Spend Management
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 analyzing your spending data, this software helps your whole organization understand how the company is spending its money.
This kind of software helps to make sure businesses don’t spend more than they need to and to keep track of business expenses so that they are reflected correctly in 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.