Spend management software keeps track of and handles business expenditures. These might include the cost of raw materials and parts, or services such as marketing and subscriptions. By collecting and analysing your spend data, this software helps your whole organisation understand how the company is spending its money.
This kind of software helps to make sure you don’t spend more than you need to and to keep track of your business expenses so that they are reflected correctly in your financial statements. Spend management software is largely used by procurement departments to plan and track business costs, but accountants might also use it for financial reporting.