# How can you breathe new life into your corporate spend? Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-04-25 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Improve Corporate Spend with Spend Management Software Meta Description: Discover how spend management software can revolutionise the way you handle corporate spending. Gain control, insights, and streamline your processes with ease. URL: https://financedigest.com/how-can-you-breathe-new-life-into-your-corporate-spendhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1440405279-1736814099988-compressed.jpg) 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](https://www.financedigest.com/document-management-software-market-to-expand-at-a-value-cagr-of-12-3.html "Document Management Software Market to expand at a value CAGR of 12.3%")? Spend [management software is an advanced platform](https://www.financedigest.com/impact-com-announces-fully-integrated-influencer-and-creator-partnership-management-platform-empowering-brands-and-creators-to-discover-create-and-manage-long-term-productive-partnerships.html "impact.com Announces Fully Integrated Influencer and Creator Partnership Management Platform, Empowering Brands and Creators to Discover, Create and Manage Long-Term, Productive Partnerships") 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](https://meshpayments.com/), 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](https://www.predictiveindex.com/blog/business-team-types/) 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](https://www.financedigest.com/managing-debt-ways-to-get-out-of-debt-and-staying-debt-free.html "Managing Debt: Ways to Get Out of Debt and Staying Debt-Free") software can significantly improve how you handle corporate spend in a variety of ways, including: - **A range of** [effective spend](https://www.financedigest.com/dutch-to-spend-16-billion-to-cushion-effects-of-inflation-media.html "Dutch to spend billion to cushion effects of inflation -media") controls With spend management software, you can [gain access to a range of useful spend control](https://www.financedigest.com/version-control-systems-market-gain-impetus-due-to-the-growing-demand-over-2017-2026.html "Version Control Systems Market Gain Impetus due to the Growing Demand over 2017 – 2026") 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](https://www.financedigest.com/late-payments-not-just-a-smaller-business-issue.html "Late payments not just a smaller business issue"). 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](https://www.forbes.com/sites/forbesbusinesscouncil/2022/02/07/why-your-small-business-needs-a-budget/?sh=4db4199d1233) established in your business. - **Efficient** payment approval processes Spend management software can [also help you create more efficient](https://www.financedigest.com/naturgys-profit-rises-on-lng-gains-soothing-shareholders-by-pietro-lombardi-madrid-reuters-spanish-power-utility-naturgy-reported-on-monday-an-88-jump-in-profit-for-the-first-six-months-of.html "Naturgy’s profit rises on LNG gains, soothing shareholders By Pietro Lombardi MADRID (Reuters) – Spanish power utility Naturgy reported on Monday an 88% jump in profit for the first six months of the year, boosted by strong earnings at its liquefied natural gas (LNG) business, which could help it to win over restive investors. Earlier this month, the company said it would increase its dividend floor through 2025 while trimming expected investment, as it sought to make rewarding shareholders a priority. Pleasing them has become a focus as Naturgy considers changes that could reshape the company and after arguments over the potential appointment of a chief executive. Naturgy’s first-half net profit jumped to 1.05 billion euros (.16 billion), boosted by its liquefied natural gas (LNG) business. Shares were down 0.2% in mid-morning trading, bucking deeper declines, in particular for Spain’s blue-chip banks and utilities after a general election on Sunday produced no clear winner. Renta 4 Banco analyst Angel Perez Llamazares said Naturgy performed better than expected, adding “cash flows also beat our expectation,” and debt fell more than expected. After natural gas prices hit record levels last year, Naturgy said a fall in procurement costs this year and hedging gains had boosed profits. In the first half of the year, the company “exceeded the objectives of operating efficiency, cash generation, investment materialisation and debt reduction,” Executive Chairman and CEO Francisco Reynes said. After rival Iberdrola named a separate CEO last year, Naturgy is the only large energy company in Spain to combine the roles of executive chairman and CEO. Earlier this month, the company raised the dividend floor to 1.40 euros a share, from 1.20 euros. Operating profit (earnings before interest, tax, depreciation and amortisation) is expected to reach 5.1 billion euros, compared with a previous guidance of 4.8 billion euros. It said it was targeting net profit of 1.8 billion euros in 2025. Naturgy also relaunched its plan to split regulated infrastructure operations and liberalised energy businesses into two listed companies. The project had been suspended after the Ukraine war disrupted energy markets and analysts are still sceptical. “We believe it is unlikely that Naturgy will be able to implement its asset split in the short term and it is also unlikely that a big change in the shareholding of the company would occur,” said RBC analyst Fernando Garcia. ( = 0.8986 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro and Barbara Lewis)") 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 - **Meaningful** [corporate spend insights](https://www.financedigest.com/corporate-wellness-market-insights-by-leading-companies-and-emerging-growth-till-2026.html "Corporate Wellness Market Insights by Leading Companies and Emerging Growth Till 2026") You can also gain meaningful spend insights for each of your transactions, to help you [achieve the highest level](https://www.financedigest.com/fime-india-achieves-emvco-contact-level-2-accreditation.html "FIME India achieves EMVCo Contact Level 2 accreditation  ") 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](https://www.financedigest.com/best-paying-jobs-in-water-supply.html "Best Paying Jobs In Water Supply"), 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](https://www.financedigest.com/staying-ahead-in-the-digital-era-a-cfos-roadmap-to-future-proof-solutions.html "Staying Ahead in the Digital Era: a CFO’s Roadmap to Future-Proof Solutions") of your spending and ensure more cost-efficiency and smarter payments. — Spend [management software is the ultimate tool for enhancing](https://www.financedigest.com/enhancing-credit-exposure-management-through-graph-analytics.html "Enhancing Credit Exposure Management Through Graph Analytics") your corporate spend, so make sure you find the right provider to implement your software now! --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---