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The Definitive Guide to Spend Management

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Spend management vendor questionnaire.

As you evaluate spend management solutions, here are some questions you should consider asking potential vendors.
  • Please describe how your solution manages each of the main areas of spend management:
    • Accounts payable automation
    • Corporate cards
    • Employee expense reimbursement
  • What are the options provided with your corporate card program?
    • Do you provide both pre-funded and credit options?
    • Are the physical cards within your program policy and limit controlled?
    • Can this be applied at the individual card level and changed at any time?
    • Do your cards integrate with Apple Pay and Google Pay digital wallets?
    • Can multiple virtual cards be set up for a vendor to allow tracking of spend by vendor and program/project?
    • Can an expiry date be set for virtual cards? How is expiry handled? Is there notification before a card is set to expire so action can be taken?
    • How are cards handled when an employee leaves the company? Can card ownership be changed?
    • Can virtual cards be used by the AP team to pay invoices and avoid ACH or check fees?  
    • What level of cashback benefit does your card program provide?
  • How is spend policy setting and enforcement managed in your solution? Does the same policy setting apply to all types of spend?
    • Can simple approval policies be set to ensure all expenditures are pre-approved?
    • Is there an ability to customize and create complex workflows to accomplish approvals that match company and departmental policy?
    • Can approval workflows be customized to manage both serial and parallel approvals?
    • Can approvals be sent to groups of users and allow any one of those users to approve the expenditure?
    • Can approval workflows include different conditions based on GL tags and categories?
    • Can approvals be done in the tools people commonly use, such as a mobile application and Slack?
  • How are expenses categorized and matched to the GL?
    • Can employees categorize expenses when they request the spend?
    • Will employees see a list of all GL categories, or can that be limited to categories that are appropriate for their role?
    • Can GL categories have simplified names so employees are able to determine where to allocate the expense?
  • How are receipts for expenses handled?
    • Can employees attach receipts at any time, and through a mobile app?
    • Is there flexibility to make receipts optional or mandatory? What options are available?
    • Are there automatic reminders to employees to ensure receipts are provided?
  • What type of assistance is provided with purchase orders, invoices and bill payments?
    • Can invoices be sent in through email and automatically processed?
    • Is there OCR capability for ingesting invoices?
    • How are vendors added into the system and W-9’s captured?
    • Do you have a vendor portal for partners and, if so, how does it work?
    • Can bill payments be scheduled so they are paid on a designated date?
    • Can payments be amortized automatically within the system, or must that be done within the GL?
  • What level of integration is provided with my General Ledger?
    • Does your system fully integrate with the GL our company uses? Are transactions automatically synchronized into the GL, or is there a manual reconciliation process required?
    • Are transactions auto-categorized? How does the system help with this? Does it have machine-learning capabilities to help in this area?
    • How long does month-end processing take and what is involved?
  • What type of reporting and real-time visibility is available?
    • Can spend owners see all their spend by vendor?
    • Can spend owners see their budget and spend levels for ongoing tracking?
    • How do you help with identifying and avoiding duplicate spend?
    • Are there dashboards and reports that can show real-time or near real-time spend, or is reporting required to be done within the GL?
    • How do you help with 1099s?
  • What security measures are in place within your organization and system?
    • Are you SOC-1 and SOC-2 compliant?
    • How do you manage fraud detection and prevention?
    • Is there an audit trail of all financial actions? Can this be used in the event of an external audit?
  • What security measures are in place within your organization and system?
    • Is your onboarding guided or self-service?
    • How long does onboarding take?
    • How much and what type of assistance do you provide for the finance and accounting team?
    • Do you provide assistance with spend owner or employee training?
    • Is there an additional fee for onboarding or training?
  • What type of ongoing support or assistance do you provide?
    • How do I find help and request support for issues?
    • Are there additional fees associated with support?

Guides and ebooks

The Definitive Guide to Spend Management

Trusted by finance teams at all stages

10

Spend management vendor questionnaire.

As you evaluate spend management solutions, here are some questions you should consider asking potential vendors.
  • Please describe how your solution manages each of the main areas of spend management:
    • Accounts payable automation
    • Corporate cards
    • Employee expense reimbursement
  • What are the options provided with your corporate card program?
    • Do you provide both pre-funded and credit options?
    • Are the physical cards within your program policy and limit controlled?
    • Can this be applied at the individual card level and changed at any time?
    • Do your cards integrate with Apple Pay and Google Pay digital wallets?
    • Can multiple virtual cards be set up for a vendor to allow tracking of spend by vendor and program/project?
    • Can an expiry date be set for virtual cards? How is expiry handled? Is there notification before a card is set to expire so action can be taken?
    • How are cards handled when an employee leaves the company? Can card ownership be changed?
    • Can virtual cards be used by the AP team to pay invoices and avoid ACH or check fees?  
    • What level of cashback benefit does your card program provide?
  • How is spend policy setting and enforcement managed in your solution? Does the same policy setting apply to all types of spend?
    • Can simple approval policies be set to ensure all expenditures are pre-approved?
    • Is there an ability to customize and create complex workflows to accomplish approvals that match company and departmental policy?
    • Can approval workflows be customized to manage both serial and parallel approvals?
    • Can approvals be sent to groups of users and allow any one of those users to approve the expenditure?
    • Can approval workflows include different conditions based on GL tags and categories?
    • Can approvals be done in the tools people commonly use, such as a mobile application and Slack?
  • How are expenses categorized and matched to the GL?
    • Can employees categorize expenses when they request the spend?
    • Will employees see a list of all GL categories, or can that be limited to categories that are appropriate for their role?
    • Can GL categories have simplified names so employees are able to determine where to allocate the expense?
  • How are receipts for expenses handled?
    • Can employees attach receipts at any time, and through a mobile app?
    • Is there flexibility to make receipts optional or mandatory? What options are available?
    • Are there automatic reminders to employees to ensure receipts are provided?
  • What type of assistance is provided with purchase orders, invoices and bill payments?
    • Can invoices be sent in through email and automatically processed?
    • Is there OCR capability for ingesting invoices?
    • How are vendors added into the system and W-9’s captured?
    • Do you have a vendor portal for partners and, if so, how does it work?
    • Can bill payments be scheduled so they are paid on a designated date?
    • Can payments be amortized automatically within the system, or must that be done within the GL?
  • What level of integration is provided with my General Ledger?
    • Does your system fully integrate with the GL our company uses? Are transactions automatically synchronized into the GL, or is there a manual reconciliation process required?
    • Are transactions auto-categorized? How does the system help with this? Does it have machine-learning capabilities to help in this area?
    • How long does month-end processing take and what is involved?
  • What type of reporting and real-time visibility is available?
    • Can spend owners see all their spend by vendor?
    • Can spend owners see their budget and spend levels for ongoing tracking?
    • How do you help with identifying and avoiding duplicate spend?
    • Are there dashboards and reports that can show real-time or near real-time spend, or is reporting required to be done within the GL?
    • How do you help with 1099s?
  • What security measures are in place within your organization and system?
    • Are you SOC-1 and SOC-2 compliant?
    • How do you manage fraud detection and prevention?
    • Is there an audit trail of all financial actions? Can this be used in the event of an external audit?
  • What security measures are in place within your organization and system?
    • Is your onboarding guided or self-service?
    • How long does onboarding take?
    • How much and what type of assistance do you provide for the finance and accounting team?
    • Do you provide assistance with spend owner or employee training?
    • Is there an additional fee for onboarding or training?
  • What type of ongoing support or assistance do you provide?
    • How do I find help and request support for issues?
    • Are there additional fees associated with support?

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All Guides and ebooks

Trusted by finance teams at all stages
Jason Lopez, Controller at Lattice
,
Jason Lopez, Controller at Lattice
,

What you’ll find in this guide:

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Want to learn more about spend management?

Read our Definitive Guide to Spend Management.

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Learn about the features of a spend management system.

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