Spend management software helps businesses streamline and automate company finances. Issue corporate cards to your team, set spend controls and limits, get visibility of your company's expenses, and access insights to reduce wastage, all in one place.
Spend management extends your company’s cash flow by reducing wastage from unnecessary or duplicate spending and prevents overspending with budgets and spend controls. Effective spend management using software helps businesses mitigate financial risk, improve supplier relationships, and maintain expense data accuracy for reconciliation.
The easiest way to conduct a spend analysis in your business is to use spend management software that automates spending insights and recommendations. However, if you prefer to do it manually, here are some steps to follow:
- Identify and collect all spending data
- Clean the data so that it has consistent labelling
- Categorise data to make it accessible
- Create reporting rules to automate the analysis process in a spreadsheet
- Analyse the reports and make decisions about future spending
The main categories of spending businesses need to manage include:
Here is a process small businesses can use to keep track of accounting: