Spend management is a philosophy, framework, and software category that helps companies manage direct expenditures and control discretionary costs to improve the bottom line and influence strategic business decisions for all stakeholders.
This includes overseeing all activities in the entire procure-to-pay process including requisitions, approving, purchasing, receiving, paying, and analysis of company spend. Spend management helps all leaders understand the value of their spend relative to the operations of a business. Organizations use spend management because they want:
Would you ever file your taxes on paper rather than online? If that idea gives you the slightest bit of anxiety, we understand. Why would you? Switching from paper to digital leads to huge time savings, greater control, and operational efficiencies: everything you would get from a spend management platform like Procurify.
Spend Management keeps you in control of your business spend, allows you to identify new savings opportunities, and repurposes those savings to drive growth for your organization.
Custom approval flows are the backbone of your financial controls. Without these controls, companies increase risk, workloads, and higher instances of control deficiencies for audits. Ensure the right people are approving your business spend.
Being out of office doesn't need to be a bottleneck. Working with remote team members across distributed locations is easy with our beloved mobile app. Requests and approvals on the go will never look the same again.
Gain comprehensive workflows by upgrading your purchase requisition processes to ensure complete spend visibility in the entire procure to pay cycle.
Know exactly what payments are going out the door, by role, and department. Make sure teams are spending only what’s been budgeted and approved.