Flourishing demand for Total Spend Management Software Industry

Flourishing demand for Total Spend Management Software Industry

Expense management refers to the systems used by a company to process, pay, and review employee-initiated expenses. These costs include, but are not limited to, travel and entertainment expenses. Expense management includes the policies and procedures that govern that expense, as well as the technologies and services used to process and analyze the data associated with it.

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Some of the key players of Total Spend Management Software Industry:

Expensify, Receipt Bank, Scanbot, SAP, Scannable, Procurify, Precoro, Ariba, ProcurementExpress.com, Vroozi, Airbase, SMART by GEP, Coupa Spend Analysis, Fraxion, Resolvr, Accrualify, Claritum

Software for managing expense reporting, authorization, auditing and reimbursement processes can be obtained from organizations that provide licensed software, an implementation and support service, or alternatively from SaaS providers (Software as a Service). SaaS providers offer web-based, on-demand applications that are managed by third parties to improve cost management productivity.

Expense management automation has two aspects: the process an employee goes through to complete an expense report (e.g., logging a hotel receipt or transmitting cell phone records), and the activity accounts or finance staff commit to handling the claim within the financial system.

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