We outline the market outlook for spend management in the financial services industry — from investment trends and leading companies to recommendations for players in the space.
What is spend management?
Spend management companies provide platforms that automate expense approvals for small and medium-sized businesses (SMBs). Many of these companies also offer corporate debit and credit cards. Spend management technology offers a variety of benefits for SMBs, such as operational efficiency, more accurate financial data, and real-time visibility into company spending.
Features & capabilities
Spend management provides SMB leaders with several capabilities, including the following:
- Expense management software
- Automatic bookkeeping
- Spend management platforms
- Automated expense accounting
- Travel management systems
Benefits
Spend management offers these substantial benefits to SMB leaders:
- Increased labor productivity
- Reduced operating costs
- Reduced cash leakage
- Enhanced customer experience
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