As a business, how you spend your money, what you spend it on, and how much, are all crucial considerations.
However, it can be difficult for businesses to achieve a highly efficient way of conducting spending management.
In order to manage corporate spending in the best possible way, you need one expert tool – spend management software.
There are various spend management platforms available – such as Mesh Payments financial management platform for example – and each software will offer something different.
In light of this, this article will take you through what you need to know about spend management platforms, and how to choose the best one for your business.
What is a spend management platform?
Spend management platforms are expert software that your business can use to improve the way you carry out spend management.
There’s much that goes into successful spend management. This includes identifying every transaction, controlling different aspects of your spending, and revealing new ways to improve cost-efficiency.
With a spend management platform, all of these aspects can be managed from one place, where you can easily view and handle your entire company’s spending.
Every platform will offer useful features, alongside collecting and tracking data on all transactions.
For example, you could use features that help you establish budgets for certain areas in your business, or even implement virtual business cards to aid in the accuracy of spending management.
With the right spend management platform, each of your transactions will be in the safest, most capable hands, making managing spending a simple and effective process in your company.
What you need in a spend management platform
Choosing the right spend management platform can prove tricky, but when you know what to look for, it’s much easier.
Here are just a few of the things your business needs on the platform:
Advanced spend controls
When looking for a spend management platform, advanced spend controls are one of the best things to ensure is included.
With these controls at your disposal, not only will the platform reveal all the ways in which your business is spending money, but it can also help you adjust and revise this, using a range of features.
For example, one of the spend controls available is the use of Software as a Service (SaaS) payment suspensions. These subscriptions are common in businesses, but you might find one is no longer necessary or is costing too much.
In response, you can immediately suspend the payment with ease, so you’re not spending on something your business no longer needs.
With tools like this, you can keep all your spending as cost-efficient and controlled as possible.
Expert spending management platforms will also offer actionable insights into all the data it collects on your business spending.
The key to spending management is not just knowing how you spend money, but devising effective strategies and methods for improving it where necessary.
A spend management platform can use the data it collects to offer ways for you to refine spending, such as through alternative payment suggestions.
This will involve notifying you of any alternative solutions, which are cheaper than the ones you currently have – for example, you might have a particular software you regularly pay for, and the insights can inform you of a similar, cheaper one.
Using these insights, you’ll always be aware of the ways you can cut costs throughout your company.
Full spend visibility
Visibility is also crucial when it comes to spending management platforms.
In order for you to get the most out of the software, you need to ensure the data provided is both accurate and up-to-date.
With other methods of spend management, which might include manual input, you’re likely to have data that’s not only delayed but potentially inaccurate.
With expert spend management software, all your transactions will be automatically uploaded to the platform, including the receipts and relevant data surrounding them.
This will give you a more vivid picture of your entire company’s spending, and help you see the most accurate, real-time status of how and where your company is spending money.
The more accurate and updated the data, the more effective the spend management strategy.
Choosing the right spend management platform is not always an easy task. However, by taking these tips into account, you’ll know exactly what you need to look for, to help you choose the most superior platform for your company.