Spend Management
Spend Management
Spend management best practices: Optimize spending with Expensify
What is spend management?
Simply put, spend management is the practice of analyzing, tracking, and taking control of your company's spending. That can include:
Analyzing spending patterns to understand better where your company's money is going, when it's being spent, and who's spending it.
Accurately tracking expenses to keep tabs on the costs your company is covering.
Managing vendor relationships to ensure you're always getting the best deal possible.
Implementing a comprehensive budget to avoid unnecessary debt and better understand your organization's cash flow.
In other words, spend management means ensuring your company gets the most bang for its buck and understanding where your money is going.
What are the benefits of spend management?
The benefits of spend management include enhanced financial control, cost savings, time efficiency, and risk mitigation — factors that are crucial for every company's success. Without spend management, it's all too easy to lose track of company spend and waste both time and money.
That's equally as true for small businesses as it is for large corporations. Whether you need to avoid overspending on your company's first staff retreat or accurately manage bills from hundreds of vendors in multiple countries, our spend management support system can help you do it.
How Expensify simplifies spend management
Sure, taking charge of your company's spending sounds great. But when push comes to shove, effective spend management can be confusing and time-consuming to plan and execute, especially if you don’t have the right tools or support.
Not with Expensify.
Our spend management software makes it easy to track and approve expense reports, keep an eye on vendor bills, create and send invoices, automatically record payments, book cost-effective business trips, and so much more.
Here are some of the Expensify features we know you'll love.
Intuitive expense management
Tired of tedious expense reporting? SmartScan lets employees scan receipts from their smartphones, and our expense management software makes approval, reimbursement, and syncing a breeze.
Learn MoreNext-gen corporate card
With the Expensify Visa® Commercial Card, employees don't even have to scan receipts — every time the card is swiped, it automatically syncs all the important details with Expensify's software. Better yet, you can earn up to 2% cash back on every purchase. Applies to USD purchases only.
Learn MoreStreamlined vendor bill management
Stop struggling to track individual vendor bills. Use Expensify to handle your bills and you can save time on manual entry, easily track payments, and automate approvals.
Learn MoreImproved invoices
Mass invoicing, multiple payment options, instant notifications, convenient software integrations, and simplified customer communication are all included in Expensify's suite of invoicing services.
Learn MoreCentralized travel arrangements
Need to book a flight or accommodations? Chat with Concierge (part of our travel manager) to book all the travel accommodations you need for your next business trip. Receive automatic notifications about rescheduled flights, set custom travel preferences, and more.
Learn MorePersonal Payments
Expensify can help you organize your personal expenses, too. Our app allows you to request and send money, split bills, and chat with friends or colleagues.
Learn MoreActionable data insights
Gain a comprehensive understanding of how employees are spending company money, allowing admins to make better financial decisions.
Custom data reporting
Create customized business expense reports based on employee spend data to better understand where your business's money is going.
How do you build and implement a spend management strategy?
To create and execute a viable spend management strategy, start by taking a few fundamental steps.
Get serious about expense tracking. That means creating expense rules to ensure everyone's on the same page, making it easy for employees to complete expense reports and simplifying managers' report approval process.
Unite your data. Transparency is the key to great spend management, so make sure all your company's spending data goes to the same place and syncs with your accounting package.
Analyze your records. Once you've gathered a sufficient amount of spending data, analyze it to identify patterns and find opportunities to cut costs.
Choosing spend management software
When you're shopping for spend management software, keep an eye out for options offering top-tier features that are truly valuable to your company. Those might include:
Advanced automation
The more work your spend management software can take off your hands, the better.
Plenty of integrations
Choose a spend management platform that's designed to work with the software you already use.
First-class support
Make sure you can quickly get answers to your questions and chat with other users.
All-in-one app
No one wants to juggle multiple apps to compile an expense report or hop on their laptop just to see their spending records. So pick software that offers a user-friendly spend management app.
Ready to take charge of your spend management?
Enter your email or phone number to make your company's money go farther with Expensify's time-saving spend management tools.