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Managing your corporate spend is one of the most important aspects of your business, yet it can also prove one of the most complex. So how can you improve this process?

Among the many methods available, the most effective way to breathe new life into your corporate spend is with spend management software.

In this article, you’ll learn what this software is and how it can help your company.

What is spend management software?

Spend management software is an advanced platform that allows you to accurately monitor, review, and control every aspect of your corporate spend.

With expert software – such as that provided by Mesh Payments, for example – you can gain a full picture of your corporate spend, including every transaction that takes place throughout various areas in your company.

When each transaction occurs, the software will record extensive data surrounding different aspects of the payment, which can include, but not limited to – what was purchased, how much was spent, what company received the payment, which team made the transaction, and what card was used – among other things.

As well as this, the software can offer a range of additional features to optimize your spend management process, including things like spend controls, insights, customized workflows, and much more.

How can spend management software breathe new life into your corporate spend?

Spend management software can significantly improve how you handle corporate spend in a variety of ways, including:

With spend management software, you can gain access to a range of useful spend control features, which give you a firmer hold over how much and on what your money is being spent.

One of the many spend controls you can implement in your business is the use of spend limits on your payments.

These are the maximum amounts you can set for your payments, so that any transactions which exceed these limits are prevented from completing.

This can help you have more control over your corporate spend and adhere more accurately to the various budgets established in your business.

  • Efficient payment approval processes

Spend management software can also help you create more efficient workflow processes within your company. One of the main ways this is done is through automated payment approvals.

With automated approvals, you can have certain transactions approved automatically when a request is submitted, without the need for any intervention from the necessary authority.

You can customize the criteria needed for transactions to be automatically approved, to help tailor your corporate spend, to your unique business needs and goals

You can also gain meaningful spend insights for each of your transactions, to help you achieve the highest level of cost-efficiency in every area of your business.

Among the many insights the software provides, one of them allows you to see any cheaper alternatives to the payments you’re making.

For instance, if you’re paying for office supplies, the software can show you any alternative companies or products that offer the same value but at a cheaper price.

With insights like this, you can constantly stay ahead of your spending and ensure more cost-efficiency and smarter payments.

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Spend management software is the ultimate tool for enhancing your corporate spend, so make sure you find the right provider to implement your software now!