The 7 best Spend Management Tools
Your business spending is getting messy? Whether you're part of a growing startup or an established enterprise, having a system that monitors, automates and analyzes the entire lifecycle of your business expenses is essential. This is certainly what finance teams dream of, spend control.
That's exactly what a spend management software does. Growing businesses use spend management tools to take care of their expenses quickly so that they can focus on higher-value tasks.
While a spend management software is essential, it can't answer all of your SaaS-related questions. Are we overspending on our CRM or cloud automation service? Are their more affordable SaaS tools that can deliver the same features as our current suite? Are we missing opportunities for greater savings?
As a procurement software, Sastrify can help you answer all of these questions. The platform works as the perfect complement to any spend management software. Where a spend management software helps you monitor, automate and analyze, we help you make confident spending decisions with key features like price benchmarking, negotiation support, renewal alerts, and more. All in all allowing users to have full knowledge of financial data.
Sastrify Works Alongside the Following Spend Management Software:
Every Spend Management Software Has an Edge
Deciding on one spend management software from our list is tough. That's why we're breaking down the main features for you. Plus, all the details on how to integrate Sastrify with your favorite spend management software.
Pleo is a spend management software that offers a comprehensive spend management solution for companies, one that uses a 4-step process to help your business keep real time expense tracking and management:
- Issue Cards: Pleo lets you issue cards with spend limits to team members who need them.
- Capture Data: Your team members can automate their expenses quickly by capturing receipts in real-time.
- Create Visibility: As receipts are captured in real-time, Pleo offers a comprehensive view of your company’s expense tracking — all in one place.
- Integrate Accounting: Pleo integrates directly with popular business accounting tools, greatly simplifying the bookkeeping process for your team.
Because Pleo is a comprehensive spend management solution that your finance team can use to manage everything spend-related from a single platform: Enable and disable company spending cards for team members, automate financial reporting (so your employees spend more time on high-value tasks), analyze spending at any time, and quickly integrate to your other expense tracking and cost-related tools.
While it is for expense tracking and managing, Pleo is not a management software that is able to make spend control recommendations. Your finance team needs the ability to analyze the data captured so effectively by Pleo.
Sastrify offers the people and tools needed to effectively conduct that analysis.
With Spendesk spend management software, small and large organizations can take control over their spending with a feature set that’s similar to Pleo’s. You can use Spendesk to issue and manage company spending cards, automate the receipt collection and invoicing processes, create spending reports, track budgets, and more. With this spend management solution, users enjoy:
- Faster end-of-month closing times for accounting.
- Complete visibility into overall cost.
- 95% receipt reconciliation within 48 hours.
- Access to unlimited virtual cards and users.
A spend management software like Spendesk is highly valuable to organizations of all sizes. Not only does Spendesk help users keep real time expense tracking, but it also reduces the amount of time used on administrative, spend-related tasks.
Your company is busy perfecting and offering a product or service for a target market. Spend management is not a task that directly serves that mission. Using Spendesk frees you up to devote more time to your core business.
A spend management software is completely different from a SaaS procurement software. Spendesk will not help you renegotiate SaaS contracts, choose ideal technology providers, or find areas where you’re overspending on software. That’s what Sastrify provides, which is why spend management software Spendesk and Sastrify work so well in partnership with one another.
Take advantage of our direct Spendesk integration to get Sastrify’s spend analysis and optimization services based on your raw spend data.
The main value propositions of a spend management software are:
- Automate processes that take up too much of your time.
- Gain visibility into what you’re spending on different categories.
That’s exactly what Moss offers its users. Yes, Moss offers many different features, services, and capabilities, just like any spend management solution on this list.
But those features, services and capabilities basically boil down to creating efficiencies through automated processes and creating visibility through comprehensive spending dashboards.
These value propositions are important to the day-to-day operations and the long-term success of any business spending. But, while Moss is helpful for SaaS spend management, it cannot help you optimize and/or reduce your spending.
That’s why we offer direct integration into Moss at Sastrify. Use the spend management software to collect, gather, and manage spend-related details, then pass that rundown to Sastrify through our direct integration.
Sastrify’s team and tools can then help you analyze your SaaS spend data and make important decisions that have a real market impact. Still on the fence about which spend management software your company needs? Continue reading.
Companies use Cledara as an all-in-one spend management software for completely automating SaaS-related processes. Scale operationally, comply with regulations, save money, plus more when you choose Cledara as a spend management software.
In the modern age, too many companies are spending big on SaaS without a clear view into that spending. Spend management software Cledara helps solve this problem by allowing SaaS purchases via virtual corporate cards.
All of your SaaS-spend data remains in one location with this spend management solution, which allows for better analysis of SaaS spending.
SaaS usage can also spin out of control when different departments are using different tools for the same purpose. Spend management software Cledara helps you create cross-department visibility by allowing all team members to see what SaaS products are available.
While Cledara is a great spend management software, it does have limitations. For example, Cledara does not offer a price benchmarking database like Sastrify. It does not get involved in enterprise-level SaaS contract management and negotiations like Sastrify. And it does not have deep relationships with popular SaaS vendors like Sastrify — relationships that can help propel negotiations toward positive outcomes for all parties involved.
Spend management software Pliant is the modern generation of corporate cards that perfectly adapt to business spending processes and demands. How does it stand out from the competition? Pliant allows digital card management and payment processing in a simple and sleek modular setup.
Besides high limits, premium card perks, and attractive cashback, the spend management software offers seamless accounting software integration. You get a flexible and transparent read on SaaS spend related activities, giving you in return the room to save money on card transactions.
Here are the benefits of this rising spend management software:
- Onboarding without visiting a bank
- Card issuance for both virtual and physical
- Management of individual card limits
- Request and approval flows for employee expenses
- Real-time financial reporting on all transactions
The comprehensive spend management software is tailored to the needs of German SMEs and companies with good creditworthiness and very high turnover.
Payhawk promotes its spend management software as your “all-in-one finance stack,” a tool that offers:
- Expense tracking
- Corporate cards
- Invoice management
- Bill payments
The features listed above represent important spend management tasks. A spend management software like Payhawk allows you monitoring, analyzing, and managing spend, while also identifying areas for savings. But, again, Payhawk is best used in tandem with the tools and services you get through Sastrify for top-notch spend management.
The price benchmarking and negotiation support you can secure through Sastrify are complementary to the features and tools available through Payhawk.
With our insight, you avoid overspending on SaaS, and instead optimize your SaaS contract management for maximum value. After working with Sastrify, the day-to-day numbers you see through a spend management software like Payhawk will look much better than otherwise.
Where Are You Wasting Money on SaaS Tools? Integrate your spend management tools with a SaaS Procurement Software today.
As organizations around the world become more and more reliant on SaaS tools across their various departments, the risk of overspending and waste increases for them. A spend management software is helpful, but can't answer all of your questions related to SaaS investments.
At Sastrify, we offer a series of tools and services that are designed to help startups and enterprises optimize SaaS cost on software. Our team helps customers by:
- Analyzing Current SaaS Spend: Are you getting a fair deal on enterprise-level SaaS? It’s not always easy to answer that question. At Sastrify, we maintain a database of SaaS pricing that we can use to benchmark your financial arena. This lets you know if you’re overspending on your current suite of tools for managing spend and getting your financial data straight.
- Evaluating Service Levels: Some companies are paying for SaaS services that they don’t need. Our team can evaluate your existing service levels and help you right-size them so that you get the features and capabilities you need at the lowest possible price.
- Negotiating SaaS Contracts: SaaS providers are typically at an advantage during negotiations because they go through countless processes — week after week. Sastrify brings experience and knowledge to any deal, allowing users thorough visibility. We know how to work with SaaS providers and any spend management software to achieve mutually beneficial agreements that deliver real savings for our customers.
Have you decided which spend management software is for you?
If you're ready to save on business expenses, connect your spend management software to Sastrify and allow our team member to conduct a SaaS Saving Estimation for full transparency. Let us help you get the best value out of your SaaS — save time and money.
Our procurement software can give you an efficient overview of the entire lifecycle of your SaaS spending. No risk, only relief and full control for your finance teams. Seamlessly manage your employee expenses today. Spend control is just a few clicks away.