Top 5 Features Essential for a Spend Management Tool

Features Essential for a Spend Management Tool

A business has a wide range of expenses. Whether it’s travel or SaaS subscriptions, the money leaving an organization has a direct impact on your bottom line. As a result, it is necessary to stay in control of your company spending to maintain a positive cash flow.

A spend management tool can go a long way to improve visibility and keep track of business spending. In addition, it can help you uncover cost-cutting opportunities and avoid unnecessary expenses.
Most importantly, you can have all your payment data in one place for a single source of truth.

However, not all spend management solutions are made the same way. As a result, you should assess the features of any tool before paying to get the best deal.

Below are the top 5 essential features for any spend management tool to provide assured returns.

1. Smart Spend Controls

A payment solution is not complete unless you can control your cash outflow. Therefore, any spend management tool you choose should come with spend controls.

What should you be looking for?

The topmost thing to search for is an efficient approval system for employee payments. The person in charge of approval should get to know about any request instantly.

For example, Mesh allows you to develop custom approval workflows for your business. You can also receive instant notifications when a request arrives and issue approval on the fly.

Additionally, you can:

  • Implement custom travel policies
  • Set spend limits
  • Lock cards to vendors
  • Get fraud alerts

2. Intelligent Spend Optimization

Optimizing spending is an integral responsibility of the finance department. However, the process often turns challenging due to a lack of real-time data.

As a result, a tool that doesn’t let you optimize expenses is a waste.

You should go for reliable solutions that offer a range of spend optimizations. For example, Mesh alerts you when you try to use a service similar to your existing ones.

Let’s say you are already paying a monthly subscription for Google Cloud. So, if you try to pay for an AWS subscription, Mesh sends you an instant alert.

3. Seamless Automation

66% of companies today take advantage of automation for one or more business processes. It allows them to save time, conserve resources, and cut costs. Ideally, your spend management solution should also enable you to automate repetitive tasks.

For example, Mesh lets you automate vital processes like payment approval. Additionally, you can automate other workflows like matching receipts with correct transactions. There is no need to pay wages to an employee to match receipts manually.

Moreover, you can also put your payments on auto-gear to improve productivity.

4. Real-Time Reporting

Historical data is of minimal use when you need to stay on top of your payments. Therefore, you shouldn’t have to wait till the 31st of a month to know what you have spent.

Instead, you should have real-time data to make accurate calculations.

As a result, go for a spend management tool that offers real-time reporting. You will be able to generate reports instantly for making strategic forecasts for the coming months.

Mesh also features real-time reporting for businesses to stay in control. You can even customize your report in easy steps by activating or deactivating filters.

Additionally, you always have real-time data to make sound financial decisions.

5. Meaningful Spend Insights

The finance department needs insights to guide the business on the right course. Therefore, choose a spend management tool that generates vital insights about your payments.

You can try Mesh that allows you to unearth opportunities to lower spending with crucial insights. For example, you can get the rates of local hotels while trying to reserve your hotel with Mesh.

Additionally, our tool warns you of duplicate payments, unused subscriptions, and more. You can also predict what you are going to spend in the future accurately based on real-time insights.

Final Thoughts

A spend management solution should help you track every expense in real-time. It should also come with spend controls and optimizations to help you save more. Additionally, choose a tool that offers real-time reporting and advanced analytics. You will be able to make your payments more efficiently and uncover any suspicious activity. Mesh is loaded with all the features you need to make your payments with full confidence. Try out Mesh today to find out what we mean.

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