Top 5 best enterprise spend management tools


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.