Limited features outside of procurement processes.
- Not ideal for companies looking for a full spend management solution.
4. MineralTree.
MineralTree focuses on automating accounts payable (AP) processes, making it ideal for companies that want to streamline AP operations. It helps businesses manage vendor payments, reconcile invoices, and reduce fraud risk with a secure, transparent system for handling payments. While MineralTree excels in AP automation, it lacks some of the broader spend control features found in other solutions.
Pros:
- Great for accounts payable automation.
- Reduces the risk of fraud with secure payment processes.
- Strong vendor management features.
- Easy-to-use interface.
- Good customer support.
Cons:
- Lacks some of the spend control features found in more advanced platforms.
- Limited reporting and analytics capabilities.
5. PayEm.
PayEm is a spend management platform that prioritizes the basics: real-time visibility and control over business spending. It offers integrations with popular accounting and ERP systems and gives finance departments a full picture of expenses and spend data for improved spend forecasting. PayEm is suitable for companies that need to gain tighter control over their finances through automated workflows and budget controls.
Pros:
- Focused on real-time visibility and spend control.
- Integration capabilities with ERP and accounting software.
- Excellent for budget control and spend forecasting.
- Streamlines approval workflows and reduces manual work.
- Scalable for businesses of various sizes.
Cons:
- Not feature-rich when it comes to procurement automation.
- Some features take time and a little trial and error to fully implement.
6. Pipefy.
Pipefy is a workflow automation platform that helps businesses optimize their expense management processes. It offers pre-built templates for common tasks like procurement, reimbursement, and approval workflows, so finance teams don’t have to create custom processes from scratch. While Pipefy excels at workflow automation, its functionality is somewhat limited compared to more comprehensive spend management platforms.
Pros:
- Easy-to-use workflow automation features.
- Pre-built templates for common financial processes.
- User-friendly, with a low learning curve.
- Affordable for small and mid-sized organizations.
- Integrates with other business tools.
Cons:
- Focuses more on workflow automation than full spend management.
- Lacks advanced analytics and reporting features.
7. Quick Payable.
Quick Payable is an intuitive spend management tool designed for small to medium-sized businesses. It simplifies expense tracking and approvals through a user-friendly interface and easy onboarding process. While it’s a great solution for SMBs, it doesn’t offer the same depth of features as some larger, more comprehensive platforms.
Pros:
- Simple and intuitive design.
- Great for small and medium-sized businesses.
- Affordable pricing.
- Quick and easy to onboard new users.
- Offers basic reporting tools.
Cons:
- Lacks some advanced features like detailed reporting and analytics.
- Not ideal for larger enterprises with complex spend management needs.
8. Teampay.
Teampay caters to mid-sized companies that need better control over employee spending. It allows finance teams to set up flexible approval workflows, track expenses in real time, and enforce spending policies across departments. Teampay’s focus on employee expense management makes it a great option for businesses with large, distributed teams.
Pros:
- Tailored for mid-sized businesses with growing spend management needs.
- Strong approval workflows for better policy enforcement.
- Real-time tracking of employee expenses.
- Easy integration with accounting software.
- Intuitive and user-friendly.
Cons:
- Not ideal for larger enterprises with complex financial operations.
- Lacks advanced procurement features.
What features should you look for in a spend management solution?
Like any business tool, the right spend management solution depends on the features your business needs. At minimum, look for solutions that offer:
- Real-time expense tracking.
- Automation of approval workflows.
- Robust reporting capabilities.
- Fraud prevention features.
- Customizable policy controls.
- Seamless integrations with your existing systems.
Beyond these basics, it comes down to your business objectives. For example, if you run a fast-growing startup, you’ll need a scalable solution that can continue to meet your long-term needs. If you operate internationally, look for multi-currency and multi-language support. The better you match the platform to your specific needs, the more value you’ll get out of it.
Best practices for integrating spend management tools in your operations.
Once you’ve chosen a solution, the next challenge is integrating it into your existing workflows. Follow these best practices to make the process as streamlined and effective as possible.
- Involve key stakeholders early: Engage your finance, operations, and IT teams from the start to ensure alignment and smooth implementation.
- Select an intuitive UI to reduce training needs: Modern user-experience means all employees, especially those responsible for submitting expenses and approvals, can use the system with out specific training.
- Set clear guidelines and workflows: Create standardized workflows that align with your company’s policies. Outline clear steps for submitting expenses, approvals, and reimbursements to avoid confusion.
- Start with a pilot program: Before a full rollout, test the system with a small team or department to identify potential issues and fine-tune processes.
- Automate wherever possible: Use automation for routine tasks like approval workflows and expense reconciliation to reduce manual work and minimize errors.
- Ensure seamless integration with existing systems: Your new tool must integrate easily with your accounting and ERP software to avoid disrupting financial reporting. More advanced solutions will also integrate with your HRIS for real-time provisioning and deprovisioining, legal systems like Ironclad or Docusign for vendor contract review, and project management software like Jira for IT sign-off. Other integrations into team communication tools like email and Slack keep all stakeholders in the loop to perform operations required of them.
- Monitor and adjust policies regularly: Continuously review and update your spend management policies within the software to ensure they remain relevant and effective as your business grows.
- Encourage feedback from users: Regularly gather feedback from employees to identify areas to improve and learn whether the tool works for them the way they want.
Take control of your expenses with Airbase.
Spend management software is essential for businesses that want to control their expenses, optimize their procurement and accounting processes, and ensure compliance.
While all the solutions reviewed here provide valuable features, Airbase’s comprehensive platform delivers the real-time visibility, automation, and scalability modern companies should have to optimize finances and drive noticeable growth.
Ready to transform your spend management? Take a self-guided tour here.
