Top 5 best enterprise spend management tools

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Top 5 best enterprise spend management tools | Pleo Blog
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In today’s competitive business landscape, finance leaders are always looking for ways to optimise spend – and that’s exactly what enterprise spend management software is all about.

With so many different options on the market, however, choosing the right tools for your business can be challenging. We’re here to make it a little easier for you.

In this article, we’ll cover what enterprise spend management is and give you a rundown of the top 5 best enterprise spend management tools on the market.

Key takeaways:

  • Enterprise spend management tools are designed to help businesses manage expenses efficiently and effectively.
  • When choosing a tool for your business, look for a solution with low implementation time and high ease of use – and make sure it fits within your budget.

What is enterprise spend management?

Enterprise spend management is all about managing, controlling and optimising expenditures across a business’ departments and functions. 

Once manual, this process is now handled with software – and that’s why it’s important to find the right tool for the job.

Put simply, enterprise spend management software is any tool whose main purpose is to help your business manage expenses efficiently and effectively.

Some of the core components of enterprise spend management tools include:

  • Expense management: Tracking employee and operational expenses to ensure visibility into spend and streamline reporting and reimbursement.
  • Budgeting and forecasting: Planning and predicting future spending to stay within financial limits and anticipate future needs.
  • Accounts payable: Automating invoice processing and payment, reducing errors and ensuring timely payments.
  • Procurement management: Ensuring goods and services are bought at the best possible price without compromising on quality.
  • Supplier Relationship Management (SRM): Building and maintaining strong relationships with suppliers to ensure value and mitigate risks.

From spotting and correcting overspending to improving decision-making and increasing efficiency, the benefits of enterprise spend management software are many – and to gain them, all you need to do is find the right tools for your business.

The 5 best tools for enterprise spend management

1. Pleo

With more than 1,480 five star reviews, Pleo is Europe’s most loved and trusted spend management platform. From daily business expenses to software subscriptions, Pleo gives you instant visibility of all your company spend.

Review the details in real-time, and if something's missing, ask for more information in just a few clicks. Minimise human errors and avoid manual expense reports by exporting Pleo spending data right into the accounting tools your finance team uses every day – and much, much more.

Best for

Pros

Cons

Pricing

Startups, small businesses and larger businesses

User-friendly interface


Flexible and scalable paid plans


Real-time tracking and easy categorisation of expenses


Seamless integration with business software

Cost linked to number of users


Limited multicurrency support

Offers four pricing plans (Starter, Essential, Advanced and Beyond) based on the number of users and the features included



 

2. Coupa

Coupa is like a Swiss Army Knife for enterprise spend management. With its intuitive interface and strong analytics, it brings all your procurement, expense and invoicing needs together under one roof.

Best for

Pros

Cons

Pricing

Mid-sized to large enterprises across industries, especially those looking for an all-in-one solution

Easy-to-use interface with great user adoption rates


Powerful real-time analytics for spend visibility


Extensive third-party integrations

High implementation costs and time


Limited customisation for specific business needs


Smaller companies might find it overwhelming

Subscription-based, with costs depending on company size and number of users

3. GEP SMART

GEP SMART is a cloud-native spend management suite designed for enterprises that want a full range of procurement and supply chain capabilities. GEP SMART lets you manage your direct and indirect spend effectively while boosting adoption, performance and compliance.

Best for

Pros

Cons

Pricing

Large enterprises, particularly in industries like manufacturing, retail and healthcare

Unified platform for procurement, spend analysis and supplier management


AI-powered insights to improve decision making


Excellent global and multi-language support

Implementation can be time consuming


Some users find the interface less intuitive


Pricing is on the higher side for smaller companies

Custom pricing based on modules and company size – typically subscription based with setup fees

 

4. NetSuite

NetSuite is a robust, cloud-based solution that goes beyond enterprise spend management, offering ERP capabilities for holistic financial management. Basically, it collects everything in one place so you can focus on the big picture instead of drowning in spreadsheets.

Best for

Pros

Cons

Pricing

Medium to large businesses seeking integrated ERP solutions

All-in-one solution for financials, procurement and more


Strong reporting and real-time dashboards


Highly customisable to fit business needs

Can be costly the more modules you add


Requires a significant time investment for setup and training


Smaller companies may find it too complex for their needs

Annual subscription based on the number of users and modules chosen

 

5. Zycus

Zycus is a comprehensive enterprise spend management platform that combines procurement, invoicing and AI-driven insights to optimise enterprise spending and speed up the procurement process.

Best for

Pros

Cons

Pricing

Medium to large enterprises seeking robust automation and advanced spend analytics

Strong AI capabilities for procurement and spend analysis


End-to-end spend management, from sourcing to payment


Flexible and scalable for global operations

Implementation can take time, especially for complex setups


Some users report that customer support could be improved


Advanced features may have a learning curve for new users

Custom subscription pricing based on the modules and features selected, with implementation and support fees

How to choose the right enterprise spend management software for your business

When it comes to enterprise spend management software, there’s no one-size-fits-all solution to all your business needs. A tool that works well for one business isn’t necessarily the right one for yours.

Even so, there are certain key functionalities that are always good to look for. When choosing an enterprise spend management solution, here are some things to consider:

  • Implementation time: The longer a tool takes to implement, the more expensive it is. Look for enterprise spend management software with a short implementation time and onboarding process. 

  • Ease of use: A tool may have great features, but if it has a high learning curve it may be difficult to use. Reading reviews and trying product demos will help you ensure the tool you’re considering is easy to use and adopt.

  • Advanced analytics and reporting: This one’s important. Advanced analytics and reporting give you deeper insights into your business performance and priorities, which helps enhance your decision making. Look for a tool that offers these features.

  • Data security: Protecting sensitive data and financial information is essential. Make sure the software has passed industry-standard security and regulatory compliance checks.

  • Compliance support: Enterprise spend management software should comply with relevant reporting standards, financial regulations and data privacy requirements. In addition, make sure the solution you’re considering allows you to automate compliance reporting tasks and generate standard reports.

  • Budget and value: Make sure you get the value you’re looking for. Compare the enterprise spend management tool’s pricing model with the value and features it offers, and weigh the potential benefits against the cost.

Wrapping up

Enterprise spend management tools can help you manage and optimise everything from employee and operational expenses to ensuring goods and services are bought at the best possible price.

When choosing your enterprise spend management software, look for a solution that offers low implementation time and high ease of use while simultaneously being a good fit for the size of your business – as well as your budget.

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