Spend Management Software - Spend Management is the way in Which Companies Control and Optimize the Money they Spend

There are two primary goals that spend management software should accomplish for companies

(prHWY.com) March 9, 2013 - PA, PA -- PA, Mar 09, 2013 - There are two primary goals that spend management software should accomplish for companies. First, it should provide a better understanding of what theyare buying and the suppliers with whom they are doing business. Second, it should put in place a mission control system to reduce overall expendituresand driveusers to spend more effectively and make better buyingdecisions.
Spend Management Solutions - Spend management software consists of a number of elements. At its core is a procure-to-pay application that includes transactional e-procurement tools also known as supplier relationship management or SRM and invoice automation capability.
In most companies, these functions are separate, with procurement typically controlling transactional purchasing and finance, through accounts payable, controlling the payables process. But increasingly, top performing companies are joining these two elements of the spend management equation.
Having visibility into a corporation's spending is one of the most efficient methods to assess a company's costs, what the money is spent on and how much could be saved. However, it can be a challenge to track every expense -- especially when that might include everything from dry-erase markers to a new data center and employee payroll.
In many companies, complications arise from having a number of different tracking systems. So even if there is a record of every dollar being spent, it might not be organized in a way that makes financials easy to evaluate.
That's where spend management software comes in. By using spend management systems, or spend analysis, as part of a procurement package, companies can organize all their spending into one system that allows administrators to see what they're spending money on. Besides helping to identify savings opportunities, spend management can reduce supplier risk and improve compliance, according to its proponents.
About the Author:
Spend Management Software- ExpenseWatch.com delivers spend management products & services for businesses that automate manual, time consuming paper-based processes for company purchases, payable invoices and expense reports, while enabling visibility and control of all company spending.
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