5 tools for better IT financial management in 2026

In today’s technology-driven world, IT spend is more than a line in the budget: it’s a strategic lever for growth and innovation. Yet managing it effectively remains a challenge for many organisations. Traditional, spreadsheet-driven approaches are slow, error-prone and reactive, leaving finance and IT teams scrambling to understand where money is going.

Enter IT financial management (ITFM) software: a modern, data-driven approach that provides real-time visibility, enforces spend policies and transforms IT costs into actionable insights. With the right tools, organisations can do more than just control spending: they can make smarter decisions that drive real business value.

We’ll cover what ITFM software is and introduce you to five tools that’ll help you take your IT financial management to the next level in 2026.

Key takeaways:

• From cloud infrastructure to software subscriptions, ITFM tools provide a single source of truth for all technology spend, helping teams track, analyse and allocate costs accurately.
• ITFM software automates expense capture, approvals and reporting, allowing finance and IT to focus on strategy rather than paperwork.
• Platforms like Pleo integrate real-time tracking, policy enforcement and analytics to turn daily spend into actionable insights, enabling smarter budgeting and cost optimisation.
• The best ITFM tools connect seamlessly with existing financial and operational systems, growing with your organisation and adapting to increasing complexity.

What is IT financial management (ITFM) software?

IT financial management (ITFM) software is designed to give finance and IT leaders a clear, real-time view of technology spending. It tracks, analyses and allocates costs across departments, projects and services, transforming raw data into actionable insights.

ITFM isn’t just about keeping budgets in check: it’s about making strategic decisions on technology investments that drive real business value.

Not long ago, ITFM was largely a manual, spreadsheet-driven exercise. Finance teams would scramble to collect invoices, reconcile costs and allocate IT spend – often after the fact. Decisions were reactive, insight was limited and errors were common.

Today, ITFM software automates these processes, providing accuracy, speed and transparency that traditional methods simply can’t match. From cloud costs and software licensing to vendor contracts and IT asset management, modern ITFM platforms don’t just show you where your money is going – they help you make it work smarter.

In other words, ITFM software isn’t just about controlling costs: it’s about unlocking the full potential of your IT investments.

5 tools to take your IT financial management to the next level in 2026

Still tracking IT spend manually, juggling spreadsheets and trying (and failing) to make sense of cloud bills, software subscriptions and vendor costs? It might be time to swap frustration for control with smarter ITFM software. We’ve put together a list of tools that make managing technology spend faster, more accurate and more transparent.

In the table below, you’ll find a quick overview of the solutions covered:

Spend management platforms

Keeping IT costs under control isn’t just about tracking invoices: it’s about actively managing how money flows across the organisation. Spend management platforms provide real-time visibility into all types of expenditure, automate approvals and reimbursements and help teams enforce budget policies without slowing down operations. They don’t just capture spend – they turn it into actionable insights, giving finance and IT leaders the control and agility needed to make smarter, faster decisions.

1. Pleo

With more than 1,480 five star reviews, Pleo is Europe’s most loved and trusted spend management platform.

Managing IT spend has never been easier. With Pleo, every technology-related outlay – whether it’s a software subscription, cloud service or team IT purchase – is tracked in real time, giving finance and IT leaders a complete view of IT costs and cash flow across the organisation.

Capture, monitor and control IT expenses instantly, enforce spending policies and approve purchases on the spot – not weeks later. Teams gain faster, more accurate visibility into where IT budgets are being spent, helping prevent overspend, optimise allocations and maintain control over technology investments.

Turn IT spend data into actionable insights with automated workflows, seamless categorisation and analytics that reveal the bigger picture. Spend less time reconciling costs and chasing approvals – and more time making strategic, data-driven decisions that maximise the value of IT for the business.

Pros and key functionalities:

• Real-time spend and invoice tracking: Monitor and reconcile technology expenses, software subscriptions and supplier invoices instantly – no more untracked costs or missing receipts.
• Flexible spend control: Equip teams with both physical and virtual cards with configurable limits, merchant restrictions and policy enforcement.
• Seamless expense and invoice capture: Say goodbye to paperwork. Snap, attach and categorise receipts instantly via the mobile app. 
• Smart automation and approvals: Automate workflows, enforce policies and approve expenses and invoices on the spot for faster, more accurate reconciliation.

Reasons to choose Pleo:

• Fast implementation and onboarding
• Strong customer support and user-friendly interface
• Scalable solution that grows with your business

Pricing: Pleo offers monthly or yearly billing, with prices starting at £9.5 per month for up to 3 users.

What do our users say about Pleo?

“Pleo is a platform that makes it easy to manage team expenses. It provides all employees with a controlled and efficient company payment method, without paper (no receipts or physical invoices), with expense allocation to cost centers, analytics that enable optimization and improvement of resource use, and easy transfer of all information to the company's accounting department. In my opinion, it is recommended for any company.”

- Project Controller Montserrat V., G2

Cloud cost management tools

Cloud infrastructure offers flexibility and scale – but without oversight, costs can skyrocket. Cloud cost management tools give businesses real-time visibility into cloud spend, highlight inefficiencies and help teams optimise resources. These platforms ensure you’re only paying for what you actually use and making every pound spend on cloud count.

2. CloudZero

When cloud costs start creeping up, CloudZero brings clarity. This platform turns complex cloud billing data into clear, actionable insights, helping teams understand who is spending what and why.

By connecting engineering and finance, CloudZero makes cost optimisation a shared responsibility – not an afterthought.

Pros and key functionalities:

• Real-time cloud cost visibility: Track and analyse spending across AWS, Azure, GCP and Kubernetes in real time.
• Granular cost allocation: Break down cloud spend by team, feature or environment to pinpoint exactly where your budget is going.
• Automated anomaly detection: Get instant alerts on unexpected cost spikes before they impact your bottom line.

Reasons to choose CloudZero:

• Cost management and cloud spend control
• Intuitive interface for fast insights
• Effective anomaly detection

Source: G2

Pricing: N/A – all pricing is quote-based.

IT asset management (ITAM) software

From laptops to software licenses, IT assets are expensive and complex to track. ITAM software provides full lifecycle visibility, helping businesses monitor, maintain and optimise their IT inventory. By knowing what assets you have, how they’re used and when they need renewal or replacement, you can reduce waste and control costs effectively.

3. ServiceNow IT Asset Management

Keeping track of your IT estate shouldn’t feel like detective work. ServiceNow IT Asset Management gives you full visibility over hardware, software and cloud assets, automating every stage of the lifecycle.

From procurement to retirement, ServiceNow IT Asset Management ensures every asset is accounted for, compliant and cost-effective, helping IT and finance teams stay firmly in control.

Pros and key functionalities:

• End-to-end asset tracking: Manage the full lifecycle of your IT assets – from procurement to retirement – all in one place.
• Automated inventory control: Eliminate manual tracking with real-time updates on hardware, software and cloud resources.
• Compliance and license management: Stay audit-ready with automated monitoring of usage, renewals and licence entitlements.

Reasons to choose ServiceNow IT Asset Management:

• Effective asset management
• Ease of use and implementation
• Seamless integrations

Source: G2

Pricing: N/A – all pricing is quote-based.

Vendor and contract management platforms

Managing vendor relationships and contracts is more than paperwork: it’s a strategic lever for controlling IT spend. Vendor and contract management platforms centralise agreements, automate renewals and improve compliance. The result: fewer surprises, smarter negotiations and greater alignment between IT investments and business goals.

4. Contractbook

Contracts don’t have to live in chaos. Contractbook transforms the way organisations create, manage and track agreements by bringing every vendor contract into one smart, automated platform.

From drafting to e-signature to renewal, Contractbook keeps you compliant, organised and always aware of your contractual obligations – so no deadline or opportunity slips through the cracks.

Pros and key functionalities:

• Centralised contract management: Store and manage every vendor agreement in one secure, searchable platform.
• Automated workflows and e-signatures: Draft, approve and sign contracts digitally – speeding up deal cycles and reducing admin.
• Smart reminders and renewals: Never miss a renewal date or compliance deadline with built-in alerts and automation.

Reasons to choose Contractbook:

• Simple, intuitive design
• Efficient document sending
• Convenience and time-saving capabilities

Source: G2

Pricing: Contractbook offers a free trial. Priced plans start at €399.00 per month.

Business intelligence and analytics tools

Data is only powerful if you can act on it, and IT spend generates a lot of it. Business intelligence and analytics tools turn complex spend data into clear insights, enabling leaders to make informed decisions about budgets, allocations and investments. With these platforms, ITFM moves from reactive reporting to strategic, forward-looking planning.

5. Microsoft Power BI

Data is valuable – but only if you can make sense of it. Microsoft Power BI turns IT and financial data into interactive dashboards and visual stories that drive smarter decisions.

With real-time analytics and intuitive visualisation, this tool helps leaders see the full picture of technology spend, performance and opportunity at a glance.

Pros and key functionalities:

• Dynamic data visualisation: Turn complex IT and financial data into clear, interactive dashboards that everyone can understand.
• Real-time analytics: Monitor budgets, costs and performance metrics live for faster, data-driven decision-making.
• AI-powered insights: Use natural language queries and predictive analytics to uncover trends and opportunities.

Reasons to choose Microsoft Power BI:

• Powerful business intelligence
• Efficient data visualisation
• Ease of use and strong integrations

Source: G2

Pricing: Microsoft Power BI offers a free version. Priced plans start at $14.00 per user per month (annual billing).

What to look for in an ITFM tool

With the right tools in your kit, managing IT spend doesn’t have to be a headache – and there are plenty of solutions to help you take control of your IT financial management.

Not every tool will be the perfect fit for your business, but certain features are worth prioritising. When evaluating an ITFM tool, consider the following key features:

• User-friendly interface: Opt for a solution that’s intuitive and easy for all team members to use, minimising training time and speeding up adoption.
• Real-time spend tracking: Ensure the tool gives you instant visibility into all IT spend – from software subscriptions to hardware purchases.
• Automated expense capture: Look for automation capabilities that streamline the process of capturing and categorising expenses. This’ll help you reduce manual entry and errors.
• Policy enforcement: Your chosen tool should help you enforce spend policies, ensuring compliance and preventing unauthorised spend.
• Seamless integrations: Choose a solution that integrates smoothly with your existing financial systems for accurate reporting and analysis.
• Good value for money: Choose a tool that gives you the value you need for a price that won’t break your budget – and one that scales with your business.

IT financial management isn’t just about tracking IT budgets: it’s about giving your business visibility, control and insight into every technology expense, from software subscriptions to cloud services.

With the right ITFM tools, finance and IT teams can manage spending confidently, optimise resource allocation and make strategic decisions, freeing them from manual tracking and reactive cost management.

Final thoughts

IT financial management is no longer just a back-office function: it’s a cornerstone of business strategy. By combining visibility, automation and analytics, ITFM software empowers organisations to optimise technology investments, reduce waste and make data-driven decisions that drive growth.

Whether you’re managing cloud costs, tracking assets, centralising contracts, analysing spend with or controlling day-to-day expenses, the right tools help transform IT spending from a reactive challenge into a strategic advantage.