What is Spend Management?

The end-to-end management of an organization's spend is referred to as spend management. Spend analysis, spend categorization/classification, spend data management, and spend performance management are all covered. Spend management is a continuous and ongoing mechanism that aims to improve a company's bottom line by managing and maximizing its spending.

Software with Spend Management

PRODUCT NAME	SW SCORE (OUT OF 100)	AGGREGATED RATINGS (OUT OF 5)
Quickbooks	98	4.2
Freshbooks	96	4.4
Xero	96	4.3
Wave	96	4.3
FreeAgent	94	4.7
Zoho Books	94	4.3
MYOB	92	4.1
Workday Financial Management	91	3.7
Sage Accounting (Sage One)	90	4.5
Accounting Seed	90	4.2

Related Features

Accounts Receivable

Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.

Accounts Payable

Accounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Bank Reconciliation

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.

View all features

Contents

Related Topics

Related Categories

Popular Features